California – 2013 Interest Rates for Underpayments and Overpayments

SALT Report 1667 – The California BOE released a chart with the interest rates that will be imposed on all overdue or unpaid sales and use taxes as well as the rates that apply to credit and refunds. From January 1, 2013 through June 30, 2013 the interest rate for unpaid taxes will remain at 6% and the interest rate for refunds and credits for tax overpayments will remain at 0%.
The BOE re-evaluates the interest rates every January and July and calculates the percentage based on the rate the IRS charges plus 3%.
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