TIP # 03ADM-03
DATE ISSUED: December 5, 2003
Floating Rate of Interest for Most Taxes and Fees Remains 8 Percent
For the Period January 1, 2004, Through June 30, 2004
Florida law provides a floating rate of interest for tax returns and payments of taxes and fees due on or after January 1, 2000. The floating rate of interest applies to:
Late payments; and,
Overpayments (generally, interest begins to accrue on the 91st day after the Department receives a complete refund application and may not exceed 11 percent).
The rate applies to the taxes and fees listed in Section 213.05, Florida Statutes, including, but not limited to, the following:
Communications services tax
Corporate income/franchise and emergency excise taxes
Diesel fuel and motor fuel taxes
Documentary stamp taxes (including surtaxes)
Intangible personal property taxes
Sales and use taxes (including discretionary sales surtaxes)
Other taxes and fees to which this provision applies are listed at the end of this document.
The rate of interest for the period January 1, 2004, through June 30, 2004, is 8 percent. The daily interest rate factor to be used for this period is .000218579. This rate is subject to change effective July 1, 2004.
The floating rates of interest for deficiencies (underpayments) and late payments of tax due after December 31, 1999, are:
|Interest Period ||Rates on Deficiencies |
(Underpayments & Late Payments) *
|01/01/00 - 12/31/00 ||12 percent ||.000327869|
|01/01/01 - 12/31/01 ||12 percent ||.000328767|
|01/01/02 - 06/30/02 ||11 percent ||.000301370|
|07/01/02 - 06/30/03 ||9 percent ||.000246575|
|07/01/03 - 12/31/03 ||8 percent ||.000219178|
|01/01/04 - 06/30/04 ||8 percent ||.000218579|
*Note: Rates are capped at 12 percent.
The floating rates of interest for overpayments of tax made after December 31, 1999, are:
|Interest Period ||Rates on Overpayments ||Daily Factor|
|01/01/00 - 06/30/00 ||8 percent ||.000218579|
|07/01/00 - 12/31/00 ||9 percent ||.000245902|
|01/01/01 - 12/31/01 ||9 percent ||.000246575|
|01/01/02 - 06/30/02 ||7 percent ||.000191781|
|07/01/02 - 06/30/03 ||5 percent ||.000136986|
|07/01/03 - 10/31/03 ||4 percent ||.000109589|
|11/01/03 - 12/31/03 ||8 percent ||.000219178|
|01/01/04 - 06/30/04 ||8 percent ||.000218579|
The rates of interest on deficiencies (underpayments) and late payments arising after January 1, 2000, and paid before November 1, 2003, are the same as the rates for overpayments in the above table. See also TIP 03ADM-02.
For returns or payments due on or before December 31, 1999, the interest rate is 12% per annum, except for corporate income and emergency excise taxes.
The floating rate of interest on corporate income tax and emergency excise tax was effective for taxable years ending on or after December 31, 1986. See TIP 03C01-02R for information on corporate income tax and emergency excise interest rates prior to December 31, 1999.
For examples on calculating underpayments, late payments, or overpayments of tax due, see
To obtain the referenced TIPs:
Visit the Department's Internet site at www.myflorida.com/dor or
Call Taxpayer Services, Monday through Friday, 8:00 a.m. to 7:00 p.m., ET, at 1-800-352-3671 or 850-488-6800. Hearing- or speech-impaired persons should call our TDD at 1-800-367-8331 or 850-922-1115.
Additional taxes to which the interest provision applies:
Apalachicola Bay oyster surcharge
Gross receipts taxes
Insurance premium tax and related taxes and levies
Lead-acid battery and waste tire fees
Local option convention development taxes
Local option tourist development and tourist impact taxes
Local option food and beverage tax
Miami-Dade Lake Belt Area mitigation fee
Motor vehicle warranty fee
Registration of secondhand dealers and secondary metals recyclers
Rental car surcharge fees
References: Sections 213.235, 213.255, and 220.807, Florida Statutes (2003); Chapter 2003-395, Laws of Florida; (CS for Senate Bill 18A, 2003 Special Session A); Rules 12C-1.343 and 12-3.0015, Florida Administrative Code
FOR MORE INFORMATION
This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.
For forms and other information, visit our site at www.myflorida.com/dor. Or call Taxpayer Services, Monday through Friday, 8:00 a.m., to 7:00 p.m., ET, at 800-352-3671 (for Florida residents only), or 850-488-6800
Hearing- or speech-impaired persons should call our TDD at 1-800-367-8331 or 850-922-1115.
For a detailed written response to your questions, write the Florida Department of Revenue, Taxpayer Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716.
To receive a fax copy of a form, call 850-922-3676 from your fax machine telephone.