Interest rate drops for state taxes
Taxpayers will pay a 3 percent interest rate on delinquent state tax payments in 2010, Department of Revenue Commissioner Ward Einess announced.
This rate is a decrease of 2 percent from 2009 and is the lowest rate in the department's history.
By law, a person or business with delinquent taxes must pay interest on the amount of the penalty owed, as well as on the amount of tax owed.
Likewise, the state must pay taxpayers the same 3 percent rate on tax refunds not issued within the allotted time frame.