Virginia's interest rates will remain the same for the second quarter of 2024. Federal rates remain unchanged. State and certain local interest rates are subject to change
every quarter due to changes in federal rates established pursuant to Internal Revenue Code (“IRC”) § 6621.
Federal rates for the second quarter of 2024 will be 8% for tax underpayments (assessments) and 8% for tax overpayments (refunds) by noncorporate taxpayers. Accordingly, the Virginia rates for the second quarter of 2024 will be 10% for tax underpayments (assessments) and 10% for tax overpayments (refunds).
Details about the interest rates for the second quarter of 2024 can be found in Tax Bulletin 24-1.
