Category Archives: Release Notes

Instant Interest Release Notes Version 24.1.0.1

The following rate changes became effective January 1, 2024. As noted with release 24.1.0.0, not all jurisdictions had published their rates for the first quarter of 2024 when that release was posted on January 2, 2024. The following changes have been added:

  • Pennsylvania changed from 7.00% to 8.00% for underpayments and from 5.00% to 6.00% for overpayments.
  • Rhode Island changed from 6.25% to 8.50% for overpayments; the rate for underpayments remained at 12.00%.
  • Texas changed from 8.50% to 9.50% for underpayments and from 3.018% to 4.981% for overpayments.

In addition, programs change were made to accommodate four decimal places for the new Maryland rate of 10.0075% for both overpayments and underpayments.

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Instant Interest Release Notes Version 24.1.0.0

The following rate changes became effective January 1, 2024 (NOTE: As of January 2, 2024, the date of this release, Alaska, Pennsylvania, and Texas had not yet published their rates for the first quarter of 2024; these may become available in an interim release later in the month):

  • Colorado changed from 8.00% to 11.00% for both underpayments and overpayments.
  • Florida changed from 11.00% to 12.00% for both underpayments and overpayments.
  • Georgia changed from 10.50% to 11.50% for both underpayments and overpayments.
  • Iowa changed from 6.00% to 10.00% for both underpayments and overpayments.
  • Idaho changed from 5.00% to 6.00% for both underpayments and overpayments.
  • Illinois changed from 7.00% to 8.00% for both underpayments and overpayments.
  • Indiana changed from 2.00% to 4.00% for both underpayments and overpayments.
  • Kansas changed from 6.00% to 8.00% for both underpayments and overpayments.
  • Kentucky changed from 8.00% to 11% for overpayments and from 4.00% to 7.00% for overpayments.
  • Louisiana changed from 9.50% to 11.75% for both underpayments and overpayments.
  • Maryland changed from 9.00% to 10.0075% for both underpayments and overpayments. NOTE: Maryland’s decision to extend the rate to the fourth decimal of a percentage point was not anticipated. As a result, we will have to release an interim update. For the time being the rate is in Instant Interest as 10.008%.
  • Maine changed from 7.00% to 10.00% for both underpayments and overpayments.
  • Michigan changed from 8.25% to 9.30% for both underpayments and overpayments.
  • Minnesota changed from 5.00% to 8.00% for both underpayments and overpayments.
  • Missouri changed from 5.00% to 8.00% for underpayments and from 2.40% to 2.70% for overpayments.
  • Montana changed from 9.25% to 11.50% for both underpayments and overpayments.
  • North Carolina changed from 7.00% to 8.00% for both underpayments and overpayments.
  • New Hampshire changed from 7.00% to 9.00% for underpayments and from 4.00% to 6.00% for overpayments.
  • New Jersey changed from 11.25% to 11.50% for underpayments and from 8.25% to 8.50% for overpayments.
  • Ohio changed from 5.00% to 8.00% for both underpayments and overpayments.
  • Oregon changed from 6.00% to 8.00% for both underpayments and overpayments.
  • Utah changed from 5.00% to 7.00% for both underpayments and overpayments.
  • Vermont changed from 4.00% to 8.00% for both underpayments and overpayments.
  • West Virginia changed from 11.50% to 13.00% for underpayments and from 10.00% to 11.50% for overpayments.
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Instant Interest Release Notes Version 23.4.0.0

The following rate changes are effective October 1, 2023:

  • Alaska changed from 10.50% to 10.75% for both underpayments and overpayments.
  • Alabama changed from 7.00% to 8.00% for both underpayments and overpayments.
  • Arizona changed from 7.00% to 8.00% for both underpayments and overpayments.
  • Federal changed from 7.00% to 8.00% for underpayments and from 6.00% to 7.00% for overpayments.
  • Massachusetts changed from 8.00% to 9.00% for underpayments and from 6.00% to 7.00% for overpayments.
  • New Mexico changed from 7.00% to 8.00% for both underpayments and overpayments.
  • New York City changed from 11.00% to 12.00% for underpayments and from 6.00% to 7.00% for overpayments.
  • New York State changed from 11.00% to 12.00% for underpayments and from 6.00% to 7.00% for overpayments.
  • South Carolina changed from 7.00% to 8.00% for underpayments and from 4.00% to 5.00% for overpayments.
  • Virginia changed from 9.00% to 10.00% for both underpayments and overpayments.

