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Late Tax Penalty Increase

December 7, 2000
By: Osamu Fujimaru
State Capital Bureau

Beginning in January, Missourians who do not pay taxes on time will have to pay a higher interest rate.

But, this is not necessarily bad news to taxpayers.

Osamu Fujimaru explains from Jefferson City.

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The Missouri Revenue Department will raise its interest rate on overdue taxes, from eight percent to ten percent.

The state's interest rate on unpaid taxes is based on the previous year's federal interest rate. The federal interest rate is higher this year...leading to the increase.

Though delinquent taxpayers may suffer, people who pay taxes on time could benefit from the change. Ray McCarty, tax specialist with the Missouri Chamber of Commerce, explains.

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Contents: McCarty says people could receive more from tax refund.

More than 200,000 people paid their taxes late this year.

I'm Osamu Fujimaru in Jefferson City.