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Tax Interest Rate Update for 1/1/24
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, 2024, to be 9%, which is an increase to the rate for 2023. Therefore, the taxes payable to the Commonwealth that have not been paid at the time prescribed by statute will accrue interest at the rate of 11% pursuant to KRS 131.183(2)(a)2. Likewise, interest allowed and payable upon any overpayment will accrue interest at the rate of 7% pursuant to KRS 131.183(2)(b)2.
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