FTB Interest Rates July-Dec. 2019 - Spidell

FTB Interest Rates July-Dec. 2019

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Message Board FTB Interest Rates July-Dec. 2019

This topic contains 3 replies, has 2 voices, and was last updated by David Fogel 2 months, 2 weeks ago.

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  • #169693
    David Fogel
    Participant

    Is there anyone who knows what FTB’s interest rates are for the period 7/1/2019 to 12/31/2019? The FTB is providing contradictory info on its website.

    This page on the FTB’s website (March 2019 Tax News) says that interest rates will increase to 6% for this period (2% for corporate overpayments): https://www.ftb.ca.gov/about-ftb/newsroom/tax-news/march-2019/interest-rates-increases.html

    But this page on the FTB’s website (Interest Rates) says that the interest rates for this period are 4% (1% for corporate overpayments): https://www.ftb.ca.gov/pay/penalties-and-interest/interest-and-estimate-penalty-rates.html

    Which is it?

  • #169761
    Lynn Freer
    Participant

    Checking on it

  • #170169
    Lynn Freer
    Participant

    Here’s what FTB’s 1/10/19 Memorandum states:

    Pursuant to Section 19521 (formerly 19269) of the Revenue and Taxation Code, the adjusted interest rate has
    been determined for the period July 1, 2019 through December 31, 2019. The adjusted interest rate is six (6)
    percent. This is the rate compounded daily that accrues with respect to various state taxes including: personal
    income, corporate income and franchise. The rate for corporation tax overpayments for the period is two (2)
    percent.

    They said they will correct the website.

  • #170388
    David Fogel
    Participant

    Thank you.