Virginia Interest Rates Change for the First Quarter

Virginia’s interest rates will change for the first quarter of 2023. The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the first quarter of 2023 will be 7% for tax underpayments (assessments) and 7% for tax overpayments (refunds) by noncorporate taxpayers. Accordingly, the Virginia rates for the first quarter of 2023 will be 9% for tax underpayments (assessments) and 9% for tax overpayments (refunds).