The 2013-15 state budget reduces the interest rate on amounts owed by the Department of Revenue (DOR) to taxpayers from 9% to 3%. This change begins on the effective date of the state budget, regardless of the timeframe to which the funds pertain.
This change made by the Legislature to lower the interest rate on amounts owed to taxpayers by DOR but not simultaneously lowering the interest rate on non-delinquent amounts owed by taxpayers to DOR was among the few tax policy disappointments in the current state budget.
WMC had sought to equalize the interest rate on non-delinquent amounts owed by taxpayers to DOR, 12% under state law, with the 9% rate previously paid by DOR to taxpayers. The interest rate on delinquent amounts owed by taxpayers to DOR is 18%.
Interest on Amounts Owed to Taxpayers
Share:
LOOKING FOR MORE NEWS?
Nick Novak
For more information or to schedule an interview, please contact
Nick Novak | Vice President Communications & Marketing | 608.258.3400
NEWS
Related Posts
WMC Opens Nominations for Business Friend of the Environment Awards Program
Nick Novak
April 22, 2024
MADISON – Wisconsin Manufacturers & Commerce (WMC) – the combined state chamber and manufacturers’ association – opened nominations for its annual Wisconsin Business Friend of
WMC’s Scott Manley on Veto Lawsuit
Nick Novak
April 18, 2024
https://www.youtube.com/watch?v=dymu9U-DoJo On Tax Day, WMC Litigation Center announced its lawsuit on behalf of two Wisconsin taxpayers challenging Gov. Evers’ 400-year veto. In the most recent
WMC Sues over 400 Year Property Tax Increase
Nick Novak
April 16, 2024
WMC Litigation Center is representing taxpayers in a lawsuit aimed at a veto from Gov. Evers that resulted in a 400-year property tax increase. “We’re
Scott Manley on Biden Administration’s New Emission Standards
Kristen Nupson
April 5, 2024
https://www.youtube.com/watch?v=NDqEr0VTJoE After the announcement of the Biden Administration’s new emission standards being applied to long-haul and large vehicles, WMC’s Scott Manley joined Vicki McKenna to