Section 43.05.225. Interest. [See delayed amendment note]..

Unless otherwise provided,
        (1) a delinquent tax
             (A) under this title, before January 1, 2014, bears interest in each calendar quarter at the rate of five percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District as of the first day of that calendar quarter, or at the annual rate of 11 percent, whichever is greater, compounded quarterly as of the last day of that quarter;
             (B) under this title, on and after January 1, 2014, except as provided in (C) of this paragraph, bears interest in each calendar quarter at the rate of three percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District as of the first day of that calendar quarter;
             (C) under AS 43.55, on and after January 1, 2017,
                  (i) for the first three years after a tax becomes delinquent, bears interest in each calendar quarter at the rate of seven percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District as of the first day of that calendar quarter, compounded quarterly as of the last day of that quarter; and
                  (ii) after the first three years after a tax becomes delinquent, does not bear interest;
        (2) the interest rate is 12 percent a year for
             (A) delinquent fees payable under AS 05.15.095(c); and
             (B) unclaimed property that is not timely paid or delivered, as allowed by AS 34.45.470(a).

Authorities

5.15.095;34.45.470;43.05.280;43.20.046;43.20.047;43.31.141;43.50.570;43.55.020;43.55.023;43.55.040;43.55.060;43.56.160;43.77.020;43.90.430

Notes

Recent Bills that will modify this

HB 247 TAX;CREDITS;INTEREST;REFUNDS;O & G
HB5005 TAX;CREDITS;PMTS;INTEREST;LEASE;O & G
SB 130 TAX;CREDITS;INTEREST;REFUNDS;O & G
SB5005 TAX;CREDITS;PMTS;INTEREST;LEASE;O & G

Implemented As

15 AAC 05.330
15 AAC 21.730
15 AAC 50.180
15 AAC 55.830

References

15 AAC 05.330
15 AAC 116.630
15 AAC 160.960
15 AAC 21.730
15 AAC 50.180
15 AAC 77.025
AS 5.15.095 .095">Sec. 05.15.095. General provisions relating to the filing of applications and reports and payment of fees.
AS 34.45.470 Interest and penalties.
AS 43.05.280 Interest on overpayments.
AS 43.20.046 Gas storage facility tax credit.
AS 43.20.047 Liquefied natural gas storage facility tax credit.
AS 43.31.141 When tax due, extension and interest.
AS 43.50.570 Interest.
AS 43.55.020 Payment of tax.
AS 43.55.023 Tax credits for certain losses and expenditures.
AS 43.55.040 Powers of Department of Revenue.
AS 43.55.060 Delinquency.
AS 43.56.160 Interest and penalty.
AS 43.77.020 Filing return and payment of tax.
AS 43.90.430 Interest.

History

(Sec. 2 ch 166 SLA 1976; am Sec. 2 ch 82 SLA 1982; am Sec. 2 ch 23 SLA 1991; am Sec. 46 ch 107 SLA 1996; am Sec. 2 ch 10 SLA 2013; am Sec. 8 ch 4 4SSLA 2016)