20161026-IR-045160482NRA Departmental Notice #3 November 2016 (Replaces Notice #3 Effective January 1, 2016) Effective Date: January 1, 2017

DEPARTMENT OF STATE REVENUE

Departmental Notice #3 November 2016 (Replaces Notice #3 Effective January 1, 2016) Effective Date: January 1, 2017

SUBJECT: INTEREST RATES FOR CALENDAR YEAR 2017

REFERENCE: IC 6-8.1-10-1

SUMMARY

Each year, the Indiana Department of Revenue Commissioner is required to establish the applicable interest rates for tax overpayments and underpayments that will take effect for the immediately succeeding calendar year. The purpose of this notice is to inform the public of the interest rates that will be effective beginning Jan. 1, 2017.

Pursuant to IC 6-8.1-10-1, the rate of interest for an underpayment of tax and an excess tax payment is the percentage rounded to the nearest whole number that equals two percentage points above the average investment yield on state general fund money for the state's fiscal year ending June 30, 2016, excluding pension fund investments, as provided by the State Treasurer's office. The rate of interest for an underpayment of tax and an excess tax payment for calendar year 2017 will be 3%.

A historical list of the above-calculated percentages is attached to this document.

_________________________

Christopher Atkins

Commissioner

HISTORICAL INTEREST RATE LIST

Year	Overpayments	Delinquent Payments
1989	10%	10%
1990	10%	10%
1991	10%	10%
1992	8%	8%
1993	7%	7%
1994	7%	7%
1995	4%	6%
1996	5%	7%
1997	5%	7%
1998	5%	7%
1999	5%	7%
2000	5%	7%
2001	6%	8%
2002	6%	8%
2003	4%	6%
2004	2%	4%
2005	1%	3%
2006	2%	4%
2007 (January 1 to June 30)	3%	5%
2007 (July 1 to December 31)	5%	5%
2008	7%	7%
2009	7%	7%
2010	4%	4%
2011	9%	9%
2012	4%	4%
2013	3%	3%
2014	3%	3%
2015	3%	3%
2016	2%	2%
2017	3%	3%

Posted: 10/26/2016 by Legislative Services Agency

DIN: 20161026-IR-045160482NRA

Composed: Nov 01,2016 2:19:38AM EDT

A PDF version of this document.