Section 15.05.330. Interest.

	(a)  Except as otherwise provided in 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 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)  For purposes 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)  For purposes 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)  On or after January 1, 2014, any accrued and unpaid interest owed by or to a taxpayer as of December 31, 2013 does not accrue further interest.  

Authorities

43.05.080;43.05.225;43.05.280

Notes

Authority

AS 43.05.080 AS 43.05.225 AS 43.05.280 ________________________

History

Eff. 2/21/2014, Register 209