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AR SB1040

Bill

Official Source

Status

Introduced

3/9/2015

Primary Sponsor

Bill Sample

Click for details

Origin

Senate

90th General Assembly (2015 Regular)

AI Summary

  • Reduces the interest rate on state tax deficiencies and overpayments from 10% per annum to 6% per annum, effective January 1, 2016
  • Maintains the 10% interest rate until December 31, 2015
  • Changes the interest rate on overpayments paid by the director from 10% per annum to the rate specified in subsection (b)
  • Eliminates interest on overpayments refunded within 90 days of the tax return filing deadline or actual filing date, whichever is later
  • Preserves the special 4% interest rate for deferred estate tax payments under the federal "4-percent portion" definition

Legislative Description

To Amend The Interest Rates Applicable To State Tax Deficiencies And Overpayments.

Last Action

Sine Die adjournment

4/22/2015

Committee Referrals

Revenue & Taxation3/9/2015

Full Bill Text

No bill text available