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DEPARTMENT OF STATE REVENUE

Departmental Notice #3
November 2020
(Replaces Departmental Notice #3 Effective January 1, 2021)
Effective Date: January 1, 2022


SUBJECT: INTEREST RATES FOR CALENDAR YEAR 2022

REFERENCE: IC 6-8.1-10-1

SUMMARY
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, 2022.

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, 2021, 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 2022 will be 3%.

A historical list of the above-calculated percentages is attached to this document.

_________________________
Christopher W. Russell
General Counsel
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% 

Posted: 10/27/2021 by Legislative Services Agency

DIN: 20211027-IR-045210472NRA
Composed: Nov 27,2022 3:19:18AM EST
A PDF version of this document.