32.065. Interest rates for certain taxes, director to set, when, how — failure of director to set rates, rates to be used. — 1. The annual rate established under this section shall be such adjusted rate as is established by the director of revenue under subsection 2 of this section.
2. The director shall establish an adjusted rate of interest for the purpose of subsection 1 not later than October twenty-second of any year if the adjusted prime rate charged by banks during September of that year, rounded to the nearest full percent, is at least a full percentage point more or less than the interest rate which is then in effect. Any such adjusted rate of interest shall be equal to the adjusted prime rate charged by banks, rounded to the nearest full percent, and shall become effective on January first of the immediately succeeding year.
3. For purposes of subsection 2, the term "adjusted prime rate charged by banks" means the average predominant prime rate quoted by commercial banks to large businesses, as determined by the Board of Governors of the Federal Reserve System.
4. The annual rate provided in subsection 1 of this section shall apply not later than January 1, 1984, to amounts outstanding on that date or arising thereafter; provided, however, prior to January 1, 1984, the director of revenue may, by rule, implement and apply in lieu of any of the interest rates for any specific tax or taxes provided for in the following sentence, the annual rate provided in subsection 1 for amounts outstanding on the effective date of the implementing rule. If the director of revenue does not implement the use of the annual rate provided in subsection 1 prior 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 outstanding prior to January 1, 1984, with respect to determining interest and other amounts due for periods before January 1, 1984.
Notes of Decisions
Cmty. Fed. Sav. & Loan Ass'n v. Dir. of Revenue, 752 S.W.2d 794 (Mo. 1988).
· cites it 6× “510, and the balance, with interest as determined by section 32.065, RSMo, shall be refunded to the person, but no such credit or refund shall be allowed unless duplicate copies of a claim for refund are filed within three years from date of overpayment.”
Utilicorp United, Inc. v. Dir. of Revenue, 785 S.W.2d 277 (Mo. 1990).
· cites it 15× “065, RSMo, shall be refunded to the person legally obligated to remit the tax, but no such credit or refund shall be allowed unless duplicate copies of a claim for refund are filed within three years from date of overpayment.”
Cass Cnty. v. Dir. of Revenue, 550 S.W.3d 70 (Mo. 2018).
· cites it 2× “525, and the balance, with interest as determined by section 32.065, shall be refunded to the person legally obligated to remit the tax.”
Harry Fischer v. Dir. of Revenue, 483 S.W.3d 858 (Mo. 2016).
· cites it 3× “996, including tax withheld by an employer, is not paid on or before the last date prescribed for payment, interest on such amount at the rate determined by section 32.065, RSMo, shall be paid for the period from such last date to date paid.”
Westrope & Assocs. v. Dir. of Revenue, 57 S.W.3d 880 (Mo. Ct. App. 2001).
· cites it 2× “Any delinquent tax shall bear interest at the rate determined under section 32.065, R.S.Mo., from the time such tax is due.”
Dyno Nobel, Inc. v. Dir. of Revenue, 75 S.W.3d 240 (Mo. 2002).
· cites it 3× “Any surplus balance, “with interest as determined by section 32.065, RSMo,” shall be refunded to it.”
Ford Motor Co. v. Dir. of Revenue, 97 S.W.3d 458 (Mo. 2003).
· cites it 3× “510, and the balance, with interest as determined by section 32.065, RSMo, shall be refunded to the person legally obligated to remit the tax, but no such credit or refund shall be allowed unless duplicate copies of a claim for refund are filed within three years from date of…”
H.S. Constr. Co. v. Lohman, 950 S.W.2d 331 (Mo. Ct. App. 1997).
· cites it 3× “510, and the balance, with interest as determined by section 32.065, RSMo, shall be refunded to the person legally obligated to remit the tax, but no such credit or refund shall be allowed unless duplicate copies of a claim for refund are filed within three years from date of…”
Golde's Dep't Stores, Inc. v. Dir. of Revenue, 791 S.W.2d 478 (Mo. Ct. App. 1990).
· cites it 3× “510, and the balance, with interest as determined by section 32.065, RSMo., shall be refunded to the person legally obligated to remit the tax, but no such credit or refund shall be allowed unless duplicate copies of a claim for refund are filed within three years from date of…”
Hallmark Cards, Inc. v. Dir. of Revenue, 159 S.W.3d 352 (Mo. 2005).
· cites it 17× “525, and the balance, with interest as determined by section 32.065, RSMo, shall be refunded to the person legally obligated to remit the tax, but no such credit or refund shall be allowed unless duplicate copies of a claim for refund are filed within three years from date of…”
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