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%.