Virginia's interest rates will change for the fourth quarter of 2023.The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the fourth quarter of 2023 will be 8% for tax underpayments (assessments) and 8% for tax overpayments (refunds) by noncorporate taxpayers. Accordingly, the Virginia rates for the fourth quarter of 2023 will be 10% for tax underpayments (assessments) and 10% for tax overpayments (refunds).

Details about the interest rates for the fourth quarter of 2023 can be found in Tax Bulletin 23-7.