TIP # 99 (C) 01-03
Corporate Income Tax and Franchise Tax Interest Rate is 8 Percent
Corporate Income/Franchise Tax: Interest Rates Through 6/30/00
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, 2000 through June 30, 2000 is 8 percent. The daily interest rate factor to be used for this 6month period is .000218579. This rate is subject to change effective July 1, 2000.
For Taxable Years Ending On Or After December 31, 1986
The interest rates for all tax periods from January 1, 1987 through June 30, 2000 are:
*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.
For Taxable Years Ending Before December 31, 1986
For taxable years ending before December 31, 1986, the rates listed below remain constant and in effect for the applicable taxable year until the tax is paid or refunded.
Rate on Rate on
Effective Date** Underpayments Overpayments***
1/1/72 – 6/27/76 6 percent 6 percent
6/28/76 – 12/31/86 12 percent 6 percent
**Note: An interest rate of 6 percent applies to any amount based on a corporate income tax return required to be filed prior to June 28, 1976. For returns required to be filed after June 27, 1976, for taxable years ending before December 31, 1986, the interest rate of 12 percent applies to underpayments. The 6 percent daily interest rate is .000164384, and the 12 percent daily interest rate is .000328767.
***Note: For taxable years ending before December 31, 1986, no interest is allowed if the overpayment is refunded within nine months after the last date prescribed for filing the return or within nine months after the return was filed, whichever is later.