{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-15.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-15.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-15.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-15.html"}],"law_id":77006,"edition_id":1,"section_id":77006,"structure_id":14526,"section_number":"58.1-15","catch_line":"Rate of interest","history":"Code 1950, \u00a7 58-1160.1; 1980, c. 663; 1984, c. 675; 1987, c. 484; 1991, cc. 316, 331; 1999, cc. 146, 180.","full_text":"A\n\nUnless otherwise specifically provided, interest on omitted taxes, assessments and refunds under this title shall be computed at the rates equal to the rates of interest established pursuant to § 6621 of the Internal Revenue Code. The rate of interest on omitted taxes and assessments under this title shall be the “Underpayment Rate” established pursuant to § 6621(a)(2) of the Internal Revenue Code plus two percent. The rate of interest on refunds under this title shall be the “Overpayment Rate” for noncorporate taxpayers established pursuant to § 6621(a)(1) of the Internal Revenue Code plus two percent. Separate computations shall be made by multiplying the deficiency or overpayment for each period by the rate of interest applicable to that period.B\n\nIn determining the addition to tax under § 58.1-492 for failure by individuals to pay estimated tax, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also apply during the first fifteen days of the fourth month following such taxable year in the case of individuals filing on a basis other than a calendar year. In the case of all other individuals, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also be applicable through May 1.C\n\nIn determining the addition to tax under § 58.1-504 for failure by corporations to pay estimated tax, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also apply during the first fifteen days of the fourth month following such taxable year.","order_by":null,"text":{"0":{"id":276363,"text":"Unless otherwise specifically provided, interest on omitted taxes, assessments and refunds under this title shall be computed at the rates equal to the rates of interest established pursuant to § 6621 of the Internal Revenue Code. The rate of interest on omitted taxes and assessments under this title shall be the “Underpayment Rate” established pursuant to § 6621(a)(2) of the Internal Revenue Code plus two percent. The rate of interest on refunds under this title shall be the “Overpayment Rate” for noncorporate taxpayers established pursuant to § 6621(a)(1) of the Internal Revenue Code plus two percent. Separate computations shall be made by multiplying the deficiency or overpayment for each period by the rate of interest applicable to that period.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":276364,"text":"In determining the addition to tax under § 58.1-492 for failure by individuals to pay estimated tax, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also apply during the first fifteen days of the fourth month following such taxable year in the case of individuals filing on a basis other than a calendar year. In the case of all other individuals, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also be applicable through May 1.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":276365,"text":"In determining the addition to tax under § 58.1-504 for failure by corporations to pay estimated tax, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also apply during the first fifteen days of the fourth month following such taxable year.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14526,"edition_id":1,"name":"In General","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":14525,"metadata":{},"date_created":"2026-06-26 03:48:31","date_modified":"2026-06-26 03:48:31","permalink":{"id":251963,"object_type":"structure","relational_id":14526,"identifier":"1","token":"58.1\/0\/1","url":"\/58.1\/0\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14525,"edition_id":1,"name":"General Provisions of Title 58.1","identifier":"0","label":"chapter","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:48:31","date_modified":"2026-06-26 