For taxes it administers, the Oregon Department of Revenue (DOR) has announced that the interest rate on delinquent state tax payments and overdue refunds to taxpayers will increase to 5% (formerly, 4%) for 2017. The rate is based on the third quarter interest rates used by the IRS for deficiencies and delinquencies. A 9% (formerly, 8%) annual interest rate (known as Tier Two interest) is charged to deficiencies and delinquencies that remain unpaid after 60 days from the date of certain events and is calculated by adding an additional 1/3 of 1% per month (4% annually) to the standard annual rate. (Revenue Bulletin 2016-01, Oregon Department of Revenue, December 19, 2016.)
Visit our News Library to read more news stories.