Category Archives: Release Notes

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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Instant Interest Release Notes Version 22.4.0.0

The following changes are included in this release effective October 1, 2022:

  • Alabama changed its interest rate from 5.0% to 6.0% for both underpayments and overpayments.
  • Arizona changed its interest rate from 5.0% to 6.0% for both underpayments and overpayments.
  • Federal (IRS) changed its interest rate from 5.0% to 6.0% for underpayments and from 4.0% to 5.0% for overpayments.
  • New Mexico changed its interest rate from 5.0% to 6.0% for both underpayments and overpayments.
  • New York City changed its interest rate from 9.0% to 10.0% for underpayments and from 4.0% to 5.0% for overpayments.
  • New York State changed its interest rate from 9.0% to 10.0% for underpayments and from 4.0% to 5.0% for overpayments.
  • South Carolina changed its interest rate from 5.0% to 6.0% for underpayments and from 2.0% to 3.0% for overpayments.
  • Virginia changed its interest rate from 7.0% to 8.0% for both underpayments and overpayments.

The following changes are included in this release effective January 1, 2023:

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

Note: Inquiries have been sent to the appropriate tax departments for Massachusetts and Missouri, but as of September 30, 2022, no response has been received.

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Instant Interest Release Notes Version 22.3.0.0


The following changes are included in this release effective July 1, 2022:

  • Alabama changed its interest rate from 4.0% to 5.0% for both underpayments and overpayments.
  • Alaska changed its interest rate from 5.5% to 5.75% for both underpayments and overpayments.
  • Arizona changed its interest rate from 4.0% to 5.0% for both underpayments and overpayments.
  • Federal (IRS) changed its interest rate from 4.0% to 5.0% for underpayments and from 3.0% to 4.0% for overpayments.
  • Illinois changed its interest rate from 3.0% to 5.0% for both underpayments and overpayments.
  • Massachusetts changed its interest rate from 5.0% to 6.0% for underpayments and from 3.0% to 4.0% for overpayments.
  • Michigan changed its interest rate from 4.25% to 4.27% for both underpayments and overpayments.
  • New Jersey changed its interest rate from 6.25% to 7.75% for underpayments and 3.25% to 4.75% for overpayments.
  • New Mexico changed its interest rate from 4.0% to 5.0% for both underpayments and overpayments.
  • New York City changed its interest rate from 8.0% to 9.0% for underpayments and from 3.0% to 4.0% for overpayments.
  • New York State changed its interest rate from 8.0% to 9.0% for underpayments and from 3.0% to 4.0% for overpayments.
  • South Carolina changed its interest rate from 4.0% to 5.0% for underpayments and from 1.0% to 2.0% for overpayments.
  • Tennessee changed its interest rate from 7.0% to 8.0% for both underpayments and overpayments.
  • Virginia changed its interest rate from 6.0% to 7.0% for both underpayments and overpayments.
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Instant Interest Release Notes Version 22.2.0.0

The following changes are included in this release effective April 1, 2022:

  • Alaska changed its interest rate from 5.5% to 5.75% for both underpayments and overpayments.
  • Alabama changed its interest rate from 3.0% to 4.0% for both underpayments and overpayments.
  • Arizona changed its interest rate from 3.0% to 4.0% for both underpayments and overpayments.
  • Federal (IRS) changed its interest rate from 3.0% to 4.0% for underpayments and from 2.0% to 3.0% for overpayments.
  • Massachusetts changed its interest rate from 4.0% to 5.0% for underpayments and from 2.0% to 3.0% for overpayments.
  • New Mexico changed its interest rate from 3.0% to 4.0% for both underpayments and overpayments.
  • New York City changed its interest rate from 7.5 to 8.0% for underpayments and from 2.0% to 3.0% for overpayments.
  • New York State changed its interest rate from 7.5 to 8.0% for underpayments and from 2.0% to 3.0% for overpayments.
  • South Carolina changed its interest rate from 3.0% to 4.0% for underpayments and from 0.0% to 1.0% for overpayments.
  • Virginia changed its interest rate from 5.0% to 6.0% for both underpayments and overpayments.
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Instant Interest Release Notes Version 22.1.0.0

The following changes are included in this release effective January 1, 2022:

  • Idaho changed its interest rate from 2.0% to 3.0% for both underpayments and overpayments.
  • Maryland changed its interest rate from 10.0% to 9.5% for both underpayments and overpayments.
  • Texas changed its interest rate for overpayments from 0.511% to 0.276%; its rate for underpayments remained unchanged at 4.25%.
  • Vermont changed its interest rate from 4.0% to 3.25% for both overpayments and underpayments.

Two changes were previously included in version 21.4.0.0 but became effective January 1, 2022:

  • Iowa changed its interest rate from 6.0% to 5.0% for both underpayments and overpayments.
  • Indiana changed its interest rate from 4.0% to 3.0% for both underpayments and overpayments.

The refund rate for Rhode Island for overpayments was changed from 5.0% to 3.25% retroactively to January 1, 2021; the rate for underpayments remained unchanged at 18.0%.

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Instant Interest Release Notes Version 21.4.0.0

Missouri changed its refund rate from 0.6% to 0.4% effective October 1, 2021. This change was already included in the 21.3.0.0 version of Instant Interest.

Two states announced plans to change their interest rates for both underpayments and overpayments effective January 1, 2022:

  • Iowa will change from 6.0% to 5.0%.
  • Indiana will change from 4.0% to 3.0%.

Both of these changes are reflected in this release.

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Instant Interest Release Notes Version 21.2.0.2

This release incorporates further improvements to date handling and corrects the rate for Montana (see the instructions for line 17 of the 2020 version of Form CIT-UT [This form was later revised and move by the state—see below]). For the major changes in Instant Interest the 2nd quarter, see the release notes for version 21.2.0.0.

Note: The referenced version of Form CIT-UT was in error. The correct rate is 6.25%. Release 21.3.0.0 reverts this error base on the “Late Fees, Interest, and Penalties” updated by the state of Montana on May 13, 2021.

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