Preliminary information for the Wholesale Marihuana Tax is now available.
Approved: November 3, 2010
(Replaces Revenue Administrative Bulletin 2010-3)
Note: See most current Interest Rate RAB for the current and historical rates.
RAB-2010-6. This Revenue Administrative Bulletin (RAB) establishes the annual rate of interest due on underpayments and overpayments for the period beginning on January 1, 2011, and ending on June 30, 2011.
A daily rate of interest of .0001164 based on an adjusted annual rate of 4.25% will 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 the period 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, 2011 |
June 30, 2011 |
4.25% |
.0001164 |
|
July 1, 2010 |
December 31, 2010 |
4.25% |
.0001164 |
|
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 |
9.2% |
.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, 1999 |
December 31, 1999 |
11.6% |
.0003178 |
|
January 1, 1999 |
June 30, 1999 |
10.2% |
.0002795 |
|
July 1, 1998 |
December 31, 1998 |
9.7% |
.0002650 |
|
January 1, 1998 |
June 30, 1998 |
9.2% |
.0002514 |
|
July 1, 1997 |
December 31, 1997 |
8.5% |
.0002329 |
|
January 1, 1997 |
June 30, 1997 |
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 2008 showing tax due of $1,500.00. If the tax is not paid until February 8, 2011 the amount of interest calculated due from April 16, 2009 through February 8, 2011 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 18, 2009 |
June 30, 2009 |
75 |
.0001644 |
$1,500 |
$18.50 |
|
July 1, 2009 |
December 31, 2009 |
184 |
.0001288 |
$1,500 |
$35.55 |
|
January 1, 2010 |
June 30, 2010 |
181 |
.0001164 |
$1,500 |
$31.60 |
|
July 1, 2010 |
December 31, 2010 |
184 |
.0001164 |
$1,500 |
$32.13 |
|
January 1, 2011 |
February 8, 2011 |
39 |
.0001164 |
$1,500 |
$6.81 |
Total interest: $124.59
Tax Due: $1,500.00
Total Due: $1,624.59
