us-co/statute/39/39-21-110.5 — Rate of interest to be fixed

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us-co/statute/39/39-21-110.5 — Rate of interest to be fixed · Axiom

(1) When interest is required or permitted to be charged pursuant to this section on any underpayment, nonpayment, extension of time for payment, or overpayment, or when interest is required to be paid pursuant to section 8-20.5-104, in connection with an application for reimbursement from the petroleum storage tank fund, such interest shall be computed at the annual rate which has been established pursuant to this section.

(2) Except as otherwise provided in subsection (4) of this section, the annual rate of interest shall be the prime rate, as reported by the Wall Street Journal, plus three points, rounded to the nearest full percent. In the event that more than one rate is so reported, the highest rate shall be utilized.

(3) The commissioner of banking shall establish an adjusted annual rate of interest based upon the computation specified in subsections (2) and (4) of this section and rounded to the nearest full percent. The adjusted annual rate of interest shall be so established by the commissioner of banking as of July 2, 1990, to become effective January 1, 1991. Thereafter, on July 1, or the next succeeding business day, of each year, the adjusted annual rate of interest shall be established in the same manner, to become effective on January 1 of the next succeeding year.

(4) For refunds issued on or after January 1, 2004, the annual rate of interest applicable to sections 39-21-110 and 39-22-622 shall be as follows:

(a)If the amount of the refund is less than five thousand…#

(a) If the amount of the refund is less than five thousand dollars or if the amount of the refund is equal to or greater than five thousand dollars but less than ten percent of the taxpayer's net tax liability for the period for which the tax is paid, the annual rate of interest shall be the prime rate, as reported by the Wall Street Journal, plus three points, rounded to the nearest full percent. In the event that more than one rate is so reported, the highest rate shall be utilized.

(b)(I) If the amount of the refund is equal to or greater…#

(b) (I) If the amount of the refund is equal to or greater than five thousand dollars and the amount of the refund is equal to or greater than ten percent of the taxpayer's net tax liability for the period for which the tax is paid, the annual rate of interest shall be the prime rate, as reported by the Wall Street Journal, rounded to the nearest full percent, except as provided in subparagraph (II) of this paragraph

(b). In the event that more than one rate is reported, the highest rate shall be utilized.

(II) For any refund subject to the provisions of subparagraph (I) of this paragraph (b), if the taxpayer demonstrates that the overpayment of tax necessitating such refund was due to good cause as determined by the executive director, the annual rate of interest shall be the prime rate, as reported by the Wall Street Journal, plus three points, rounded to the nearest full percent. In the event that more than one rate is so reported, the highest rate shall be utilized.

in view

Whole section

Encodings · 6

standard_interest_rate_additionCO 39 § 39-21-110.5 · parameter

39-21-110.5(2)

name: standard_interest_rate_addition
kind: parameter
dtype: Rate
source: 39-21-110.5(2)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: >-
            the prime rate, as reported by the Wall Street Journal, plus three
            points
versions:
  - effective_from: '0001-01-01'
    formula: '0.03'

full_percent_rounding_incrementCO 39 § 39-21-110.5 · parameter

39-21-110.5(2)

name: full_percent_rounding_increment
kind: parameter
dtype: Rate
source: 39-21-110.5(2)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: rounded to the nearest full percent
versions:
  - effective_from: '0001-01-01'
    formula: '0.01'

refund_amount_thresholdCO 39 § 39-21-110.5 · parameter

39-21-110.5(4)(a)

name: refund_amount_threshold
kind: parameter
dtype: Money
unit: USD
source: 39-21-110.5(4)(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: the amount of the refund is less than five thousand dollars
versions:
  - effective_from: '2004-01-01'
    formula: '5000'

refund_net_tax_liability_ratio_thresholdCO 39 § 39-21-110.5 · parameter

39-21-110.5(4)(a)-(b)