03:48:31","permalink":{"id":251961,"object_type":"structure","relational_id":14525,"identifier":"0","token":"58.1\/0","url":"\/58.1\/0\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85625,"structure_id":14526,"section_number":"58.1-1","catch_line":"Definitions","url":"\/58.1-1\/","token":"58.1\/0\/1\/58.1-1","metadata":false},{"id":55964,"structure_id":14526,"section_number":"58.1-10","catch_line":"Collection of taxes accrued prior to repeal","url":"\/58.1-10\/","token":"58.1\/0\/1\/58.1-10","metadata":false},{"id":62599,"structure_id":14526,"section_number":"58.1-11","catch_line":"Oaths or affirmations unnecessary on returns; misdemeanor to make false return","url":"\/58.1-11\/","token":"58.1\/0\/1\/58.1-11","metadata":false},{"id":77678,"structure_id":14526,"section_number":"58.1-12","catch_line":"Payment of tax by bad check","url":"\/58.1-12\/","token":"58.1\/0\/1\/58.1-12","metadata":false},{"id":74293,"structure_id":14526,"section_number":"58.1-13","catch_line":"State taxes to be paid into the general fund","url":"\/58.1-13\/","token":"58.1\/0\/1\/58.1-13","metadata":false},{"id":82222,"structure_id":14526,"section_number":"58.1-13.1","catch_line":"Repealed","url":"\/58.1-13.1\/","token":"58.1\/0\/1\/58.1-13.1","metadata":false},{"id":61003,"structure_id":14526,"section_number":"58.1-14","catch_line":"Out-of-state tax collections","url":"\/58.1-14\/","token":"58.1\/0\/1\/58.1-14","metadata":false},{"id":77006,"structure_id":14526,"section_number":"58.1-15","catch_line":"Rate of interest","url":"\/58.1-15\/","token":"58.1\/0\/1\/58.1-15","metadata":false},{"id":79562,"structure_id":14526,"section_number":"58.1-16","catch_line":"Overcollection of tax","url":"\/58.1-16\/","token":"58.1\/0\/1\/58.1-16","metadata":false},{"id":63153,"structure_id":14526,"section_number":"58.1-17","catch_line":"Donations to the general fund","url":"\/58.1-17\/","token":"58.1\/0\/1\/58.1-17","metadata":false},{"id":85276,"structure_id":14526,"section_number":"58.1-2","catch_line":"Reciprocal agreements with other states for collection of taxes","url":"\/58.1-2\/","token":"58.1\/0\/1\/58.1-2","metadata":false},{"id":57817,"structure_id":14526,"section_number":"58.1-3","catch_line":"Secrecy of information; penalties","url":"\/58.1-3\/","token":"58.1\/0\/1\/58.1-3","metadata":false},{"id":83522,"structure_id":14526,"section_number":"58.1-3.1","catch_line":"Availability of information necessary to audit local tax returns and other such privileged or confidential tax information","url":"\/58.1-3.1\/","token":"58.1\/0\/1\/58.1-3.1","metadata":false},{"id":77752,"structure_id":14526,"section_number":"58.1-3.2","catch_line":"Attorney General's and Tax Commissioner's authority to request and share information","url":"\/58.1-3.2\/","token":"58.1\/0\/1\/58.1-3.2","metadata":false},{"id":84736,"structure_id":14526,"section_number":"58.1-3.3","catch_line":"Deemed consent to disclosure","url":"\/58.1-3.3\/","token":"58.1\/0\/1\/58.1-3.3","metadata":false},{"id":60759,"structure_id":14526,"section_number":"58.1-3.4","catch_line":"Tax Commissioner's authority to request and share information regarding employer worker reclassification","url":"\/58.1-3.4\/","token":"58.1\/0\/1\/58.1-3.4","metadata":false},{"id":76891,"structure_id":14526,"section_number":"58.1-4","catch_line":"Person preparing tax return for another not to disclose information without consent","url":"\/58.1-4\/","token":"58.1\/0\/1\/58.1-4","metadata":false},{"id":59683,"structure_id":14526,"section_number":"58.1-5","catch_line":"Persons, etc., engaged in more than one business","url":"\/58.1-5\/","token":"58.1\/0\/1\/58.1-5","metadata":false},{"id":65963,"structure_id":14526,"section_number":"58.1-6","catch_line":"Priority of taxes, etc., in distributions","url":"\/58.1-6\/","token":"58.1\/0\/1\/58.1-6","metadata":false},{"id":60022,"structure_id":14526,"section_number":"58.1-7","catch_line":"Same; liability of recipient of improper corporate distribution","url":"\/58.1-7\/","token":"58.1\/0\/1\/58.1-7","metadata":false},{"id":73774,"structure_id":14526,"section_number":"58.1-8","catch_line":"Filing of tax returns and payment of taxes which fall due on Saturday, Sunday or legal holiday","url":"\/58.1-8\/","token":"58.1\/0\/1\/58.1-8","metadata":false},{"id":74929,"structure_id":14526,"section_number":"58.1-9","catch_line":"Filing of tax returns or payment of taxes by mail or otherwise; penalty","url":"\/58.1-9\/","token":"58.1\/0\/1\/58.1-9","metadata":false}],"previous_section":{"id":61003,"structure_id":14526,"section_number":"58.1-14","catch_line":"Out-of-state tax collections","url":"\/58.1-14\/","token":"58.1\/0\/1\/58.1-14","metadata":false},"next_section":{"id":79562,"structure_id":14526,"section_number":"58.1-16","catch_line":"Overcollection of tax","url":"\/58.1-16\/","token":"58.1\/0\/1\/58.1-16","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-15\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1980, chapter 663; in 1984, chapter 675; in 1987, chapter 484; in 1991, chapters 316 and 331; in 1999, chapters 146<\/a> and 180<\/a>.