Florida Department of Financial Services
STATUTORY INTEREST RATES
PURSUANT TO SECTION 55.03, FLORIDA STATUTES
Chapter 2011-169, Laws of Florida, amended Section 55.03(1), Florida Statutes, to require the Chief Financial Officer to set the rate of interest that shall be payable on judgments and decrees on December 1, March 1, June 1, and September 1 of each year for the following applicable quarter. Sections 215.422(3)(b), 337.141(3) and 687.01, Florida Statutes, requires the use of interest at the rate established in Section 55.03(1), Florida Statutes, for the payment of interest applicable to the late payments to vendors for goods and services purchased by the State; for late payments on applicable construction or maintenance contracts administered by the Department of Transportation; and for cases where a rate of interest is not specified in a contract. The interest rate for payments to health care providers pursuant to Section 215.3422(13), Florida Statutes, remains at 1% per month or .0003333 per day.
Interest Rates Established Quarterly under Chapter 2011-169, Laws of Florida:
Effective Date |
Rate Per
Annum |
Daily Rate
as a Percentage |
Daily Rate
as a Decimal |
| October 1, 2011 |
4.75% |
.0130137% |
.000130137 |
| January 1, 2012 |
4.75% |
.0129781%(¹) |
.000129781(¹) |
(¹) Note: The daily rate for the quarter beginning January 1, 2012, considers that 2012 is a leap year, and is calculated by dividing the annual rate by 366 days.
Interest Rates Prior to Chapter 2011-169, Laws of Florida:
Year |
Rate Per
Annum |
Daily Rate
as a Percentage |
Daily Rage
as a Decimal |
| 1/1/2011-9/30/11(²) |
6% |
.01644% |
.0001644 |
| 2010 |
6% |
.01644% |
.0001644 |
| 2009 |
8% |
.02192% |
.0002192 |
| 2008 |
11% |
.03014% |
.0003014 |
| 2007 |
11% |
.03014% |
.0003014 |
| 2006 |
9% |
.02466% |
.0002466 |
| 2005 |
7% |
.01918% |
.0001918 |
| 2004 |
7% |
.01918% |
.0001918 |
| 2003 |
6% |
.01644% |
.0001644 |
| 2002 |
9% |
.02466% |
.0002466 |
| 2001 |
11% |
.03014% |
.0003014 |
| 2000 |
10% |
.02740% |
.0002740 |
| 1999 |
10% |
.02740% |
.0002740 |
| 1998 |
10% |
.02740% |
.0002740 |
| 1997 |
10% |
.02740% |
.0002740 |
| 1996 |
10% |
.02740% |
.0002740 |
| 1996 |
10% |
.02740% |
.0002740 |
| 1995 |
8% |
.02192% |
.0002192 |
| 10/1/81-12/31/94 |
12% |
.03333% |
.0003333 |
(²) Note: The January 1, 2011 interest rate was established prior to the law change under Chapter 2011-169, Laws of Florida. After July 1, 2011, interest rates will be established quarterly by the CFO.
Effective July 1, 2011, the CFO sets the interest rate on December 1, March 1, June 1, and September 1 of each year and publishes it in the Florida Administrative Weekly at least once prior to the rate becoming effective. Please call the Vendor Ombudsman Section within the Bureau of Accounting at (850) 413-5516 if additional information is needed.
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