First Quarter 2012 Interest Rates

22 Dec 2011 10:36 AM | Anonymous

First quarter 2012 interest rates remain unchanged.

State and certain local interest rates are subject to change every quarter due to changes in federal rates established pursuant to IRC § 6621. Federal rates for the first quarter of 2012 will be 3% for tax underpayments (assessments) and 3% for tax overpayments (refunds) by taxpayers other than corporations.

Virginia Code§ 58.1-15 provides that underpayment rates for Virginia taxes will be 2% higher than the corresponding federal rates and overpayment rates for Virginia taxes will be 2% higher than the federal rate.  Accordingly, the

Virginia rates for the first quarter of 2012 will be 5% for tax underpayments (assessments) and 5% for tax overpayments (refunds).

Tax Bulletin 11-11, with complete information, is attached and may be found in the Tax Policy Library also.

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