For the period July 15, 2003, through November 3, 2003, the daily factor shown in the Rates on Deficiencies (second chart) for 01/01/00 - 06/30/00 and 07/01/00 - 12/31/00, was shown incorrectly as .000328767. The chart now shows the correct daily factors.
TIP # 03ADM-01R
Floating Rate of Interest for Certain Taxes and Fees Is Lowered to 4 Percent
Floating Rate of Interest for Certain Taxes and Fees Will Increase to 8 Percent
Floating Rate of Interest on Deficiencies that Arose on or after January 1, 2000, Will Be Recalculated November 1, 2003
AmnestyFrom July 1, 2003, until October 31, 2003, an Amnesty Program will be in effect. Businesses and individuals are eligible if there is a liability for tax, penalty, or interest due on or prior to June 30, 2003.
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:
The rate applies to the taxes and fees listed in Section 213.05, Florida Statutes, including, but not limited to, the following:
Other taxes and fees to which this provision applies are listed at the end of this document.
Interest Rate Changes
The rate of interest for the period July 1, 2003, through October 31, 2003, is lowered to 4 percent. The daily interest rate factor to be used for this period is .000109589. For deficiencies (underpayments) due before July 1, 2003, the interest due may be eligible for further reduction under the Amnesty Program if the deficiency is paid between July 1, 2003, and November 1, 2003.
The rate of interest for the period November 1, 2003, through December 31, 2003, will increase to 8 percent. The daily interest rate factor to be used for this period is .000219178.This rate is subject to change effective January 1, 2004.
The rates of interest on deficiencies (underpayments) that remain unpaid as of November 1, 2003, and arose on or after January 1, 2000, will increase by as much as 4 percent (rates are subject to a 12 percent cap) for prior periods (see table).
The floating rate of interest for underpayments, late payments and overpayments of tax due after December 31, 1999, are:
Note: 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 (see TIP 03C01-02 for those rates).
For examples on calculating underpayments, late payments or overpayments of tax due, see TIP 99ADM-03.
To obtain the current corporate income tax TIP and updated floating rates:
Additional taxes to which the interest provision applies:
References: Sections 213.235 and 213.255, Florida Statutes (2003); Senate Bill 18A, 2003 Special Session A.
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.