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IFTA FULL TRACK PRELIMINARY BALLOT PROPOSAL #2-2012

IFTA FULL TRACK PRELIMINARY BALLOT PROPOSAL #2-2012. Stuart Zion, Colorado IFTA Commissioner Annual IFTA Business Meeting Grand Rapids, Michigan July 18-19, 2012. Which number is easier to remember? . 0025 or .00416666666 Which calculation is easier? 4 x .0025 or

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IFTA FULL TRACK PRELIMINARY BALLOT PROPOSAL #2-2012

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  1. IFTA FULL TRACK PRELIMINARY BALLOT PROPOSAL #2-2012 • Stuart Zion, • Colorado IFTA Commissioner • Annual IFTA Business Meeting • Grand Rapids, Michigan • July 18-19, 2012

  2. Which number is easier to remember? .0025 or .00416666666 Which calculation is easier? 4 x .0025 or .03 + .02 ÷ 12 = .00416666666 x 4 Concept

  3. IFTA Full Track Ballot #02-2010 established an interest rate of 2% above the IRS rate. History/Digest

  4. Intent The intent of this ballot is to amend the IFTA Articles of Agreement to minimize the number of interest rate changes from year to year for minor fluctuations in the IRS rate and to make it easier for the carrier to calculate interest on a monthly basis. The ballot would establish a monthly interest rate for the year based on the IRS interest rate from the prior year.

  5. Summary

  6. Proposed Language Change .100 U.S. Jurisdiction Interest Rate For a fleet based in a U.S. jurisdiction, interest shall be set at a monthly rate as specified below, based on the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code, adjusted on an annual basis on January 1 of each year. The Repository shall notify Jurisdictions of the new rate by December 1. (Emphasis added.) Interest shall accrue at a rate of one forth of a percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is equal to or greater than zero percent and equal to or less than three percent. Interest shall accrue at a rate of one half of a percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is greater than three percent and equal to or less than six percent.

  7. Proposed Language Change Cont. Interest shall accrue at a rate of three forth of a percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is greater than six percent and equal to or less than nine percent. Interest shall accrue at a rate of one percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is greater than nine percent and equal to or less than twelve percent. Interest shall accrue at a rate of one and one forth of a percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is greater than twelve percent and equal to or less than fifteen percent.

  8. Proposed Language Change Cont. Interest shall accrue at a rate of one and one half of a percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is greater than fifteen percent and equal to or less than eighteen percent. Interest shall accrue at a rate of one and three forth of a percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is greater than eighteen percent and equal to or less than twenty one percent Interest shall accrue at a rate of two percent per month if the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code is greater than twenty one percent and equal to or less than twenty four percent

  9. Questions Comments Suggestions/Recommendations

  10. TIME TO VOTE!

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