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.
About the Author
Paul Ogawa is a Junior 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.More Content by Paul Ogawa