DEPARTMENT OF STATE REVENUE
DEPARTMENTAL NOTICE #3
NOVEMBER 2022
(Replaces Departmental Notice #3 Effective January 1, 2022)
Effective Date: January 1, 2023
SUBJECT: INTEREST RATES FOR CALENDAR YEAR 2023
Each year, the Indiana Department of Revenue Commissioner is required to establish the applicable interest rates for tax overpayments and underpayments that will take effect for the immediately succeeding calendar year. The purpose of this notice is to inform the public of the interest rates that will be effective beginning Jan. 1, 2023.
Pursuant to
IC 6-8.1-10-1, the rate of interest for an underpayment of tax and an excess tax payment is the percentage rounded to the nearest whole number that equals two percentage points above the average investment yield on state general fund money for the state's fiscal year ending June 30, 2022, excluding pension fund investments, as provided by the State Treasurer's office. The rate of interest for an underpayment of tax and an excess tax payment for calendar year 2023 will be 2%.
A historical list of the above-calculated percentages is attached to this document.
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Historical Interest Rate List
| Year | Overpayments | Delinquent Payments |
| 1989 | 10% | 10% |
| 1990 | 10% | 10% |
| 1991 | 10% | 10% |
| 1992 | 8% | 8% |
| 1993 | 7% | 7% |
| 1994 | 7% | 7% |
| 1995 | 4% | 6% |
| 1996 | 5% | 7% |
| 1997 | 5% | 7% |
| 1998 | 5% | 7% |
| 1999 | 5% | 7% |
| 2000 | 5% | 7% |
| 2001 | 6% | 8% |
| 2002 | 6% | 8% |
| 2003 | 4% | 6% |
| 2004 | 2% | 4% |
| 2005 | 1% | 3% |
| 2006 | 2% | 4% |
| 2007 (January 1 to June 30) | 3% | 5% |
| 2007 (July 1 to December 31) | 5% | 5% |
| 2008 | 7% | 7% |
| 2009 | 7% | 7% |
| 2010 | 4% | 4% |
| 2011 | 9% | 9% |
| 2012 | 4% | 4% |
| 2013 | 3% | 3% |
| 2014 | 3% | 3% |
| 2015 | 3% | 3% |
| 2016 | 2% | 2% |
| 2017 | 3% | 3% |
| 2018 | 3% | 3% |
| 2019 | 3% | 3% |
| 2020 | 4% | 4% |
| 2021 | 4% | 4% |
| 2022 | 3% | 3% |
| 2023 | 2% | 2% |
Posted: 10/05/2022 by Legislative Services Agency
DIN: 20221005-IR-045220300NRA
Composed: May 02,2024 1:59:14PM EDT
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