name: refund_net_tax_liability_ratio_threshold
kind: parameter
dtype: Rate
source: 39-21-110.5(4)(a)-(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: >-
            ten percent of the taxpayer's net tax liability for the period for
            which the tax is paid
versions:
  - effective_from: '2004-01-01'
    formula: '0.10'

adjusted_annual_interest_rateCO 39 § 39-21-110.5 · derived

39-21-110.5(2)-(3)

name: adjusted_annual_interest_rate
kind: derived
entity: InterestComputation
dtype: Rate
period: Year
source: 39-21-110.5(2)-(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: the highest rate shall be utilized
      - path: versions[0].formula
        kind: import
        import:
          target: us-co:statutes/39/39-21-110.5#standard_interest_rate_addition
          output: standard_interest_rate_addition
          hash: sha256:local
      - path: versions[0].formula
        kind: import
        import:
          target: us-co:statutes/39/39-21-110.5#full_percent_rounding_increment
          output: full_percent_rounding_increment
          hash: sha256:local
versions:
  - effective_from: '0001-01-01'
    formula: |-
      floor(
        (
          (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
          / full_percent_rounding_increment
        )
        + (1 / 2)
      ) * full_percent_rounding_increment

refund_annual_interest_rateCO 39 § 39-21-110.5 · derived

39-21-110.5(4)

name: refund_annual_interest_rate
kind: derived
entity: InterestComputation
dtype: Rate
period: Year
source: 39-21-110.5(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: If the amount of the refund is less than five thousand dollars
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: less than ten percent of the taxpayer's net tax liability
      - path: versions[0].formula
        kind: exception
        source:
          corpus_citation_path: us-co/statute/39/39-21-110.5
          excerpt: >-
            the overpayment of tax necessitating such refund was due to good
            cause as determined by the executive director
      - path: versions[0].formula
        kind: import
        import:
          target: us-co:statutes/39/39-21-110.5#refund_amount_threshold
          output: refund_amount_threshold
          hash: sha256:local
      - path: versions[0].formula
        kind: import
        import:
          target: >-
            us-co:statutes/39/39-21-110.5#refund_net_tax_liability_ratio_threshold
          output: refund_net_tax_liability_ratio_threshold
          hash: sha256:local
      - path: versions[0].formula
        kind: import
        import:
          target: us-co:statutes/39/39-21-110.5#standard_interest_rate_addition
          output: standard_interest_rate_addition
          hash: sha256:local
      - path: versions[0].formula
        kind: import
        import:
          target: us-co:statutes/39/39-21-110.5#full_percent_rounding_increment
          output: full_percent_rounding_increment
          hash: sha256:local
versions:
  - effective_from: '2004-01-01'
    formula: |-
      if refund_amount < refund_amount_threshold:
        floor(
          (
            (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
            / full_percent_rounding_increment
          )
          + (1 / 2)
        ) * full_percent_rounding_increment
      else:
        if refund_amount < refund_net_tax_liability_ratio_threshold * taxpayer_net_tax_liability:
          floor(
            (
              (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
              / full_percent_rounding_increment
            )
            + (1 / 2)
          ) * full_percent_rounding_increment
        else:
          if taxpayer_demonstrates_overpayment_due_to_good_cause_as_determined_by_executive_director:
            floor(
              (
                (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
                / full_percent_rounding_increment
              )
              + (1 / 2)
            ) * full_percent_rounding_increment
          else:
            floor(
              (highest_wall_street_journal_prime_rate / full_percent_rounding_increment)
              + (1 / 2)
            ) * full_percent_rounding_increment

▸rulespec code

Shown source

statutes/39/39-21-110.5.yaml

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Rules

standard_interest_rate_addition

Parameter

source: 39-21-110.5(2)

- name: standard_interest_rate_addition
  kind: parameter
  dtype: Rate
  source: 39-21-110.5(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: the prime rate, as reported by the Wall Street Journal, plus three points
  versions:
    - effective_from: '0001-01-01'
      formula: '0.03'

full_percent_rounding_increment

Parameter

source: 39-21-110.5(2)

