The interest rate imposed on underpayments and overpayments of South Carolina taxes increases to 4% for the period April 1, 2016, through June 30, 2016. However, pursuant to H.B. 3701, Laws 2015, the interest rate on refunds paid from July 1, 2015, through June 30, 2016, is reduced by 3% from the listed rate. (South Carolina Department of Revenue, Information Letter 16-4 (Revised), March 17, 2016.)
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