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State law mandates
that the Commissioner of the Department of Revenue annually review the interest
rate charged on all tax liabilities, making any required changes. Commissioner
Thomas B. Miller has established the Tax Interest Rate effective January 1,
2022, to be 3%, which results in no change to the rate for 2021. Therefore, the
taxes payable to the Commonwealth that have not been paid at the time prescribed
by statute will continue to accrue interest at the rate of 5% pursuant to KRS
131.183(2)(a)2. Likewise, interest allowed and payable upon any overpayment
will continue to accrue interest at the rate of 1% pursuant to KRS
131.183(2)(b)2.
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