- name: full_percent_rounding_increment
  kind: parameter
  dtype: Rate
  source: 39-21-110.5(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: rounded to the nearest full percent
  versions:
    - effective_from: '0001-01-01'
      formula: '0.01'

refund_amount_threshold

Parameter

source: 39-21-110.5(4)(a)

- name: refund_amount_threshold
  kind: parameter
  dtype: Money
  unit: USD
  source: 39-21-110.5(4)(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: the amount of the refund is less than five thousand dollars
  versions:
    - effective_from: '2004-01-01'
      formula: '5000'

refund_net_tax_liability_ratio_threshold

Parameter

source: 39-21-110.5(4)(a)-(b)

- name: refund_net_tax_liability_ratio_threshold
  kind: parameter
  dtype: Rate
  source: 39-21-110.5(4)(a)-(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: >-
              ten percent of the taxpayer's net tax liability for the period for which the tax is
              paid
  versions:
    - effective_from: '2004-01-01'
      formula: '0.10'

adjusted_annual_interest_rate

Derived

source: 39-21-110.5(2)-(3)

- name: adjusted_annual_interest_rate
  kind: derived
  entity: InterestComputation
  dtype: Rate
  period: Year
  source: 39-21-110.5(2)-(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: the highest rate shall be utilized
        - path: versions[0].formula
          kind: import
          import:
            target: us-co:statutes/39/39-21-110.5#standard_interest_rate_addition
            output: standard_interest_rate_addition
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us-co:statutes/39/39-21-110.5#full_percent_rounding_increment
            output: full_percent_rounding_increment
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        floor(
          (
            (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
            / full_percent_rounding_increment
          )
          + (1 / 2)
        ) * full_percent_rounding_increment

refund_annual_interest_rate

Derived

source: 39-21-110.5(4)

- name: refund_annual_interest_rate
  kind: derived
  entity: InterestComputation
  dtype: Rate
  period: Year
  source: 39-21-110.5(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: If the amount of the refund is less than five thousand dollars
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: less than ten percent of the taxpayer's net tax liability
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-co/statute/39/39-21-110.5
            excerpt: >-
              the overpayment of tax necessitating such refund was due to good cause as determined
              by the executive director
        - path: versions[0].formula
          kind: import
          import:
            target: us-co:statutes/39/39-21-110.5#refund_amount_threshold
            output: refund_amount_threshold
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us-co:statutes/39/39-21-110.5#refund_net_tax_liability_ratio_threshold
            output: refund_net_tax_liability_ratio_threshold
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us-co:statutes/39/39-21-110.5#standard_interest_rate_addition
            output: standard_interest_rate_addition
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us-co:statutes/39/39-21-110.5#full_percent_rounding_increment
            output: full_percent_rounding_increment
            hash: sha256:local
  versions:
    - effective_from: '2004-01-01'
      formula: |-
        if refund_amount < refund_amount_threshold:
          floor(
            (
              (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
              / full_percent_rounding_increment
            )
            + (1 / 2)
          ) * full_percent_rounding_increment
        else:
          if refund_amount < refund_net_tax_liability_ratio_threshold * taxpayer_net_tax_liability:
            floor(
              (
                (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
                / full_percent_rounding_increment
              )
              + (1 / 2)
            ) * full_percent_rounding_increment
          else:
            if taxpayer_demonstrates_overpayment_due_to_good_cause_as_determined_by_executive_director:
              floor(
                (
                  (highest_wall_street_journal_prime_rate + standard_interest_rate_addition)
                  / full_percent_rounding_increment
                )
                + (1 / 2)
              ) * full_percent_rounding_increment
            else:
              floor(
                (highest_wall_street_journal_prime_rate / full_percent_rounding_increment)
                + (1 / 2)
              ) * full_percent_rounding_increment

▸citations (2)

References

This rule cites 2 other rules.

CO 39 § 8-20.5-104inferredCO › Statutes › Title 39 › § 8-20.5-104
CO 39 § 39-21-110inferredCO › Statutes › Title 39 › § 39-21-110