How are penalties and interest computed?

Penalties and interest apply to any deficient or delinquent payments. A penalty of 5 percent of the unpaid amount is added for each month (or part of the month) that a payment is delinquent or deficient, to a maximum of 25 percent. Interest is computed at the current rate of interest. 

The interest rate on all taxes collected or administered by the Department of Revenue is 7.5%, effective July 1, 2016 through June 30, 2017. The interest rate for installment payments is 10.5%, effective July 1, 2016 through June 30, 2017.

The interest rates effective for July 1, 2015 through June 30, 2016 were 7.25% and 10.25%. 

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