Ohio
Ohio Sets Interest Rates for 2023
by Raquel M. Mazarin
Annually, the Ohio Tax Commissioner should certify the rate of interest that may apply to overdue taxes within the following calendar yr. The rate of interest is calculated by including three share factors to the federal short-term charge (rounded to the closest share level) that was in impact throughout July of the present yr. Based mostly on this formulation, the tax commissioner has decided that the speed might be 5% for calendar yr 2023. This charge applies to underpayments and overpayments of the industrial exercise tax, private earnings tax, gross sales and use tax, and most different taxes. Solely for functions of tangible private property tax and property tax, the rate of interest for calendar yr 2023 is 2%. (Ohio Tax Commissioner Journal Entry No. 10/15/2022: Curiosity Price Certification for Calendar 12 months 2023, 10/15/2022.)
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