Skip menu navigation
Home » Taxes » Tax Information Publications


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
DATE ISSUED: July 15, 2003

Floating Rate of Interest for Certain Taxes and Fees Is Lowered to 4 Percent
For the Period July 1, 2003, Through October 31, 2003

Floating Rate of Interest for Certain Taxes and Fees Will Increase to 8 Percent
For the Period November 1, 2003, Through December 31, 2003

Floating Rate of Interest on Deficiencies that Arose on or after January 1, 2000, Will Be Recalculated November 1, 2003

Amnesty Program
Effective July 1, 2003, Through October 31, 2003

Amnesty

From 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.

Interest Rates

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:

  • Deficiencies (Underpayments) [Rates are subject to a 12 percent cap.];
  • 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:

  • Diesel fuel and motor fuel taxes;
  • Intangible personal property taxes; and
  • 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.

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:

Interest Period Rates on Overpayments
& Rates on Deficiencies
(Underpayments) Prior to
November 1, 2003
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
Interest Period Rates on Deficiencies
(Underpayments) Effective
on November 1, 2003
Daily Factor
01/01/00 - 06/30/00 12 percent .000327869
07/01/00 - 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 - 10/31/03 8 percent .000219178
11/01/03 - 12/31/03 8 percent .000219178
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

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:

  • 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 (in Florida only) 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
  • Documentary stamp taxes (including surtaxes)
  • Estate tax
  • 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
  • Miami-Dade Lake Belt Area mitigation fee
  • Motor vehicle warranty fee
  • Pollutants taxes
  • Severance taxes
  • Communications services tax

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.