This release adjusts the calculation of non-oil and gas production interest for the State of Alaska. Previously, Instant Interest calculated simple interest from January 1, 2014, forward based on the tax due, amounts paid, and interest accrued as of that date. However, after conferring with the Alaska Department of Revenue, we have modified the calculation to use only the original tax amount due and the amounts paid.

For example, a tax deficiency of $100,000 originally due on March 15, 2013, would accrue $9,042 in interest by December 31 of that year. Previous versions Instant Interest would have calculated simple interest from January 1, 2014, forward based on that amount. Starting from this interim release, Instant Interest would calculate based only on the $100,000 tax amount due. This would result in a reduction from $4,089.07 interest ($109,042 * 3.75%) to $3,750 interest ($100,000 * 3.75%) for calendar year 2014 in this example.