Florida’s Late Fees Remain at 7 Percent

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.
Interest Rates
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.
The floating rates of interest for deficiencies (underpayments) and late payments of tax due after
December 31, 2004, are:
Interest Periods
Rates on Deficiencies (Underpayments) & Late Payments *
Daily Factor
01/01/05 – 06/30/05
8 percent
.000219178
07/01/05 – 12/31/05
9 percent
.000246575
01/01/06 – 06/30/06
10 percent
.000273973
07/01/06 – 12/31/06
11 percent
.000301370
01/01/07 – 12/31/07
12 percent
.000328767
01/01/08 – 06/30/08
12 percent
.000327869
07/01/08 – 12/31/08
11 percent
.000300546
01/01/09 – 06/30/09
9 percent
.000246575
07/01/09 – 12/31/09
8 percent
.000219178
01/01/10 – 12/31/10
7 percent
.000191781
*NOTE: Rates may not exceed 12 percent.
The floating rates of interest for overpayments of tax made after December 31, 2004, are:
Interest Periods
Rates on Overpayments**
Daily Factor
01/01/05 – 06/30/05
8 percent
.000219178
07/01/05 – 12/31/05
9 percent
.000246575
01/01/06 – 06/30/06
10 percent
.000273973
07/01/06 – 12/31/07
11 percent
.000301370
01/01/08 – 12/31/08
11 percent
.000300546
01/01/09 – 06/30/09
9 percent
.000246575
07/01/09 – 12/31/09
8 percent
.000219178
01/01/10 – 12/31/10
7 percent
.000191781
**NOTES:
• The rate of interest on overpayments may not exceed 11 percent except for corporate income tax. The rate of interest on overpayments of corporate income tax is 12 percent for the period January 1, 2007, through June 30, 2008.
• See TIP 06ADM-03 for the rates of interest for the periods between December 31, 1999, and January 1, 2005. For returns or payments due on or before December 31, 1999, the interest rate is 12 percent per annum, except for corporate income and emergency excise taxes.
• The floating rate of interest on corporate income tax and emergency excise tax was effective for taxable years ending on or after December 31, 1986. The following table is applicable for corporate income tax and emergency excise tax due on or before December 31, 1999.
Interest Periods
Corporate Income Tax
Rates for Taxable Years Ending on or after December 31, 1986, and Deficiencies Due on or before December 31, 1999***
Daily Factor
01/01/04 – 12/31/04
4 percent
.000109290
01/01/05 – 06/30/05
4 percent
.000109589
07/01/05 – 12/31/05
5 percent
.000136986
01/01/06 – 06/30/06
6 percent
.000164384
07/01/06 – 12/31/06
7 percent
.000191781
01/01/07 – 12/31/07
8 percent
.000219178
01/01/08 – 06/30/08
8 percent
.000218579
07/01/08 – 12/31/08
7 percent
.000191257
01/01/09 – 06/30/09
5 percent
.000136986
07/01/09 – 12/31/09
4 percent
.000109589
01/01/10 – 12/31/10
3 percent
.000082192
***NOTE: See TIP 03C01-02R for earlier years.
For examples on calculating underpayments, late payments, or overpayments of tax due, see
TIP 99ADM-03.
To obtain the referenced TIPs see “For More Information” section below.
Additional taxes and fees to which the interest provision applies:
• Aviation fuel taxes
• Estate tax
• Gross receipts tax on utility services
• Gross receipts tax on dry cleaning facilities
• Insurance premium tax and related taxes and levies
• Intangible personal property taxes
• Lead-acid battery and waste tire fees
• Local option convention development taxes
• Local option tourist development and tourist impact taxes
• Local option food and beverage taxes
• Miami-Dade County Lake Belt Area fees
• Motor vehicle warranty fees
• Pollutants taxes
• Registration of secondhand dealers and secondary metals recyclers
• Rental car surcharge fees
• Severance taxes
This interest provision does not apply to unemployment tax. The interest rate on deficiencies remains at
1 percent per month, or any part of a month. No interest is paid on refunds of unemployment tax, penalties, or interest.
References: Sections 213.235, 213.255, and 443.141, Florida Statutes (2009); Chapter 2003-395, Laws of Florida; (CS for Senate Bill 18A, 2003 Special Session A); Rules 12C-1.343 and 12-3.0015, Florida Administrative Code