TAX BULLETIN 15-8
1st Quarter 2016 Interest Rates Released
Virginia's Interest Rates
Will Remain the Same for the First Quarter of 2016
Virginia Code § 58.1-15 provides that the
underpayment and overpayment rates for Virginia taxes are 2% higher than the
corresponding federal rates. Federal rates for the first quarter of 2016 will
remain unchanged at 3% for tax underpayments and 3% for tax overpayments by
taxpayers other than corporations. Accordingly, the Virginia rates
for the first quarter of 2016 will be 5% for tax underpayments
(assessments) and 5% for tax overpayments (refunds).
To view the full text of
this tax bulletin, click here.
If you have additional questions,
please visit the Department's website at http://www.tax.virginia.gov, or contact
the Department at (804) 367-8031 for individual income tax questions or (804)
367-8037 for corporate income tax questions.
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