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Revenue Administrative Bulletin 2022-6
Revenue Administrative Bulletin 2022-6
Approved: April 1, 2022
Interest Rate
For period: July 1, 2022 - December 31, 2022
(Replaces Revenue Administrative Bulletin 2021-15)
RAB 2022-6. This Revenue Administrative Bulletin (RAB) establishes the annual rate of interest due on underpayments and overpayments for the period beginning July 1, 2022, and ending on December 31, 2022.
A daily rate of interest of 0.0001170 based on an adjusted annual rate of 4.27% 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:
|
Period
|
|
Annual Rate |
|
Daily Rate |
||
|
July 1, 2022 |
- |
December 31, 2022 |
|
4.27% |
|
(.0001170) |
|
January 1, 2022 |
- |
June 30, 2022 |
|
4.25% |
|
(.0001164) |
|
July 1, 2021 |
- |
December 31, 2021 |
|
4.25% |
|
(.0001164) |
|
January 1, 2021 |
- |
June 30, 2021 |
|
4.25% |
|
(.0001164) |
|
July 1, 2020 |
- |
December 31, 2020 |
|
5.63% |
|
(.0001538) |
|
January 1, 2020 |
- |
June 30, 2020 |
|
6.4% |
|
(.0001749) |
|
July 1, 2019 |
- |
December 31, 2019 |
|
6.39% |
|
(.0001751) |
|
January 1, 2019 |
- |
June 30, 2019 |
|
5.9% |
|
(.0001616) |
|
July 1, 2018 |
- |
December 31, 2018 |
|
5.41% |
|
(.0001482) |
|
January 1, 2018 |
- |
June 30, 2018 |
|
5.15% |
|
(.0001411) |
|
July 1, 2017 |
- |
December 31, 2017 |
|
4.7% |
|
(.0001288) |
|
January 1, 2017 |
- |
June 30, 2017 |
|
4.5% |
|
(.0001233) |
|
July 1, 2016 |
- |
December 31, 2016 |
|
4.4% |
|
(.0001202) |
|
January 1, 2016 |
- |
June 30, 2016 |
|
4.25% |
|
(.0001161) |
|
July 1, 2015 |
- |
December 31, 2015 |
|
4.25% |
|
(.0001164) |
|
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 the 2021 tax year showing tax due of $1,500.00. If the tax, due April 18, 2022,[1]is not paid until November 28, 2022, the amount of interest calculated due from April 19, 2022, to November 28, 2022,[2]is as follows:
|
April 19,2022 |
- |
June 30,2022 |
73 days |
x |
.0001164 |
x $1,500 |
$12.75 |
|
July 1,2022 |
- |
November 28,2022 |
151 days |
x |
.0001170 |
x $1,500 |
$26.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest: |
|
$39.25 |
|
|
|
|
|
|
Tax Due: |
|
$1,500.00 |
|
|
|
|
|
|
Total Due: |
|
$1,539.25 |