HI SB2923

Imposes interest on unpaid tax penalties and fines at a rate of two-thirds of one percent per month or fraction thereof, beginning the first calendar day after the payment due date until paid.

Interest on penalties and fines is assessed, collected, and paid in the same manner as taxes, with an exception for penalties and fines resulting from criminal convictions.

Requires taxpayers who elect to transfer their tax appeal to tax appeal court to notify the board chairperson in writing, and requires the board chairperson to file a notice of transfer with the tax appeal court within 30 days.

Amends interest rates on overpayments from the litigated claims fund to differentiate based on taxpayer type and overpayment amount: one-third percent monthly for non-corporations, one-fourth percent for corporations with overpayments not exceeding $10,000, and one-eighth percent for corporations with overpayments exceeding $10,000.

Takes effect July 1, 2030, except the interest rate amendment applies to amounts deposited in the litigated claims fund after December 31, 2015.