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TIP #98(C)1-08
DATE ISSUED: 12/01/98

Corporate Income Tax And Franchise Tax Interest Rates Remain At 9 Percent Through June 30, 1999

Corporate Income/franchise Tax:  Interest Rates Through 6/30/99

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, 1999 through June 30, 1999 is 9 percent.  The daily interest rate factor to be used for this 6month period is .000246575.  This rate is subject to change effective July 1, 1999.

FOR TAXABLE YEARS ENDING ON OR AFTER DECEMBER 31, 1986

The interest rates for all tax periods from January 1, 1987 through June 30, 1999 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  -  6/30/99

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)
ss.214.14 and 214.43, F.S (1985) and
Rule Section 12C-1.343, Florida Administrative Code

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