Virginia recently released Tax Bulletin 17-13, which is used to communicate state tax interest rates for the First Quarter of 2018. Tax Bulletins of this nature are generally released on a quarterly basis.
The tax interest rate for underpayments (assessments) will be 6% for the first quarter of 2018, while the rate for overpayments (refunds) will also be 6%. This is 2% higher than the federal rates, which is mandated by Virginia Code Section 58.1-15. This rate remains unchanged from the fourth quarter of 2017.
To review these interest rates and the Tax Bulletin in full, please click here.
