32.065. Interest rates for certain taxes, director to set, when, how--failure of director to set rates, rates to be used.

MISSOURI STATUTES AND CODES

32.065. Interest rates for certain taxes, director to set, when, how--failure of director to set rates, rates to be used.

Interest rates for certain taxes, director to set, when, how--failureof director to set rates, rates to be used.

32.065. 1. The annual rate established under this section shall besuch adjusted rate as is established by the director of revenue undersubsection 2 of this section.

2. The director shall establish an adjusted rate of interest for thepurpose of subsection 1 not later than October twenty-second of any year ifthe adjusted prime rate charged by banks during September of that year,rounded to the nearest full percent, is at least a full percentage pointmore or less than the interest rate which is then in effect. Any suchadjusted rate of interest shall be equal to the adjusted prime rate chargedby banks, rounded to the nearest full percent, and shall become effectiveon January first of the immediately succeeding year.

3. For purposes of subsection 2, the term "adjusted prime ratecharged by banks" means the average predominant prime rate quoted bycommercial banks to large businesses, as determined by the Board ofGovernors of the Federal Reserve System.

4. The annual rate provided in subsection 1 of this section shallapply not later than January 1, 1984, to amounts outstanding on that dateor arising thereafter; provided, however, prior to January 1, 1984, thedirector of revenue may, by rule, implement and apply in lieu of any of theinterest rates for any specific tax or taxes provided for in the followingsentence, the annual rate provided in subsection 1 for amounts outstandingon the effective date of the implementing rule. If the director of revenuedoes not implement the use of the annual rate provided in subsection 1prior to January 1, 1984, for any particular tax, sections 142.180,142.561, 143.731, 143.761, 144.170, 146.060, 148.050, 148.060, 148.160,148.180, 148.300*, 148.530* and 149.051, RSMo 1978, and section 147.120,RSMo Supp. 1981, shall continue to be applied to amounts outstandingprior to January 1, 1984, with respect to determining interest and otheramounts due for periods before January 1, 1984.