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Interest is due on delinquent business and other taxes, and is payable on business tax refunds. Additional interest accrues with each month in delinquency. The interest rate is re-calculated annually to reflect the average Federal short-term rate plus 3 percentage points.
| Tax Year | Monthly Interest Rate |
|---|---|
| 2008 | 0.7% |
| 2007 | 0.7% |
| 2006 | 0.6% |
| 2005 | 0.5% |
| 2004 | 0.4% |
| 2003 | 0.5% |
| 2002 | 0.6% |
For 2001 and prior years, interest accrued at a rate of 1.25% per month.
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