Tax Type
General Provisions
Description
INTEREST RATES QUARTER 1990
Topic
Rate of Tax
Date Issued
09-04-1990
90-7
INTEREST RATES
QUARTER 1990
QUARTER 1990
State and certain local interest rates are subject to change every quarter. The rates for the fourth quarter of 1990 will be 11% for tax underpayments (assessments) and 10% for tax overpayments (refunds). These rates are unchanged from the rates for the third quarter of 1990.
Rate for Addition to Tax for Underpayments of Estimated Tax
Taxpayers whose taxable year ends on September 30, 1990: For the purpose of computing the addition to the tax for underpayment of Virginia estimated income taxes on Form 760C (for individuals, estates and trusts), Form 760F (for farmers and fishermen), or Form 500C (corporations), the fourth quarter 11% underpayment rate will apply through the due date of the return, January 15, 1991.
Local Tax
Assessments: Localities assessing interest on delinquent taxes pursuant to Va. Code 58.1 -3916 may impose interest at a rate not to exceed the underpayment rates in effect for the applicable quarters of the second and subsequent years of delinquency. For the fourth quarter of 1990, the underpayment rate is 11%.
Refunds: Localities which have provided for refund of erroneously assessed taxes may provide by ordinance that such refund be repaid with interest at a rate which does not exceed the rate imposed by the locality for delinquent taxes.
Recent Interest Rates
Underpayment overpayment
Period Rate Period (Assessment) (Refund)2/1/82 - 12/31/82 20% 1/1/87 - 9/30/87 9% 8%
1/1/83 - 6/30/83 16% 10/1/87- 12/31/87 10% 9%
7/1/83 - 12/31/84 11% 1/1/88 - 3/31/88 11% 10%
1/1/85 - 6/30/85 13% 4/1/88 - 9/30/88 10% 9%
7/1/85 - 12/31/85 11% 10/1/88- 3/31/89 11% 10%
1/1/86 - 6/30/86 10% 4/1/89 - 9/30/89 12% 11%
7/1/86 - 12/31/86 9% 10/1/89- 12/31/90 11% 10%
For additional information: Contact the Taxpayer Assistance Section, office Services Division, Virginia Department of Taxation, P. O. Box 6-L, Richmond, Virginia 23282, or (804) 367-8031 (Individual) or (804) 367-8036 (Corporation).
Rulings of the Tax Commissioner