Preliminary information for the Wholesale Marihuana Tax is now available.
Approved: October 13, 2009
(Replaces Revenue Administrative Bulletin 2009-4)
Note: See most current Interest Rate RAB for the current and historical rates.
RAB-2009-7. This bulletin establishes the annual rate of interest due on underpayments and overpayments for the period beginning on January 1, 2010 and ending on June 30, 2010.
A daily rate of interest of .0001164 based on an adjusted annual rate of 4.25% shall be added to a tax deficiency or an excessive claim for the period stated above. The effective annual rate of 4.25% was established pursuant to section 23(2) of the Revenue Act, MCL 205.23(2), at one percentage point above the “adjusted prime rate” charged by three commercial banks to large businesses.
The rates of interest as announced in this RAB also apply to overpayments as added under MCL 205.30(1) for periods after March 31, 1993. The rate of interest for periods prior to April 1, 1993 remains at the annual rate of 9%.
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 |
|
January 1, 2010 |
June 30, 2010 |
4.25% |
.0001164 |
|
July 1, 2009 |
December 31, 2009 |
4.7% |
.0001288 |
|
January 1, 2009 |
June 30, 2009 |
6.0% |
.0001644 |
|
July 1, 2008 |
December 31, 2008 |
7.9% |
.0002151 |
|
January 1, 2008 |
June 30, 2008 |
9.2% |
.0002514 |
|
July 1, 2007 |
December 31, 2007 |
9.25% |
.0002534 |
|
January 1, 2007 |
June 30, 2007 |
9.1% |
.0002493 |
|
July 1, 2006 |
December 31, 2006 |
8.2% |
.0002245 |
|
January 1, 2006 |
June 30, 2006 |
7.2% |
.0001973 |
|
July 1, 2005 |
December 31, 2005 |
6.2% |
.0001699 |
|
January 1, 2005 |
June 30, 2005 |
5.2% |
.0001428 |
|
July 1, 2004 |
December 31, 2004 |
5.0% |
.0001366 |
|
January 1, 2004 |
June 30, 2004 |
5.0% |
.0001366 |
|
July 1, 2003 |
December 31, 2003 |
5.4% |
.0001479 |
|
January 1, 2003 |
June 30, 2003 |
5.8% |
.0001589 |
|
July 1, 2002 |
December 31, 2002 |
6.0% |
.0001644 |
|
January 1, 2002 |
June 30, 2002 |
8.0% |
.0002192 |
|
July 1, 2001 |
December 31, 2001 |
10.1% |
.0002767 |
|
January 1, 2001 |
June 30, 2001 |
10.4% |
.0002849 |
|
July 1, 2000 |
December 31, 2000 |
9.5% |
.0002596 |
|
January 1, 2000 |
June 30, 2000 |
8.9% |
.0002432 |
|
July 1, 1999 |
December 31, 1999 |
8.8% |
.0002411 |
|
January 1, 1999 |
June 30, 1999 |
9.5% |
.0002603 |
|
July 1, 1998 |
December 31, 1998 |
9.5% |
.0002603 |
|
January 1, 1998 |
June 30, 1998 |
9.5% |
.0002603 |
|
July 1, 1997 |
December 31, 1997 |
9.3% |
.0002548 |
|
January 1, 1997 |
June 30, 1997 |
9.25% |
.0002534 |
|
July 1, 1996 |
December 31, 1996 |
9.5% |
.0002596 |
|
January 1, 1996 |
June 30, 1996 |
9.9% |
.0002705 |
|
July 1, 1995 |
December 31, 1995 |
9.5% |
.0002603 |
|
January 1, 1995 |
June 30, 1995 |
8.2% |
.0002247 |
|
July 1, 1994 |
December 31, 1994 |
7.0% |
.0001918 |
|
January 1, 1994 |
June 30, 1994 |
7.0% |
.0001918 |
|
July 1, 1993 |
December 31, 1993 |
7.0% |
.0001918 |
|
January 1, 1993 |
June 30, 1993 |
7.3% |
.0002000 |
|
July 1, 1992 |
December 31, 1992 |
8.1% |
.0002213 |
|
January 1, 1992 |
June 30, 1992 |
9.5% |
.0002596 |
|
July 1, 1991 |
December 31, 1991 |
10.6% |
.0002904 |
|
January 1, 1991 |
June 30, 1991 |
11.0% |
.0003014 |
|
July 1, 1990 |
December 31, 1990 |
11.3% |
.0003096 |
|
January 1, 1990 |
June 30, 1990 |
12.0% |
.0003288 |
|
July 1, 1989 |
December 31, 1989 |
11.6% |
.0003178 |
|
January 1, 1989 |
June 30, 1989 |
10.2% |
.0002795 |
|
July 1, 1988 |
December 31, 1988 |
9.7% |
.0002650 |
|
January 1, 1988 |
June 30, 1988 |
9.2% |
.0002514 |
|
July 1, 1987 |
December 31, 1987 |
8.5% |
.0002329 |
|
January 1, 1987 |
June 30, 1987 |
9.2% |
.0002521 |
|
July 1, 1986 |
December 31, 1986 |
10.4% |
.0002849 |
|
October 1, 1967 |
June 30, 1986 |
9.0% |
.0002466 |
Example: Taxpayer A, who files on a calendar year basis, filed a MI-1040 return for 2007 showing tax due of $1,500.00. If the tax is not paid until August 14, 2009 the amount of interest calculated due from April 16, 2008 through August 14, 2009 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, 2008 |
June 30, 2008 |
75 |
.0002514 |
$1,500 |
$28.28 |
|
July 1, 2008 |
December 31, 2008 |
184 |
.0002151 |
$1,500 |
$59.37 |
|
January 1, 2009 |
June 30, 2009 |
181 |
.0001644 |
$1,500 |
$44.63 |
|
July 1, 2009 |
August 14, 2009 |
10 |
.0001288 |
$1,500 |
$8.69 |
Total interest: $140.97
Tax Due: $1,500.00
Total Due: $1,640.97
