Archive for December 8, 2010

Revenue Information Bulletin 11-002: 2011 Judicial Interest Rate to Be Paid On Refunds

The Louisiana Department of Revenue has issued a revenue information bulletin (RIB) regarding the 2011 judicial interest rate to be paid on refunds.

The judicial interest rate, which is the rate the Department uses to pay interest on refunds and credits, has been set by the Office of Financial Institutions at four percent effective January 1, 2011, through December 31, 2011.

La. R.S. 47:1624(A) provides that the Department will pay interest on refunds and credits at the judicial interest rate established by the Commissioner of the Office of Financial Institutions in accordance with La. R.S. 13:4202.

Visit revenue.louisiana.gov to read the full text of RIB 11-002.

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Revenue Information Bulletin 11-001: 2011 Interest Rate Collected on Unpaid Taxes

The Louisiana Department of Revenue has issued a revenue information bulletin (RIB) regarding the 2011 interest rate collected on unpaid taxes.

Effective January 1, 2011, through December 31, 2011, interest on unpaid taxes will be collected at the annual rate of seven percent as provided by R.S. 47:1601(A)(2)(a)(v), which states that interest shall accrue at an annual rate of three percentage points above the judicial interest rate provided for in R.S. 9:3500(B)(1).

The Commissioner of the Office of Financial Institutions announced the 2011 judicial interest rate, which was calculated at three and one-quarter percentage points above the discount rate that was published in the Wall Street Journal on the first business day of October. The judicial rates are posted on the Office of Financial Institution’s web site at http://www.ofi.louisiana.gov/.

Visit revenue.louisiana.gov to read the full text of RIB 11-001.

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