North Carolina DOR Announces 5 Percent Interest Rate on Motor Fuels Excise Tax Overpayments, Assessments

The North Carolina Department of Revenue Nov. 1 announced that the interest rate for motor fuels is 5 percent, effective July 1, 2021, through Dec. 31, 2022. The rate: 1) applies to excise tax refunds and assessments; and 2) doesn’t apply to the International Fuel Tax Agreement. The announcement further states that on or before June 1 and Dec. 1 of each year, the Secretary of Revenue establishes the interest rate to be in effect during the six-month period beginning on the next succeeding July 1 and Jan. 1, respectively. The announcement also includes interest rates for periods before July ...