Alaska Administrative Code — Title 15 (Revenue)

15 AAC 05.330

Interest

Official textakleg.govlast amended Jan 01, 201816 subsections

# (a)

Except as otherwise provided in (e) of this section, AS 43.55.020(g) and (h) and 15 AAC 55.830, the quarterly interest rate applicable to a delinquent tax or overpayment of a tax under AS 43 on or after January 1, 2014, and before January 1, 2018, is the interest rate under AS 43.05.225(1)(B) as of the first day of each calendar quarter in a calendar year calculated on an annualized basis by

# (1)

adding three percentage points to the annual rate charged member banks for advances by the 12th Federal Reserve District as of the first day of each calendar quarter;

# (2)

dividing the sum determined under (1) of this subsection by the total number of days in the calendar year; and

# (3)

multiplying the quotient determined under (2) of this subsection by the total number of days in the quarter in which there is a delinquent tax or overpayment of tax.

# (b)

Except as otherwise provided in (e) and (f) of this section, delinquent tax consists only of the balance of unpaid tax on or after December 31, 2013 and does not include any accrued and unpaid interest the taxpayer owes on that date.

# (c)

Except as otherwise provided in (e) and (f) of this section, overpayment of a tax consists only of the balance of tax overpaid on or after December 31, 2013 and does not include any accrued interest owed to the taxpayer on that date.

# (d)

Except as otherwise provided in (e) of this section, on or after January 1, 2014 and before January 1, 2018, any accrued and unpaid interest owed by or to a taxpayer as of December 31, 2013 does not accrue further interest.

# (e)

For the purposes of this subsection a delinquent tax under AS 43.55 consists of the balance of unpaid tax on January 1, 2017, including any accrued and unpaid interest the taxpayer owes on that date. An overpayment of tax under AS 43.55 consists of the balance of the tax overpaid on January 1, 2017, including any accrued interest owed to the taxpayer on that date.
The interest on a delinquent tax under AS 43.55 or an overpayment of tax under AS 43.55, on or after January 1, 2017 and before January 1, 2018, shall compound quarterly as of the last day of the quarter. The interest rate for the applicable period shall be

# (1)

eight and one-quarter percent for January 1, 2017 through March 31 , 2017;

# (2)

eight and one-half percent for April 1, 2017 through June 30, 2017;

# (3)

eight and three-quarters percent for July 1, 2017 through September 30, 2017; and

# (4)

eight and three-quarters percent for October 1, 2017 through December 31, 2017.

# (f)

For the purposes of this subsection a delinquent tax consists of the balance of unpaid tax on January 1, 2018, including any accrued and unpaid interest the taxpayer owes on that date. An overpayment of tax consists of the balance of the tax overpaid on January 1, 2018, including any accrued interest owed to the taxpayer on that date. Except as otherwise provided in AS 43.55.020(g) and (h), and 15 AAC 55.830, the interest rate applicable to a delinquent tax or overpayment of a tax under this title, on or after January 1, 2018 is the interest rate under AS 43.05.225(1)(C) as of the first day of each calendar quarter in a calendar year calculated on an annualized basis by

# (1)

adding five and one-quarter percentage points to the annual rate charged by members banks for advances by the 12th Federal Reserve District as of the first day of each calendar quarter, compounded quarterly as of the last day of that quarter;

# (2)

dividing the sum determined under (1) of this subsection by the total number of days in the calendar year; and

# (3)

multiplying the quotient determined under (2) of this subsection by the total number of days in the quarter in which there is a delinquent tax or overpayment of tax.
(Eff. 2/21/2014, Register 209; am 3/1/2017, Register 221; am 1/1/2018, Register 224) Statutory Authority:
Authority:
AS 43.05.080 AS 43.05.280 SSSLA 2017
AS 43.05.225 Sec. 36, ch. 3

Amendment history

Eff. 2/21/2014, Register 209; am 3/1/2017, Register 221; am 1/1/2018, Register 224

Source: official source document (full AAC Title 15 PDF)

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