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How Much Do I Owe? State Interest Rates on State Tax Underpayments/Refunds of Overpayments

October 04, 2023 (3 min read)

Complying with the return filing and payment deadlines imposed by different states is one of the most challenging tasks faced by taxpayers and their accountants/counsel. The sheer volume of returns and potentially large number of payments to be made, coupled with the states’ differing rules on the availability of automatic extensions and other events that may change tax return due date, add to the complexities and potential for interest assessment and, often too, penalties. Reference our new state law survey for a quick read on the interest rate(s) that apply to state tax deficiencies. Good news—taxpayers are eligible for interest on overpayments, often based on the date of the refund claim. 

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