Form 40x - Amended Corporation Income Tax Return Page 4
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4North Dakota Amended Corporation Income Tax Return
Calculation of interest and penalty for income tax purposes:
Comparison of rates and calculation methods for pre-'98 years
with those for 1998 and subsequent years
This table shows (in the right hand column) the interest and penalty rates and calculation methods in effect for taxable years beginning after December 31,
1997, as a result of passage of Senate Bill 2102 by the 1999 North Dakota Legislative Assembly. Because the rates and calculation methods in effect for
taxable years begining before January 1, 1998, remain in effect for those taxable years, you'll have to keep track of different rates and calculation methods.
This table will help you do that. Please note that for refunds arising from loss years beginning after December 31, 1997, interest shall start accruing from
the due date of the loss year to the date the refund is issued; however, no interest shall accrue if the refund is issued within forty-five days after the date the
amended return is filed.
• SECTION 1 provides an overview of the rates and the general statutory authority
• SECTION 2 shows the rates and calculation methods applicable to refunds and the specific statutory authority
• SECTION 3 provides an overview of penalty provisions and the general statutory authority
Pre-'98 years
1998 and subsequent years
Taxable years beginning before January 1, 1998
Taxable years beginning after December 31, 1997
Interest rates at-a-glance
SECTION 1:
Refunds
10% per annum (.000277/day)
1% per month (or fraction of a month)
[Generally, N.D.C.C. § 57-38-35.2]
1% per month (or fraction of a month)
1% per month (or fraction of a month)
Payment of tax after due date, or additional
tax due because of audit or other reason
[Generally, N.D.C.C. § 57-38-45(1)]
12% per annum (.000333/day)
12% per annum (.000333/day)
Extension of time to fi le
[Generally, N.D.C.C. § 57-38-45(1)]
Nonpayment, late payment or underpayment
12% per annum (.000333/day)
12% per annum (.000333/day)
of estimated tax
[Generally, N.D.C.C. §§ 57-38-45(1) and
57-38-62(3)]
Interest on a refund
SECTION 2:
Description of provision
Rate
Calculation
Rate
Calculation
Refund on original return attributable to an
10% per annum
Starts accruing after 60
1% per month or
Starts accruing after 45
overpayment of withholding or estimated tax
fraction of a
days from the later of (1)
(.000277/day)
days from the later of (1) the
[N.D.C.C. § 57-38-35.2(1)(a)]
due date (without extension)
month
the due date (without
extension) of the original
of the original return or (2)
the date the original return is
return or (2) the date the
original return is fi led, and
fi led, and stops accruing on
the date the refund is issued.
stops accruing on the date
the refund is issued.
1% per month or
Accrues from the due date
Refund attributable to an amended return fi led
10% per annum
Starts accruing after 60
fraction of a
(without extension) of the
for reasons other than a net operating loss
(.000277/day)
days from the later of (1) the
month
original return to the date the
[N.D.C.C. § 57-38-35.2(1)(b)]
due date (without extension)
refund is issued, excluding
of the original return, (2) the
the month in which the due
date the original return was
date falls.
fi led, or (3) the date the tax
was fully paid, and stops ac-
cruing on the date the refund
is issued.
Refund attributable to an amended return fi led
10% per annum
Starts accruing after 60
1% per month or
If the refund is issued within
fraction of a
45 days of the date the
for a net operating loss carryback or a capital
(.000277/day)
days from the date the
amended return is fi led, and
month.
amended return is fi led, no
loss carryback.
interest accrues.
[N.D.C.C. § 57-38-35.2(1)(c)]
stops accruing on the date
the refund is issued.
If the refund is not issued
within 45 days of the date
the amended return is fi led,
interest accrues from the
due date (without extension)
of the original return for the
year in which the loss was
incurred to the date the
refund is issued.
Penalty
SECTION 3:
Description of provision
Rate
Calculation
Rate
Calculation
Penalty on late payments of tax due amounts
5% of the tax or
If the federal carryback of a
5% of the tax or
If the federal carryback of a
[N.D.C.C. §§ 57-38-38 and 57-38-45]
$5.00, which-
net operating loss or invest-
$5.00, which-
net operating loss or invest-
ever is greater
ment tax credit results in
ever is greater
ment tax credit results in
additional income tax due for
additional income tax due for
state purposes, the penalty
state purposes, the penalty
may be waived.
may be waived.
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