(1) The provisions
of Section
213.235, F.S., and this rule
apply to all taxes listed in Section
213.05, F.S., except those taxes
imposed by chapter 220, F.S. The interest rate provisions of Rule
12C-1.343, F.A.C., apply to the
taxes imposed by Chapter 220, F.S.
(2)
(a) The
interest rate applicable to tax payment deficiencies that arise for taxes due
before January 1, 2000, is one percent per month, prorated daily, as provided
in the applicable rules. This interest rate will apply as long as the
deficiency continues.
(b) The
interest rate will be determined pursuant to Section
213.235, F.S., for tax payment
deficiencies that arise for taxes due on or after January 1, 2000.
(c) The interest rate which applies to a
specific tax payment deficiency may fluctuate while the deficiency continues,
due to the redetermination of the interest rate every six months pursuant to
Section 213.235, F.S.
(d) The interest imposed by Section
213.255, F.S., will be
calculated pursuant to Section
213.235, F.S., except that the
interest rate applied to a refund cannot exceed 11 percent annually. The
provisions of Section
213.255, F.S., and rule Chapters
12-6 and 12-26, F.A.C., govern the circumstances under which interest is due
from and paid by the Department on refunds.
(3)
(a) The
daily rate of interest computed pursuant to Section
213.235, F.S., and this rule
shall use a year based on 365 days, and 366 days in a leap year.
(b) This daily rate will be carried out to
nine decimal places.
(4)
(a) The interest rate determined pursuant to
Section 213.235, F.S., is subject to
change on January 1st and July 1st of each year.
(b) The applicable interest rate for any
6-month period can be obtained by any of the following methods:
1. Accessing the Department's website at
floridarevenue.com/taxes/rates.
2.
Calling Taxpayer Services during regular business hours at
(850)488-6800.
(5) The following examples are intended to
help taxpayers understand how these interest rate provisions apply:
(a) The taxpayer owed $1, 000 with his
November 1999 sales and use tax return due 12/20/1999. Interest for sales and
use tax returns due through 12/31/1999 is at the rate of 1 percent per month
(which equals a daily interest rate of .000328767), and for any portion less
than a month, a daily interest factor of .000328767 is applied. Assuming the
taxpayer filed the return and paid the tax on 8/10/2000, interest would be
calculated as follows:
|
PERIOD
|
TAX DUE
|
CALENDAR
PERIOD
|
RATE
|
TOTAL
INTEREST DUE
|
|
12/21/99-7/20/00
|
$1, 000
|
7 months
|
1% per mon.
|
$70.00
|
|
7/21/00-8/10/00
|
$1, 000
|
21 days
|
.000328767 per day
|
$6.90
|
|
Total Interest Due
|
|
|
|
$76.90
|
(b)
The taxpayer owed $1, 000 with her February 2000 sales and use tax return due
3/20/2000. The taxpayer filed the return and paid the tax on 8/01/2000.
Assuming an interest rate of 8 percent for the 1/01/2000 through 6/30/2000
period, and an interest rate of 9 percent for the 7/01/2000 through 12/31/2000
period, interest would be calculated as follows:
|
PERIOD
|
TAX DUE
|
NUMBER
OF DAYS
|
DAYS IN
YEAR
|
RATE
|
TOTAL
INTEREST DUE
|
|
3/21/00-6/30/00
|
$1, 000
|
102
|
366
|
8% per year
|
$22.29
|
|
7/01/00-8/01/00
|
$1, 000
|
32
|
366
|
9% per year
|
$7.87
|
|
Total Interest Due
|
|
|
|
|
$30.16
|
(c)
The taxpayer underpaid intangible tax by $500 on 6/30/2000. The taxpayer paid
the additional tax due on 11/15/2000. Assuming an interest rate of 9 percent
for the 7/01/2000 through 12/31/2000 period, interest would be calculated as
follows:
|
PERIOD
|
TAX DUE
|
NUMBER
OF DAYS
|
DAYS IN
YEAR
|
RATE
|
TOTAL
INTEREST DUE
|
|
7/01/00-11/15/00
|
$500
|
138
|
366
|
9% per year
|
$16.97
|
