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.
