Virginia Changes Interest Rates for the Third Quarter of 2019

Paul Ogawa

July 8, 2019

The Virginia Department of Taxation is making a change to state interest rates relating to the overpayment and underpayments of tax for the third quarter of 2019.

Virginia Code §58.1-15 provides for a rate that is 2% higher than the federal rate: since federal rates for the third quarter of 2019 are at 5%, Virginia will change their interest rates to 7% for both overpayments and underpayments for the quarter.

To review Tax Bulletin 19-5 which discusses this change in further detail, please click here.

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Author

Paul Ogawa

Paul Ogawa is a Senior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.

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