WSR 10-07-038

PERMANENT RULES

DEPARTMENT OF REVENUE


[ Filed March 10, 2010, 2:29 p.m. , effective April 10, 2010 ]


Effective Date of Rule: Thirty-one days after filing.

Purpose: WAC 458-18-220 provides the rate of interest that is to be included when property taxes are refunded. The rates are shown in chronological order with reference to the year in which the property taxes were paid. The rule is being amended to provide the rate of interest for treasury bill auction year 2009, which is the rate to be used for computing interest when refunding property taxes paid in 2010.

RCW 84.69.100 requires the department to annually adopt a rule that specifies the rate of interest to be paid on refunds. This rule was previously amended on an emergency basis (WSR 10-02-028) because the rule-making process for a permanent rule could not be completed before January 1, 2010. This action adopts the changes into the permanent rule.

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

Statutory Authority for Adoption: RCW 84.69.100.

Adopted under notice filed as WSR 09-23-070 on November 13, 2009.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 1, Repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.

Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.

Date Adopted: March 10, 2010.

Alan R. Lynn

Rules Coordinator

OTS-2687.1


AMENDATORY SECTION(Amending WSR 08-24-094, filed 12/2/08, effective 1/2/09)

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
1984 1983 9.29%
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%
2010 2009 0.29%

[Statutory Authority: RCW 84.69.100. 08-24-094, 458-18-220, filed 12/2/08, effective 1/2/09; 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