Michigan SB1083 amends tax refund processing timelines and interest calculations for certain refunds.

Michigan SB1083 amends the calculation of interest and penalties related to tax refunds. It specifies timelines for refund processing and interest rates for delays. For instance, interest is added to refunds not issued within 30, 60, or 90 days from the date the return was received by the department, depending on the type of tax. The bill also mandates monthly reports to the legislature on refund processing times and backlog volumes. Refunds for amounts less than $1.00 are excluded from interest calculations.

Michigan SB1083 amends tax refund processing timelines and interest calculations for certain refunds.

Michigan SB1083 amends the calculation of interest and penalties related to tax refunds. It specifies timelines for refund processing and interest rates for delays. For instance, interest is added to refunds not issued within 30, 60, or 90 days from the date the return was received by the department, depending on the type of tax. The bill also mandates monthly reports to the legislature on refund processing times and backlog volumes. Refunds for amounts less than $1.00 are excluded from interest calculations.