HomeMy WebLinkAbout20. Tracfone Wireless Inc. Interest ComparisonEXHIBIT C‐20
DRAFT ‐ Confidential Interest Rate Calculated By Authority Interest End Date Tax Base Interest Calculated Notes Tax Recovery Services, LLC Renton City Ordinance No. 5367 9/30/2019 147,109$ 152,557$ Actual Interest PaidTax Recovery Services, LLC Renton City Ordinance No. 5367 8/1/2017 147,109$ 114,311$ Interest Per TRS Calculation Completed August, 2017Anders CPAs & Advisors, LLP State of Washington Methodology 11/4/2019 147,109$ 30,402$ Interest Per Renton Ordinance No. 5944, See Schedule 2Note:This schedule has been prepared for comparison purposes only. It is not intended as a conclusion of interest owed by Tracfone Wireless, Inc.TracFone Wireless, Inc. / City of Renton Utility Tax Assessment Appeals HearingSchedule 1Interest Methodology and Delay ComparisonDRAFT
DRAFT ‐ ConfidentialTax Year2007200820092010201120122013TotalTotal Tax 8,115.55$ 12,567.57$ 17,132.00$ 29,600.42$ 31,450.30$ 33,941.68$ 14,301.23$ 147,108.74$ Interest Periods20086.41%20095%4.58%20103%3%2.75%20113%3%3%2.75%20122%2%2%2%1.83%20132%2%2%2%2%1.83%20142%2%2%2%2%2%1.83%20152%2%2%2%2%2%2%20162%2%2%2%2%2%2%20173%3%3%3%3%3%3%20183%3%3%3%3%3%3% Interest through 11/420192.52%2.52%2.52%2.52%2.52%2.52%2.52%Interest Factor35.93%29.10%24.27%21.27%18.35%16.35%14.35%Interest Amount 2,915.82$ 3,656.99$ 4,157.68$ 6,295.56$ 5,772.21$ 5,550.63$ 2,052.72$ 30,401.60$ TracFone Wireless, Inc. / City of Renton Utility Tax Assessment Appeals HearingSchedule 2Interest Per Ordinance No. 5944 State of Washington MethodologyDRAFT
STATE OF WASHINGTON
DEPARTMENT OF REVENUE
Research & Fiscal Analysis Division
PO Box 47459 Tumwater, WA 98504-7459 (360) 534-1550 Fax (360) 534-1526
Research Report #2020-5
July 6, 2020
INTEREST RATES FOR STATE EXCISE TAXES
Calendar Year 2021
Calendar Year 2021 interest rate s for assessments and refunds ha ve been calculated at 3%.
The Legislature determines the method for calculating these interest rates, and this method is set
forth in RCWs 82.32.050 and .060. The method determined by the Legislature for calculating
these rates links the rates to the general level of interest rates prevailing in the U.S. economy.
The methods for calculating these rates, and the rates themselves, have changed many times over
the years. The following table shows the history of these rates.
Interest Rate History Assessments Refunds
Prior to 1992 9% 3%
Calendar Year 1992 9 8
Calendar Year 1993 7 6
Calendar Year 1994 6 5
Calendar Year 1995 7 6
Calendar Year 1996 8 7
Calendar Year 1997 8 7
Calendar Year 1998 7 6
Calendar Year 1999 7 7
Calendar Year 2000 7 7
Calendar Year 2001 8 8
Calendar Year 2002 7 7
Calendar Year 2003 5 5
Calendar Year 2004 4 4
Calendar Year 2005 4 4
Calendar Year 2006 5 5
Calendar Year 2007 7 7
Calendar Year 2008 7 7
Calendar Year 2009 5 5
Calendar Year 2010 3 3
Calendar Year 2011 3 3
Calendar Year 2012 2 2
Calendar Year 2013 2 2
Calendar Year 2014 2 2
Calendar Year 2015 2 2
Calendar Year 2016 2 2
Interest Rate History Assessments Refunds
Calendar Year 2017 3 3
Calendar Year 2018 3 3
Calendar Year 2019 4 4
Calendar Year 2020 4 4
Calendar Year 2021 3 3