12C-1.343. Interest Computations

(1) The interest rate on any underpayment of tax or on any overpayment will be determined pursuant to Section 220.807, F.S.

(2)(a) Interest on any overpayment accrues from the date the taxpayer files written notice with the Department. However, if an overpayment is refunded or credited within 3 months after the date upon which the taxpayer files written notice advising the Department of the overpayment, no interest is allowed on such overpayment.

(b) The term “written notice” is defined in subsection 12C-1.003(6), F.A.C.

(3) Interest on deficiencies accrues from the due date of the return without regard to extensions of time to file.

(4) Erroneous refund. Any tax, interest, or penalty which has been erroneously refunded for a taxable year, and which is recoverable by the Department will bear interest at the rate provided in Section 220.807, F.S., and will be assessed from the date of payment of such refund to the date of recovery. An amount will be considered to be an “erroneous refund” whenever a taxpayer is refunded any amount of tax finally determined to be due.

(5) The daily rate of interest computed under this rule shall use a year based on 365 days, and 366 days in a leap year. This daily rate will be carried out to nine decimal places.

(6) Interest Rates. Effective

(a) The interest rate determined pursuant to Section 220.807, F.S., is subject to change on January 1st and July 1st of each year.

(b) The applicable interest rate for any period can be obtained by:

1. Accessing the Department’s website at www.myflorida.com/dor/taxes; or,

2. Calling Taxpayer Services during regular business hours at 1(800) 352-3671.

3. Persons with hearing or speech impairments may call the Florida Relay Service at 1(800) 955-8770 (Voice) and 1(800) 955-8771 (TTY).

Rulemaking Authority 213.06(1), 220.51 FS. Law Implemented 220.723, 220.807, 220.809 FS. History–New 4-2-78, Amended 12-21-88, 4-8-92, 5-17-94, 3-18-96, 1-25-12.