Floating Rate of Interest for Most Taxes and Fees Will
Remain 7 Percent
For the Period July 1, 2010, Through December 31, 2010
Florida law provides a floating rate of interest on payments of taxes and fees due on or after January 1, 2000. This floating rate of interest applies to:
• Deficiencies (underpayments)
• Late payments
• Overpayments (Generally, interest begins to accrue on the 91st day after the Department receives a complete refund application. Interest may not exceed 11 percent.)
The rate applies to the taxes and fees listed in section 213.05, Florida Statutes, including but not limited to the following:
• Communications services tax
• Corporate income/franchise and emergency excise taxes
• Motor fuel and diesel fuel taxes
• Documentary stamp taxes (including surtaxes)
• Sales and use taxes (including discretionary sales surtaxes)
Other taxes and fees that this provision applies to are listed at the end of this document.
The rate of interest for the period July 1, 2010, through December 31, 2010, is 7 percent. The daily interest rate factor to be used for this period is .000191781. This rate is subject to change effective January 1, 2011.
See: https://taxlaw.state.fl.us/wordfiles/CIT%20TIP%2010ADM-01.pdf for daily factors and more information.
Source: Florida Department of Revenue, http://dor.myflorida.com/dor/