WSR 97-02-068
PERMANENT RULES
DEPARTMENT OF REVENUE
[Filed December 31, 1996, 9:42 a.m., effective January 1, 1997]
Date of Adoption: December 31, 1996.
Purpose: To update rule so it reflects the current rate of interest that will be included when property taxes are refunded in 1997.
Citation of Existing Rules Affected by this Order: Amending WAC 458-18-220 Refunds--Rates of interest.
Statutory Authority for Adoption: RCW 84.69.100.
Other Authority: RCW 84.08.010, 84.08.070.
Adopted under notice filed as WSR 96-23-054 on November 19, 1996.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 0, amended 0, repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.
Number of Sections Adopted on the Agency's own Initiative: New 0, amended 0, repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 0, repealed 0.
Number of Sections Adopted using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 1, repealed 0.
Other Findings Required by Other Provisions of Law as Precondition to Adoption or Effectiveness of Rule: RCW 84.69.100 requires the department to adopt the rate of interest by rule and this rate must be in effect by January 1, 1997, so that county officials may calculate the appropriate amount of property tax refunds after that date.
Effective Date of Rule: January 1, 1997.
December 31, 1996
Claire Hesselholt
Rules Manager
Legislation and Policy Division
AMENDATORY SECTION (Amending WSR 96-01-093, filed 12/19/95, effective
1/1/96)
WAC 458-18-220 Refunds--Rate of interest. The following rates of
interest shall apply on refunds of taxes made pursuant to RCW 84.69.010
through 84.69.090 in accordance with RCW 84.69.100. The following rates
shall also apply to judgments entered in favor of the plaintiff pursuant
to RCW 84.68.030. The interest rate is derived from the equivalent
coupon issue yield of the average bill rate for twenty-six week treasury
bills as determined at the first bill market auction conducted after June
30th of the calendar year preceding the date the taxes were paid or the
claim for refund is filed, whichever is later. The rate thus determined
shall be applied to the amount of the judgment or the amount of the
refund, until paid:
Year tax paid (chapter
84.68 RCW); Year tax
paid or claim filed
(whichever is later) Auction
(chapter 84.69 RCW) Year Rate
1985 1984 11.27%
1986 1985 7.36%
1987 1986 6.11%
1988 1987 5.95%
1989 1988 7.04%
1990 1989 8.05%
1991 1990 8.01%
1992 1991 5.98%
1993 1992 3.42%
1994 1993 3.19%
1995 1994 4.92%
1996 1995 5.71%
1997 1996 5.22%
[Statutory Authority: RCW 84.69.100, 84.08.010 and 84.08.070. 96-01-093, 458-18-220, filed 12/19/95, effective 1/1/96; 95-06-044, 458-18-220, filed 2/24/95, effective 3/27/95; 94-05-063, 458-18-220, filed 2/11/94, effective 3/14/94. Statutory Authority: RCW 84.08.010 and 84.69.100. 93-06-096, 458-18-220, filed 3/3/93, effective 4/3/93; 92-17-027, 458-18-220, filed 8/11/92, effective 9/11/92; 91-15-024, 458-18-220, filed 7/11/91, effective 8/11/91. Statutory Authority: RCW 84.69.100 and 84.08.010(2). 89-10-067 (Order PT 89-6), 458-18-220, filed 5/3/89; 88-07-003 (Order PT 88-3), 458-18-220, filed 3/3/88. Statutory Authority: RCW 84.69.100 as amended by 1987 c 319 and 84.08.010(2). 87-19-141 (Order PT 87-7), 458-18-220, filed 9/23/87.]