A. Unless otherwise specifically provided, interest on omitted taxes,assessments and refunds under this title shall be computed at the rates equalto the rates of interest established pursuant to § 6621 of the InternalRevenue Code. The rate of interest on omitted taxes and assessments underthis title shall be the "Underpayment Rate" established pursuant to §6621(a)(2) of the Internal Revenue Code plus two percent. The rate ofinterest on refunds under this title shall be the "Overpayment Rate" fornoncorporate taxpayers established pursuant to § 6621(a)(1) of the InternalRevenue Code plus two percent. Separate computations shall be made bymultiplying the deficiency or overpayment for each period by the rate ofinterest applicable to that period.
B. In determining the addition to tax under § 58.1-492 for failure byindividuals to pay estimated tax, the "Underpayment Rate" plus two percentwhich applies during the third month following such taxable year shall alsoapply during the first fifteen days of the fourth month following suchtaxable year in the case of individuals filing on a basis other than acalendar year. In the case of all other individuals, the "UnderpaymentRate" plus two percent which applies during the third month following suchtaxable year shall also be applicable through May 1.
C. In determining the addition to tax under § 58.1-504 for failure bycorporations to pay estimated tax, the "Underpayment Rate" plus two percentwhich applies during the third month following such taxable year shall alsoapply during the first fifteen days of the fourth month following suchtaxable year.
(Code 1950, § 58-1160.1; 1980, c. 663; 1984, c. 675; 1987, c. 484; 1991, cc.316, 331; 1999, cc. 146, 180.)
A. Unless otherwise specifically provided, interest on omitted taxes,assessments and refunds under this title shall be computed at the rates equalto the rates of interest established pursuant to § 6621 of the InternalRevenue Code. The rate of interest on omitted taxes and assessments underthis title shall be the "Underpayment Rate" established pursuant to §6621(a)(2) of the Internal Revenue Code plus two percent. The rate ofinterest on refunds under this title shall be the "Overpayment Rate" fornoncorporate taxpayers established pursuant to § 6621(a)(1) of the InternalRevenue Code plus two percent. Separate computations shall be made bymultiplying the deficiency or overpayment for each period by the rate ofinterest applicable to that period.
B. In determining the addition to tax under § 58.1-492 for failure byindividuals to pay estimated tax, the "Underpayment Rate" plus two percentwhich applies during the third month following such taxable year shall alsoapply during the first fifteen days of the fourth month following suchtaxable year in the case of individuals filing on a basis other than acalendar year. In the case of all other individuals, the "UnderpaymentRate" plus two percent which applies during the third month following suchtaxable year shall also be applicable through May 1.
C. In determining the addition to tax under § 58.1-504 for failure bycorporations to pay estimated tax, the "Underpayment Rate" plus two percentwhich applies during the third month following such taxable year shall alsoapply during the first fifteen days of the fourth month following suchtaxable year.
(Code 1950, § 58-1160.1; 1980, c. 663; 1984, c. 675; 1987, c. 484; 1991, cc.316, 331; 1999, cc. 146, 180.)
A. Unless otherwise specifically provided, interest on omitted taxes,assessments and refunds under this title shall be computed at the rates equalto the rates of interest established pursuant to § 6621 of the InternalRevenue Code. The rate of interest on omitted taxes and assessments underthis title shall be the "Underpayment Rate" established pursuant to §6621(a)(2) of the Internal Revenue Code plus two percent. The rate ofinterest on refunds under this title shall be the "Overpayment Rate" fornoncorporate taxpayers established pursuant to § 6621(a)(1) of the InternalRevenue Code plus two percent. Separate computations shall be made bymultiplying the deficiency or overpayment for each period by the rate ofinterest applicable to that period.
B. In determining the addition to tax under § 58.1-492 for failure byindividuals to pay estimated tax, the "Underpayment Rate" plus two percentwhich applies during the third month following such taxable year shall alsoapply during the first fifteen days of the fourth month following suchtaxable year in the case of individuals filing on a basis other than acalendar year. In the case of all other individuals, the "UnderpaymentRate" plus two percent which applies during the third month following suchtaxable year shall also be applicable through May 1.
C. In determining the addition to tax under § 58.1-504 for failure bycorporations to pay estimated tax, the "Underpayment Rate" plus two percentwhich applies during the third month following such taxable year shall alsoapply during the first fifteen days of the fourth month following suchtaxable year.
(Code 1950, § 58-1160.1; 1980, c. 663; 1984, c. 675; 1987, c. 484; 1991, cc.316, 331; 1999, cc. 146, 180.)
