PURPOSE: This emergency amendment establishes the annual adjusted rate of interest to be implemented and applied on taxes remaining unpaid during calendar year 2023.
EMERGENCY STATEMENT: The director of revenue is mandated to establish not later than October 22 annual adjusted rate of interest based upon the adjusted prime rate charged by banks during September of that year as set by the Board of Governors of the Federal Reserve rounded to the nearest full percent. This emergency amendment is necessary to ensure public awareness and to preserve a compelling governmental interest requiring an early effective date in that the amendment informs the public of the established rate of interest to be paid on unpaid amounts of taxes for the 2023 calendar year. A proposed amendment, that covers the same material, is published in this issue of the Missouri Register. The director has limited the scope of the emergency amendment to the circumstances creating the emergency. The director has followed procedures calculated to assure fairness to all interested persons and parties and has complied with protections extended by the Missouri and United States Constitutions. This emergency amendment was filed October 21, 2022, becomes effective January 1, 2023, and expires June 29, 2023.
(1) Pursuant to section
32.065, RSMo, the Director of Revenue upon official notice of the average predominant prime rate quoted by commercial banks to large businesses, as determined and reported by the Board of Governor's of the Federal Reserve System in the Federal Reserve Statistical Release H.15(519) for the month of September of each year has set by administrative order the annual adjusted rate of interest to be paid on unpaid amounts of taxes during the succeeding calendar year as follows:
Calendar Year |
Rate of Interest on Unpaid Amounts of Taxes |
1995 |
12% |
1996 |
9% |
1997 |
8% |
1998 |
9% |
1999 |
8% |
2000 |
8% |
2001 |
10% |
2002 |
6% |
2003 |
5% |
2004 |
4% |
2005 |
5% |
2006 |
7% |
2007 |
8% |
2008 |
8% |
2009 |
5% |
2010 |
3% |
2011 |
3% |
2012 |
3% |
2013 |
3% |
2014 |
3% |
2015 |
3% |
2016 |
3% |
2017 |
4% |
2018 |
4% |
2019 |
5% |
2020 |
5% |
2021 |
3% |
2022 |
3% |
2023 |
6% |
Adopted by Missouri Register December 1, 2022/Volume 47, Number 23, effective 1/1/2023