The following rate changes will become effective January 1, 2024:

  • Colorado will change from 8.00% to 11.00% for both underpayments and overpayments.
  • Maine will change from 7.00% to 10.00% for both underpayments and overpayments.
  • New Hampshire will change from 7.00% to 9.00% for underpayments and from 4.00% to 6.00% for overpayments.
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Instant Interest Release Notes Version 23.3.0.1

This release corrects a problem with the rates for the state of California. Here is a brief explanation:

  1. On November 22, 2022, California posted rates effective January 1, 2023, of 5% for underpayments and 2% for overpayments.
  2. On April 18, 2023, this change was deleted, so the most recent posted rate reverted to 3% for underpayments and 0% for overpayments. 
  3. On July 28, 2023, the earlier change was reposted along with a change effective July 1, 2023, of the underpayment rate to 7% and the overpayment rate to 5%.

Because we followed the April 18 posting, the 23.3.0.0 version deleted the change effective January 1. That change has been reinstated. In addition, the July 28 change was posted after the 23.3.0.0 version was created; that change has been added to this version.

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Instant Interest Release Notes Version 23.3.0.0

The following rate changes are effective July 1, 2023:

  • Alaska changed from 10.25% to 10.50% for both underpayments and overpayments.
  • Florida changed from 9.00% to 11.00% for both underpayments and overpayments.
  • Michigan changed from 5.65% to 8.25% for both underpayments and overpayments.
  • Missouri changed from 1.30% to 1.90% for overpayments; the rate for underpayments remained at 6.00%.
  • New Jersey changed from 10.00% to 11.25% for underpayments and from 7.00% to 8.25% for overpayments.
  • Tennessee change from 8.00% to 12.25% for both underpayments and overpayments.

The following changes are retroactively effective as of April 1, 2023:

  • Alaska changed from 9.75% to 10.25% for both underpayments and overpayments.

The following changes are retroactively effective as of January 1, 2023:

  • Earlier this year the Franchise Tax Board posted an erroneous rate change for the state of California. That change has been deleted so that the rates for underpayments and overpayments remain at 3.00% and 0.00%, respectively.
  • Prior to January 1, 2023, Rhode Island charged the same rate (18.00%) for underpayments of all taxes. As of January 1, 2023, the rate for all tax underpayments other than those that are “trust fund” related dropped to 12.00%.
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Instant Interest Release Notes Version 23.2.0.1

There are no rate changes in this release. See the release notes for version 23.2.0.0 for the 2nd quarter 2023 rate changes.

This version greatly expands the tax relief extension table. The previous version was created to accommodate tax deadline extensions for COVID-19. This version includes federal tax relief deadline extensions dating back to 2018 for various natural disasters (see the IRS page “Tax Relief in Disaster Situations“). We will continue to expand this table to include tax relief deadline extensions granted by other jurisdictions at well.

In most cases (COVID-19 being the main exception), the extension is based on what state and county the taxpayer is based in. The initial check for eligibility for the extension depends on selecting your state from the Taxpayer State pulldown. In many cases whether the extension is granted depends on what county your business is based in. However, we do not track the extensions down to that level. When we determine that you may be eligible for an extension based on your home state, we give you the official URL that outlines eligibility for the extension so that you can determine whether or not to apply it in your case.

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Instant Interest Release Notes Version 23.2.0.0

Effective April 1, 2023, Missouri changed its refund rate from 0.8% to 1.3%; the underpayment rate remained at 6.0%.

The following rates were effective January 1, 2023:

  • Alaska changed its interest rate from 8.50 % to 9.75% for both underpayments and overpayments.
  • Rhode Island changed its refund rate from 3.25% to 6.25%; the interest rate for underpayments remained at 18.0%.
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Instant Interest Release Notes Version 23.1.0.1

The following changes were received after the release of version 23.1.0.0:

  • Georgia changed its interest rate from 6.25% to 10.5% for both underpayments and overpayments.
  • Kansas changed its interest rate from 4.0% to 6.0% for both underpayments and overpayments.
  • New Jersey changed its interest rate from 9.25% to 10.0% for underpayments and from 6.25% to 7.0% for overpayments. A retroactive change was also added to the Instant Interest rate table for New Jersey from 7.75% to 9.25% for underpayments and from 4.75 to 6.25% for overpayments from the period from November 1, 2022, to January 1, 2023.

We added a change to the rate for underpayments for Pennsylvania from 1.0% to 5.0% effective January 1, 2023. That change is based on language in Section 806.1(b.1) of the Pennsylvania Fiscal Code, which states that the rate on refunds will be 2 percentage points less than the rate on underpayments. The rate on underpayments was changed from 3.0% to 7.0% in the 23.1.0.0 release of Instant Interest.

