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TIP #98(C)1-03
Date Issued: 7/01/98

Corporate Income Tax And Franchise Tax Interest Rates Remains At 9 Percent Through December 31, 1998

Corporate Income/Franchise Tax:  Interest Rates Through 12/31/98

Florida law provides a floating rate of interest on corporate income tax and emergency excise tax underpayments and overpayments for taxable years ending on or after December 31, 1986.  The rate of interest for the period January 1, 1998 through December 31, 1998 is 9 percent The daily interest rate factor to be used for this 12 month period is .000246575.  This rate is subject to change effective January 1, 1999.

FOR TAXABLE YEARS ENDING ON OR AFTER DECEMBER 31, 1986
The interest rates for all tax periods from January 1, 1987 through December 31, 1998 are:

PERIODS

UNDERPAYMENTS & OVERPAYMENTS*

1/1/87-6/30/88

8 percent

7/1/88-6/30/89

9 percent

7/1/89-6/30/90

11 percent

7/1/90-12/31/91

10 percent

1/1/92-6/30/92

9 percent

7/1/92-12/31/92

7 percent

1/1/93-12/31/94

6 percent

1/1/95-6/30/95

7 percent

7/1/95-12/31/95

8 percent

1/1/96-12/31/96

9 percent

1/1/97-12/31/97

 8 percent

1/1/98-12/31/98

9 percent

*NOTE:  For taxable years ending on or after December 31, 1986, no interest is allowed if an overpayment of tax is refunded or credited within three months after the date the taxpayer files a written notice with the Department.

References:
s. 220.807, F. S. (1997);
s. 214.14 and 214.43, F. S. (1985); and,
Rule Section 12C1.343, Florida Administrative Code