View Page As PDF
Share Button
Tweet Button

over_under.jpg

 

Michigan


Michigan’s Department of Treasury issued Revenue Bulletin 2014-16 establishing the annual rate of interest due on underpayments and overpayments for the period beginning on Jan. 1, 2015 and ending on June 30, 2015. A daily interest rate of .0001164, based on an annual adjusted rate of 4.25 percent will be added to tax deficiency of excessive claims for that period. That 4.25 percent rate is one percentage point above the “adjusted prime rate” charged by three commercial banks to large businesses. This rate is unchanged from the last period of July 1, 2014 through Dec. 31, 2014.


Ohio


Ohio’s interest rate on underpayments remains unchanged for 2015. Its interest rate is calculated by adding three percentage points to the federal short-term rate (rounded to the nearest percentage point) that was in effect during July of the current year. Based on this formula, the Tax Commissioner has determined that the rate will remain unchanged at three percent for calendar year 2015.


Also unchanged for 2015 is Ohio’s rate of interest which is applied to overdue estate taxes and tangible personal property taxes. The state calculates that rate by rounding the federal short-term rate to the nearest percentage point, which yields an interest rate of zero percent.


Maryland


The Maryland Comptroller's Office has set the interest rates for refunds and delinquent taxes. The annual interest rate for overpayments and underpayments of taxes for calendar year 2015 remains at 13 percent.


Iowa


The Iowa Department of Revenue announced that the annual interest rate for overdue taxes and refunds in 2015 will be five percent and the monthly interest rate will be 0.4 percent. This is also unchanged from 2014.


West Virginia


Like the other states, the West Virginia State Tax Commissioner has announced that the interest rates for tax underpayments, overpayments, and public contracts for the period Jan. 1, 2015 through June 30, 2015 will not change. The interest rate for tax underpayments will remain at 9.5 percent and the interest rate on tax overpayments, as well as on public contracts when final payment is delayed, will remain at eight percent. The interest rates apply to all taxes administered by the Tax Commissioner, including corporation net income, franchise, personal income, and sales-use taxes.

COMMENT
+