Statutory Interest Rates

Interest Rates – Refunds and Deficiency



Year


Deficiency Balances
Interest Rates
(All Tax Types)
Refund Interest Rates
(Individual Income Tax and
Property Tax Credit) 		Refund Interest Rates
Quarterly Table
(All Other Tax Types)
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2003
5%
Same as Quarterly Table
2.7% 2.5% 2.4% 2.2%
2004
4%
Same as Quarterly Table
2.1% 2.1% 1.8% 1.7%
2005
5%
Same as Quarterly Table
1.7% 1.7% 2.0% 2.3%
2006
7%
Same as Quarterly Table
2.7% 3.0% 3.4% 3.8%
2007
8%
Same as Quarterly Table
4.2% 4.5% 4.8% 4.9%
2008
8%
Same as Quarterly Table
5.0% 4.9% 4.8% 4.4%
2009
5%
Same as Quarterly Table
4.0% 3.5% 2.9% 2.5%
2010
3%
Same as Quarterly Table
2.0% 1.6% 1.3% 1.1%
2011
3%
Same as Quarterly Table
0.9% 0.9% 0.8% 0.9%
2012
3%
Same as Quarterly Table
0.8% 0.8% 0.8% 0.8%
2013
3%
Same as Quarterly Table
0.8% 0.7% 0.7% 0.7%
2014
3%
Same as Quarterly Table
0.6% 0.6% 0.6% 0.6%
2015
3%
Same as Quarterly Table
0.6% 0.6% 0.6% 0.6%
2016
3%
Same as Quarterly Table
0.6% 0.6% 0.6% 0.6%
2017
4%
Same as Quarterly Table
0.6% 0.7% 0.7% 0.8%
2018
4%
Same as Quarterly Table
0.9% 1.0% 1.2% 1.3%
2019
5%
Same as Quarterly Table
1.5% 1.7% 1.9% 2.0%
2020
5%
5%*
2.1% 2.0% 1.9% 1.6% 
2021
3%
3%
1.2% 0.9% 0.6% 0.4%
2022
3%
3%
 0.4% 0.4% 0.4% 0.5%
2023
6%
6%
 0.8% 1.3% 1.9% 2.4%
2024
9%
9%
 2.7% 3.0% 3.1% 3.2%
2025
8%
8%
 3.2% 3.2% 3.2% 3.2%
2026
7%
7%
        

* Effective (Q3) July 1, 2019, the refund interest rate for individual income tax is equal to the interest rate for delinquencies, due to a statutory change.

1982 to 2002 Interest Rates - Refunds & Delinquencies

Year Interest Rates
1982 and prior 6%
1983 14%
1984 12%
1985 13%
1986 - 1995 12%
1996 9%
1997 8%
1998 9%
1999 8%
2000 8%
2001 10%
2002 6%