Virginia Interest Rates Decrease
Virginia Tax announces that Virginia's interest rates will decrease for the third quarter of 2020. The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the third quarter of 2020 are 3% for tax underpayments and 3% for tax overpayments by taxpayers other than corporations. Accordingly, the Virginia rates for the third quarter of 2020 will be 5% for tax underpayments (assessments) and 5% for tax overpayments (refunds).
Details about these interest rates can be found in Tax Bulletin 20-7 and in the Laws, Rules, and Decisions section of our website.
If you have additional questions, go to www.tax.virginia.gov
, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.