Illinois DOR Announces First Half of 2023 Tax Underpayment, Overpayment Interest Rate of 7 Percent

The Illinois Department of Revenue Nov. 1 announced that the interest rate for underpayment and overpayment of corporate income, individual income, trust income, sales and use, excise, estate, and property taxes will increase to 7 percent from 5 percent, effective Jan. 1, 2023, through June 30, 2023. [Ill. Dep’t of Revenue, Interest Rates, 11/01/22]

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