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 12, 1990
(Replaces Revenue Administrative Bulletin 1989-68)
Note: See most current Interest Rate RAB for the current and historical rates.
RAB-90-10. This Bulletin establishes the annual rate of interest due on a deficiency for the period beginning on July 1, 1990 and ending on December 31,1990.
A daily rate of interest of .0003096 based on an adjusted annual rate of 11.3% shall be added to a tax deficiency or an excessive claim for the period stated above. The effective annual rate of 11.3% 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% |
.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 |
|
January 1, 1989 |
June 30, 1989 |
10.2% |
.0002795 |
|
July 1, 1989 |
December 31, 1989 |
11.6% |
.0003178 |
|
January 1, 1990 |
June 30, 1990 |
12.0% |
.0003288 |
|
July 1, 1990 |
December 31, 1990 |
11.3% |
.0003096 |
Example: Taxpayer A, who is on a calendar year basis, filed an MI-1040 return for 1987 showing tax due of $2,000.00. If the tax is not paid until September 15, 1990, the amount of interest calculated due from April 16, 1988 through September 15, 1990 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, 1988 |
June 30, 1988 |
75 |
.0002514 |
$2,000 |
$37.71 |
|
July 1, 1988 |
December 31, 1988 |
184 |
.0002650 |
$2,000 |
$97.52 |
|
January 1, 1989 |
June 30, 1989 |
181 |
.0002795 |
$2,000 |
$101.18 |
|
July 1, 1989 |
December 31, 1989 |
184 |
.0003178 |
$2,000 |
$116.95 |
|
January 1, 1990 |
June 30, 1990 |
181 |
.0003288 |
$2,000 |
$119.03 |
|
July 1, 1990 |
September 16, 1990 |
77 |
.0003096 |
$2,000 |
$47.68 |
Total Interest Due: $520.07