Preliminary information for the Wholesale Marihuana Tax is now available.
Marihuana Retailers Excise (MRE) Tax
Homeowner's Principal Residence Exemption
Property Tax Forfeiture and Foreclosure
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Approved: April 8, 1988
Note: See most current Interest Rate RAB for the current and historical rates.
RAB-88-2. This Bulletin establishes the annual rate of interest due on a deficiency for the period beginning on July 1, 1988 and ending on December 31, 1988.
A daily rate of interest of .0002650 based on an adjusted annual rate of 9.7% shall be added to a tax deficiency or an excessive claim for the period stated above.
The effective annual rate of 9.7% was established pursuant to Section 23(2) of Act No. 58, P.A. of 1986, at one percentage point above the adjusted prime rate charged by three commercial banks to large businesses.
The following annual and corresponding daily rates of interest are in effect and will accrue on any deficiency due during these periods.
|
Start Date |
End Date |
Annual Rate |
Daily Rate |
|
October 1, 1967 |
June 30, 1986 |
9.0% |
.0002466 |
|
July 1, 1986 |
December 31, 1986 |
10.4% |
.0002849 |
|
January 1, 1987 |
June 30, 1987 |
9.2% |
.0002521 |
|
July 1, 1987 |
December 31, 1987 |
8.5% |
.0002329 |
|
January 1, 1988 |
June 30, 1988 |
9.2% |
.0002514 |
|
July 1, 1988 |
December 31, 1988 |
9.7% |
.0002650 |
Example: Taxpayer A, who is on a calendar year basis, filed an MI-1040 return for 1985 showing tax due of $2,000.00. If the tax is not paid until November 30, 1988, the amount of interest calculated due from April 16, 1986 through November 30, 1988 is as follows:
|
Start Date of Interest Period |
End Date of Interest Period |
Number of Days in Interest Period |
Daily Interest Rate for Period |
Amount of Tax Due on Return |
Amount of Interest for Period |
|
April 16, 1986 |
June 30, 1986 |
75 |
.0002466 |
$2,000 |
$36.99 |
|
July 1, 1986 |
December 31, 1986 |
184 |
.0002849 |
$2,000 |
$104.80 |
|
January 1, 1987 |
June 30, 1987 |
181 |
.0002521 |
$2,000 |
$91.26 |
|
July 1, 1987 |
December 31, 1987 |
184 |
.0002329 |
$2,000 |
$85.71 |
|
January 1, 1988 |
June 30, 1988 |
182 |
.0002514 |
$2,000 |
$91.51 |
|
July 1, 1988 |
November 30, 1988 |
153 |
.0002650 |
$2,000 |
$81.09 |
Total Interest Due: $491.36