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Revenue Administrative Bulletin 2022-15
Revenue Administrative Bulletin 2022-15
Interest Rate
For period: January 1, 2023, through June 30, 2023
Approved: October 21, 2022
(Replaces Revenue Administrative Bulletin 2022-6)
RAB 2022-15. This Revenue Administrative Bulletin (RAB) establishes the annual rate of interest due on underpayments and overpayments for the period beginning January 1, 2023, and ending on June 30, 2023.
A daily rate of interest of 0.0001548 based on an adjusted annual rate of 5.65% will be added to a tax deficiency or an excessive claim for the period stated above. The effective annual rate 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 under MCL 205.30(1).
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, 2023 |
June 30, 2023 |
5.65% |
0.0001548 |
|
July 1, 2022 |
December 31, 2022 |
4.27% |
0.0001170 |
|
January 1, 2022 |
June 30, 2022 |
4.25% |
0.0001164 |
|
July 1, 2021 |
December 31, 2021 |
4.25% |
0.0001164 |
|
January 1, 2021 |
June 30, 2021 |
4.25% |
0.0001164 |
|
July 1, 2020 |
December 31, 2020 |
5.63% |
0.0001538 |
|
January 1, 2020 |
June 30, 2020 |
6.4% |
0.0001749 |
|
July 1, 2019 |
December 31, 2019 |
6.39% |
0.0001751 |
|
January 1, 2019 |
June 30, 2019 |
5.9% |
0.0001616 |
|
July 1, 2018 |
December 31, 2018 |
5.41% |
0.0001482 |
|
January 1, 2018 |
June 30, 2018 |
5.15% |
0.0001411 |
|
July 1, 2017 |
December 31, 2017 |
4.7% |
0.0001288 |
|
January 1, 2017 |
June 30, 2017 |
4.5% |
0.0001233 |
|
July 1, 2016 |
December 31, 2016 |
4.4% |
0.0001202 |
|
January 1, 2016 |
June 30, 2016 |
4.25% |
0.0001161 |
|
July 1, 2015 |
December 31, 2015 |
4.25% |
0.0001164 |
|
January 1, 2015 |
June 30, 2015 |
4.25% |
0.0001164 |
|
July 1, 2014 |
December 31, 2014 |
4.25% |
0.0001164 |
|
January 1, 2014 |
June 30, 2014 |
4.25% |
0.0001164 |
|
July 1, 2013 |
December 31, 2013 |
4.25% |
0.0001164 |
|
January 1, 2013 |
June 30, 2013 |
4.25% |
0.0001164 |
View Historical Over and Under Payment Interest Rates
Example: Taxpayer A, who files on a calendar year basis, filed a MI‑1040 return for the 2021 tax year showing tax due of $1,500.00. If the tax, due April 18, 2022,[1] is not paid until March 30, 2023, the amount of interest calculated due from April 19, 2022, to March 30, 2023[2], 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 |
|---|---|---|---|---|---|
|
January 1, 2023 |
March 30, 2023 |
89 |
0.0001548 |
$1,500.00 |
$20.67 |
|
July 1, 2022 |
December 31, 2022 |
184 |
0.0001170 |
$1,500.00 |
$32.29 |
|
April 19, 2022 |
June 30, 2022 |
73 |
0.0001164 |
$1,500.00 |
$12.75 |
Total Interest charged from date return was due until date paid: $65.71
Total amount of tax due on return: $1,500.00
Total amount due (tax and interest): $1,565.71