32.068. Annual rate of interest to be calculated, director of revenue to apply rate, when.

MISSOURI STATUTES AND CODES

32.068. Annual rate of interest to be calculated, director of revenue to apply rate, when.

Annual rate of interest to be calculated, director of revenue toapply rate, when.

32.068. 1. The state treasurer shall calculate an annual rate ofinterest pursuant to this section and provide the calculated rate ofinterest to the director of revenue as determined by subsection 2 of thissection.

2. Each calendar quarter the state treasurer shall calculate theannual rate of interest. The rate of interest shall be equal to theprevious twelve-month annualized average rate of return on all fundsinvested by the state treasurer, rounded to the nearest one-tenth of onepercent. The state treasurer shall provide such calculated rate to thedirector of revenue not later than thirty days prior to the end of eachcalendar quarter. The director of revenue shall apply the calculated rateof interest to all applicable situations during the next calendar quarterafter the release of the calculated rate of interest.

3. Beginning January 1, 2003, the director of revenue shall apply thecalculated rate of interest as determined by this section to all applicablesituations.

4. In fiscal year 2003, the commissioner of administration shallestimate the amount of any additional state revenue received pursuant tothis section and shall transfer an equivalent amount of general revenue tothe schools of the future fund created in section 163.005, RSMo.