Iowa has announced that the interest rate on late taxes or refunds will be 5% annually for 2010. The rate for 2009 is 8%.
Link: Historic Iowa interest rates.
Tags: Iowa tax administration
Iowa 2010 interest rates on overpayments, underpayments declines to 5%
October 23rd, 2009 by Joe Kristan
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Does this mean that the good governor plans on paying tax refunds late next year and is lessening the financial impact of the delays?
While it works that way, the rate is set by law; it’s just math. They’re lucky that rates happen to be down.