Section 47 Interest Paid on Refunds or Overpayments

• Library: Tax Law 2009

Under § 32.068, RSMo Supp. 2007, the state treasurer is required to calculate the annual rate of interest to be paid by the Director on tax refunds. The rate is determined quarterly based on the “previous twelve-month annualized average rate of return on all funds invested by the state treasurer, rounded to the nearest one-tenth of one percent.” Section 32.068.2. Under § 32.069, RSMo Supp. 2007, this rate applies to “any refund or overpayment.”

Additionally, § 32.069 restricts the payment of interest by...