Instant Interest Release Notes Version

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 version deleted the change effective January 1. That change has been reinstated. In addition, the July 28 change was posted after the version was created; that change has been added to this version.

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