Tax News
Interest Rates Decrease in July

The adjusted interest rate has been determined for the period July 1, 2012, through December 31, 2012. 1 Currently, interest rates are four percent, but will decrease to three percent in July. This rate is compounded daily and accrues with respect to various state taxes including: personal income, corporate income, and franchise. The rate for corporation tax overpayments for the period will remain zero percent.

To find both current and past adjusted interest rates, go to ftb.ca.gov and search for interest rates.

1 Pursuant to Revenue and Taxation Code Section 19521.

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