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be variable and shall be an average of the federal short-term rate as defined in <br /> 26 U.S.C. Section 1274(d) plus two percentage points. The average will be <br /> computed as provided in RCW 82.32.050(2). <br /> 2. Interest imposed after December 31, 2004, shall be computed from the <br /> last day of the month following the end of the reporting period and will continue to <br /> accrue until payment is made. In case of an audit the interest shall be computed <br /> from the first day of the month following each calendar year or portion thereof <br /> included in the audit period. <br /> 3. For the purposes of this section, the rate of interest to be charged to the <br /> taxpayer shall be an average of the federal short-term rate as defined in 26 <br /> U.S.C. Section 1274(d) plus two percentage points. The rate shall be computed <br /> by taking an arithmetical average to the nearest percentage point of the federal <br /> short-term rate, compounded annually. That average shall be calculated using <br /> the rates from four months: January, April, and July of the calendar year <br /> immediately preceding the new year and October of the year of the previous <br /> preceding year. The rate shall be adjusted on the first day of January of each <br /> year for use in computing interest for that calendar year. (Ord. 2809-04 § 1 (part), <br /> 2004) <br /> Is hereby amended to read as follows: <br /> 3.19.090 Underpayment of tax, interest, or penalty—Interest—Limitations. <br /> A. If, upon examination of any returns, or from other information obtained by <br /> the director, it appears that a tax or penalty less than that properly due has been <br /> paid, the director shall assess the additional amount found to be due and shall <br /> add thereto interest on the tax only. The director shall notify the person by mail of <br /> the additional amount, which shall become due and shall be paid within thirty (30) <br /> days from the date of the notice, or within such time as the director may provide <br /> in writing. <br /> B. 1. For tax liabilities arising after December 31, 1991, and until January 1, <br /> 2005, from the date of the liability to the date of payment, the rate of interest shall <br /> be variable and shall be an average of the federal short-term rate as defined in <br /> 26 U.S.C. Section 1274(d) plus two percentage points. The average will be <br /> computed as provided in RCW 82.32.050(2). <br /> 2. For tax periods after December 31, 2004, the Director shall compute <br /> interest in accordance with RCW 82.32. 050 as it now exists or as it may be <br /> amended. 3. If 3.19.090(B)(2) is held to be invalid, then the provisions of RCW <br /> 82.32.050 existing at the effective date of this ordinance shall apply. <br /> Section 3. Section 1, Subsection 3.19.100 [EMC 3.19.100] of Ordinance <br /> 2809-04 (2004) which reads as follows: <br /> 3.19.100 Overpayment of tax, penalty, or interest—Credit or refund— <br /> Interest rate—Statute of limitations. <br /> A. If, upon receipt of an application for a refund, or during an audit or <br /> examination of the taxpayer's records and tax returns, the director determines <br /> that the amount of tax, penalty, or interest paid is in excess of that properly due, <br /> 2 <br />