WSR 98-01-177

PERMANENT RULES

DEPARTMENT OF REVENUE

[Filed December 23, 1997, 11:37 a.m., effective January 1, 1998]

Date of Adoption: December 23, 1997.

Purpose: To update the rule so it reflects the rate of interest for auction year 1997 that will be included when claims for property taxes refunds are made after January 1, 1998.

Citation of Existing Rules Affected by this Order: Amending WAC 458-18-220 Refunds--Rate of interest.

Statutory Authority for Adoption: RCW 84.08.010, 84.08.070.

Other Authority: RCW 84.69.100.

Adopted under notice filed as WSR 97-21-098 on October 20, 1997.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 0, amended 0, repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.

Number of Sections Adopted on the Agency's own Initiative: New 0, amended 0, repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 0, repealed 0.

Number of Sections Adopted using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 1, repealed 0.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 annually adopt a rate of interest by rule that will be added to property tax refunds. This rate must be in effect on January 1st each year and will be included when claims for property tax refunds are made after that date.

Effective Date of Rule: January 1, 1998.

December 23, 1997

Russell W. Brubaker

Assistant Director

Legislation and Policy Division

AMENDATORY SECTION (Amending WSR 97-02-068, filed 12/31/96, effective 1/1/97)

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%

1998 1997 5.14%