Loading chat...

GA HB811

Bill

Official Source

Status

Introduced

1/27/2020

Primary Sponsor

Brett Harrell

Click for details

Origin

House of Representatives

2019-2020 Regular Session

AI Summary

  • Removes the additional 3 percent added on top of the bank prime loan rate when calculating interest on both tax refunds for overpayments and past due taxes owed to the state or local taxing jurisdictions
  • Sets the interest rate for tax refunds and past due taxes at the bank prime loan rate alone, as posted by the Board of Governors of the Federal Reserve System in statistical release H.15
  • Annual interest rate continues to be determined each calendar year based on the first weekly posting of statistical release H.15 on or after January 1, accruing monthly
  • Applies to both state and local taxing jurisdictions, including alcoholic beverage taxes
  • Effective date of July 1, 2020

Legislative Description

Revenue and taxation; interest paid on refunds of overpayments of taxes and past due taxes shall be equal to the bank prime loan rate; provide

Last Action

House Second Readers

1/29/2020

Full Bill Text

No bill text available