WSR 08-19-089

EXPEDITED RULES

DEPARTMENT OF REVENUE


[ Filed September 16, 2008, 2:33 p.m. ]

Title of Rule and Other Identifying Information: Amending WAC 458-18-220 Refunds -- Rate of interest.

NOTICE

THIS RULE IS BEING PROPOSED UNDER AN EXPEDITED RULE-MAKING PROCESS THAT WILL ELIMINATE THE NEED FOR THE AGENCY TO HOLD PUBLIC HEARINGS, PREPARE A SMALL BUSINESS ECONOMIC IMPACT STATEMENT, OR PROVIDE RESPONSES TO THE CRITERIA FOR A SIGNIFICANT LEGISLATIVE RULE. IF YOU OBJECT TO THIS USE OF THE EXPEDITED RULE-MAKING PROCESS, YOU MUST EXPRESS YOUR OBJECTIONS IN WRITING AND THEY MUST BE SENT TO Kim M. Qually, Department of Revenue, P.O. Box 47467, Olympia, WA 98504-7467, fax (360) 664-0693, e-mail kimq@dor.wa.gov , AND RECEIVED BY November 17, 2008.


Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: The purpose of this rule is to provide the rate of interest that is attached when property taxes paid in 2009 are refunded to taxpayers. This revision also includes the interest rate used the first year, 1985, that the department was required to publish a rule stating a rate of interest for property tax refunds.

The rates of interest reflected in this rule are used when property taxes are refunded. The rates of interest are shown in chronological order with reference to the year the property taxes were paid. The rule is being amended to provide the rate of interest for treasury bill auction year 1984, which was used for taxes refunded in 1985 and for auction year 2008, which will be used in refunding taxes paid in 2009. This rule is updated annually.

A copy of the draft rule is available for viewing and printing on our web site at http://dor.wa.gov/content/findalaworrule/rulemaking/agenda.aspx.

Reasons Supporting Proposal: RCW 84.69.100 requires interest to be paid when property taxes are refunded. It also requires the department to annually adopt a rule that specifies the amount of interest to be collected for each year property taxes were paid.

Statutory Authority for Adoption: RCW 84.69.100.

Statute Being Implemented: RCW 84.69.100.

Rule is not necessitated by federal law, federal or state court decision.

Name of Proponent: Department of revenue, governmental.

Name of Agency Personnel Responsible for Drafting: Kim M. Qually, 1025 Union Avenue S.E., Suite #400, Olympia, WA, (360) 570-6113; Implementation and Enforcement: Brad Flaherty, 1025 Union Avenue S.E., Suite #200, Olympia, WA, (360) 570-5860.

September 16, 2008

Alan R. Lynn

Rules Coordinator

OTS-1853.1


AMENDATORY SECTION(Amending WSR 07-24-037, filed 11/30/07, effective 12/31/07)

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. The rate thus determined shall be applied to the amount of the judgment or the amount of the refund, until paid:


Year tax

paid

Auction

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%
1999 1998 5.06%
2000 1999 4.96%
2001 2000 5.98%
2002 2001 3.50%
2003 2002 1.73%
2004 2003 0.95%
2005 2004 1.73%
2006 2005 3.33%
2007 2006 5.09%
2008 2007 4.81%
2009 2008 2.14%

[Statutory Authority: RCW 84.69.100. 07-24-037, 458-18-220, filed 11/30/07, effective 12/31/07; 06-21-059, 458-18-220, filed 10/16/06, effective 11/16/06; 05-22-096, 458-18-220, filed 11/1/05, effective 12/2/05; 04-24-101, 458-18-220, filed 12/1/04, effective 1/1/05; 03-24-014, 458-18-220, filed 11/20/03, effective 12/21/03; 02-23-081, 458-18-220, filed 11/19/02, effective 12/20/02; 02-03-039, 458-18-220, filed 1/8/02, effective 2/8/02; 00-24-106, 458-18-220, filed 12/6/00, effective 12/31/00; 99-24-033, 458-18-220, filed 11/23/99, effective 12/24/99. Statutory Authority: RCW 84.08.010, 84.08.070 and 84.69.100. 99-01-066, 458-18-220, filed 12/14/98, effective 1/1/99; 98-01-177, 458-18-220, filed 12/23/97, effective 1/1/98; 97-02-068, 458-18-220, filed 12/31/96, effective 1/1/97; 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.]

Washington State Code Reviser's Office