Text of Statute

(A) As used in this section, "federal short-term rate" means the rate of the average market yield on outstanding marketable obligations of the United States with remaining periods to maturity of three years or less, as determined under section 1274 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. 1274, for July of the current year.

(B) On the fifteenth day of October of each year, the tax commissioner shall determine the federal short-term rate. For purposes of any section of the Revised Code requiring interest to be computed at the rate per annum required by this section, the rate determined by the commissioner under this section, rounded to the nearest whole number per cent, plus three per cent shall be the interest rate per annum used in making the computation for interest that accrues during the following calendar year.

HISTORY: 139 v H 366 (Eff 7-9-82); 142 v H 231. Eff 10-5-87.

The provisions of § 4 of HB 366 (139 v --) read as follows:

SECTION 4. The Tax Commissioner shall make his first determination under section 5703.47 of the Revised Code on October 15, 1982. Computation of interest for periods prior to January 1, 1983, under sections 5733.11, 5733.26, 5733.29, 5747.07, 5747.08, 5747.09, 5747.11, and 5747.13 of the Revised Code, shall be made pursuant to existing provisions of such sections that are repealed by this act.