Preliminary information for the Wholesale Marihuana Tax is now available.
Approved: October 13, 2014
(Replaces Revenue Administrative Bulletin 2014-9)
Note: See most current Interest Rate RAB for the current and historical rates.
RAB 2014-16. This Revenue Administrative Bulletin (RAB) establishes the annual rate of interest due on underpayments and overpayments for the period beginning on January 1, 2015, and ending on June 30, 2015.
A daily rate of interest (.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 periods after March 31, 1993.
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, 2015 |
June 30, 2015 |
4.25% |
.0001164 |
|
July 1, 2014 |
December 31, 2014 |
4.25% |
.0001164 |
|
January 1, 2014 |
June 30, 2014 |
4.25% |
.0001164 |
|
July 1, 2013 |
December 31, 2013 |
4.25% |
.0001164 |
|
January 1, 2013 |
June 30, 2013 |
4.25% |
.0001164 |
|
July 1, 2012 |
December 31, 2012 |
4.25% |
.0001161 |
|
January 1, 2012 |
June 30, 2012 |
4.25% |
.0001161 |
|
July 1, 2011 |
December 31, 2011 |
4.25% |
.0001164 |
|
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 |
9.5% |
.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 |
Example: Taxpayer A, who files on a calendar year basis, filed a MI-1040 return for 2011 showing tax due of $1,500.00. If the tax is not paid until February 28, 2015, the amount of interest calculated due from April 17, 2012 (April 15, 2012, filing deadline was extended to April 17, 2012, due to federal extension resulting from the District of Columbia’s observation of Emancipation Day) to February 28, 2015, 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, 2012 |
June 30, 2012 |
75 |
.0001161 |
$1,500 |
$13.06 |
|
July 1, 2012 |
December 31, 2012 |
184 |
.0001161 |
$1,500 |
$32.04 |
|
January 1, 2013 |
June 30, 2013 |
181 |
.0001164 |
$1,500 |
$31.60 |
|
July 1, 2013 |
December 31, 2013 |
184 |
.0001164 |
$1,500 |
$32.13 |
|
January 1, 2014 |
June 30, 2014 |
181 |
.0001164 |
$1,500 |
$31.60 |
|
July 1, 2014 |
December 31, 2014 |
184 |
.0001164 |
$1,500 |
$32.13 |
|
January 1, 2015 |
February 28, 2015 |
59 |
.0001164 |
$1,500 |
$10.30 |
Total Interest: $182.86
Tax Due: $1,500.00
Total Due: $1,682.86