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Instant Interest Release Notes Version 23.1.0.0

The following changes were made in this release effective January 1, 2023:

  • Alabama and Arizona both changed their interest rate from 6.0% to 7.0% for both underpayments and overpayments.
  • California changed its interest rate from 3.0% to 5.0% for underpayments and from 0.0% to 2.0% for overpayments.
  • Federal (IRS) changed its interest rate from 6.0% to 7.0% for underpayments and from 5.0% to 6.0% for overpayments.
  • Florida changed its interest rate from 7.0% to 9.0% for both underpayments and overpayments.
  • Iowa changed its interest rate from 5.0% to 6.0% for both underpayments and overpayments.
  • Illinois changed its interest rate from 5.0% to 7.0% for both underpayments and overpayments.
  • Indiana changed its interest rate from 3.0% to 2.0% for both underpayments and overpayments.
  • Kentucky changed its interest rate from 5.0% to 8.0% for underpayments and from 1.0% to 4.0% for overpayments.
  • Louisiana changed its interest rate from 6.5% to 9.5% for both underpayments and overpayments.
  • Massachusetts changed its interest rate from 7.0% to 8.0% for underpayments and from 5.0% to 6.0% for overpayments.
  • Michigan changed its interest rate from 4.27% to 5.65% for both underpayments and overpayments.
  • Minnesota changed its interest rate from 3.0% to 5.0% for both underpayments and overpayments.
  • Missouri changed its interest rate from 3.0% to 6.0% for underpayments and from 0.5% to 0.8% for overpayments.
  • Montana changed its interest rate from 6.25% to 9.25% for both underpayments and overpayments.
  • North Carolina changed its interest rate from 5.0% to 7.0% for both underpayments and overpayments.
  • Nebraska changed its interest rate from 3.0% to 5.0% for both underpayments and overpayments.
  • New Mexico changed its interest rate from 6.0% to 7.0% for both underpayments and overpayments.
  • New York City and New York State both changed their interest rates from 10.0% to 11.0% for underpayments and from 5.0% to 6.0% for overpayments.
  • Oregon changed its interest rate from 4.0% to 6.0% for both underpayments and overpayments.
  • Pennsylvania changed its interest rate from 3.0% to 7.0% for underpayments.
  • South Carolina changed its interest rate from 6.0% to 7.0% for underpayments and from 3.0% to 4.0% for overpayments.
  • Texas changed its interest rate from 4.25% to 8.5% for underpayments and from 0.276% to 3.018% for overpayments. Note: The underpayment rate is based on correspondence with the Texas Comptroller of Public Accounts office. The overpayment rate is based on the Treasury Pool rate for November 2022 (FY23) per Section 111.064 in the Texas Tax Code.
  • Utah changed its interest rate from 2.0% to 5.0% for both underpayments and overpayments.
  • Virginia changed its interest rate from 8.0% to 9.0% for both underpayments and overpayments.
  • Vermont changed its interest rate from 3.25% to 4.0% for both underpayments and overpayments.
  • West Virginia changed its interest rate from 7.75% to 11.5% for underpayments and from 6.25% to 10.0% for overpayments.

Information was not available for Georgia or Kansas, which may necessitate an interim release.

The following changes were made in the 22.4.0.0 versions effective January 1, 2023:

  • Colorado changed its interest rate from 6.0% to 8.0% for both underpayments and overpayments.
  • Idaho changed its interest rate from 3.0% to 5.0% for both underpayments and overpayments.
  • Maryland changed its interest rate from 9.5% to 9.0% for both underpayments and overpayments.
  • Maine changed its interest rate from 5.0% to 7.0% for both underpayments and overpayments.
  • New Hampshire changed its interest rate from 5.0% to 7.0% for underpayments and from 2.0% to 4.0% for overpayments.
  • Ohio changed its interest rate from 3.0% to 5.0% for both underpayments and overpayments.

The following retroactive changes were made effective November 1, 2022:

  • Alaska changed its interest rate from 7.0% to 8.5% for both underpayments and overpayments.
  • New Jersey changed its interest from 7.75% to 9.25% for underpayments and from 4.75% to 6.25% on overpayments.

Louisiana equalized the rate for underpayments and overpayments at 6.5% effective January 1, 2022.

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Instant Interest Release Notes Version 22.4.0.1

The following changes (which were not available when version 22.4.0.0 was released) are included in this release effective October 1, 2022:

  • Massachusetts changed its interest rate from 6.0% to 7.0% for underpayments and from 4.0% to 5.0% for overpayments.
  • Missouri changed its interest rate from 0.4% to 0.5% for overpayments; the rate for underpayments remained unchanged at 5.0%.
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