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: October 10, 1991
(Replaces Revenue Administrative Bulletin 1991-3)
Note: See most current Interest Rate RAB for the current and historical rates.
RAB-91-9. This bulletin establishes the annual rate of interest due on underpayments and overpayments for the period beginning on January 1, 1992 and ending on December 31, 1991.
A daily rate of interest of .0002595 based on an adjusted annual rate of 9.5% shall be added to a tax deficiency or an excessive claim for the period stated above. The effective annual rate of 9.5% 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 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 |
|
January 1, 1991 |
June 30, 1991 |
11.0% |
.0003014 |
|
July 1, 1991 |
December 31, 1991 |
10.6% |
.0002904 |
|
January 1, 1992 |
June 30, 1992 |
9.5% |
.0002595 |
Example: Taxpayer A, who files on a calendar year basis, filed a MI-1040 return for 1989 showing tax due of $2,000.00. If the tax is not paid until March 15, 1991, the amount of interest calculated due from April 17, 1989 through March 14, 1992 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 17, 1990 |
June 30, 1990 |
75 |
.0003288 |
$2,000 |
$49.32 |
|
July 1, 1990 |
December 31, 1990 |
184 |
.0003096 |
$2,000 |
$113.93 |
|
January 1, 1991 |
June 30, 1991 |
181 |
.0003014 |
$2,000 |
$109.11 |
|
July 1, 1991 |
December 31, 1991 |
184 |
.0002904 |
$2,000 |
$106.72 |
|
January 1, 1992 |
March 14, 1992 |
74 |
.0002595 |
$2,000 |
$38.41 |
Total Interest Due: $417.49