Senate Passes Bill Standardizing Interest Rates for Tax Refunds and Past Due Taxes

ATLANTA (February 25, 2013) – The State Senate passed Senate Bill 72 to standardize the interest rate for tax refunds and past due taxes by a vote of 52-0.

“Currently, there are varying interest rates on taxes owed from the local to the federal level,” said Sen. Jesse Stone (R-Waynesboro) sponsor of SB 72. “Senate Bill 72 would help establish a standard rate.”

This legislation sets the annual interest rate due on unpaid refunds and interest owed on delinquent taxes at 7 percent per annum.  Currently, interest owed on taxes due to the state or any local taxing jurisdiction is set at 1 percent per month from the date the tax is due until it is paid.

SB 72 now travels to the House of Representatives.

For Immediate Release:
February 25, 2013

For Information Contact:
Jennifer Yarber, Interim Director
Kate Greer, Broadcast Specialist