<\/p>","references":[{"id":79008,"section_number":"3.2-1102","catch_line":"Collection of delinquent assessments; civil action","order_by":null,"url":"\/3.2-1102\/"},{"id":69463,"section_number":"38.2-1026","catch_line":"Retaliatory provisions as to taxes, fees, deposits and other requirements","order_by":null,"url":"\/38.2-1026\/"},{"id":78635,"section_number":"38.2-4809","catch_line":"Licensees to pay license taxes on insurers","order_by":null,"url":"\/38.2-4809\/"},{"id":82424,"section_number":"58.1-1021.04","catch_line":"Failure to file return; fraudulent return; penalties; interest; overpayment of tax","order_by":null,"url":"\/58.1-1021.04\/"},{"id":56933,"section_number":"58.1-1109","catch_line":"Extension of time for filing returns","order_by":null,"url":"\/58.1-1109\/"},{"id":57427,"section_number":"58.1-1114","catch_line":"Assessment and payment of deficiency; penalties; application for correction","order_by":null,"url":"\/58.1-1114\/"},{"id":62634,"section_number":"58.1-1116","catch_line":"Failure to pay tax when due; civil penalties","order_by":null,"url":"\/58.1-1116\/"},{"id":80724,"section_number":"58.1-1216","catch_line":"Penalty upon bank for failure to comply with chapter","order_by":null,"url":"\/58.1-1216\/"},{"id":76879,"section_number":"58.1-1408","catch_line":"Civil penalties and interest","order_by":null,"url":"\/58.1-1408\/"},{"id":56341,"section_number":"58.1-1510","catch_line":"Civil penalties","order_by":null,"url":"\/58.1-1510\/"},{"id":72574,"section_number":"58.1-1615","catch_line":"When Department may make return for delinquent taxpayer; penalty","order_by":null,"url":"\/58.1-1615\/"},{"id":60336,"section_number":"58.1-1619","catch_line":"Penalty and interest for failure to pay tax when due","order_by":null,"url":"\/58.1-1619\/"},{"id":72336,"section_number":"58.1-1812","catch_line":"Assessment of omitted taxes by the Department of Taxation","order_by":null,"url":"\/58.1-1812\/"},{"id":55503,"section_number":"58.1-1822","catch_line":"Action of Tax Commissioner on application for correction","order_by":null,"url":"\/58.1-1822\/"},{"id":83093,"section_number":"58.1-1833","catch_line":"Interest on overpayments or improper collection","order_by":null,"url":"\/58.1-1833\/"},{"id":59829,"section_number":"58.1-1840.2","catch_line":"Virginia Tax Amnesty Program","order_by":null,"url":"\/58.1-1840.2\/"},{"id":54033,"section_number":"58.1-2025","catch_line":"Omitted taxes","order_by":null,"url":"\/58.1-2025\/"},{"id":55841,"section_number":"58.1-2507","catch_line":"Penalties for failure to make report or pay tax; revocation of license; recovery by suit","order_by":null,"url":"\/58.1-2507\/"},{"id":58951,"section_number":"58.1-2525","catch_line":"Extensions of time","order_by":null,"url":"\/58.1-2525\/"},{"id":55003,"section_number":"58.1-2527","catch_line":"Failure to pay estimated tax","order_by":null,"url":"\/58.1-2527\/"},{"id":79816,"section_number":"58.1-308","catch_line":"Assessment and payment of deficiency; fraud; penalties","order_by":null,"url":"\/58.1-308\/"},{"id":66015,"section_number":"58.1-344","catch_line":"Extension of time for filing returns","order_by":null,"url":"\/58.1-344\/"},{"id":56960,"section_number":"58.1-351","catch_line":"When, where and how individual income taxes payable and collectible","order_by":null,"url":"\/58.1-351\/"},{"id":56970,"section_number":"58.1-402","catch_line":"Virginia taxable income","order_by":null,"url":"\/58.1-402\/"},{"id":61896,"section_number":"58.1-4021","catch_line":"Deposit of moneys received by agents; performance of functions, etc., in connection with operation of lottery; compensation of agents","order_by":null,"url":"\/58.1-4021\/"},{"id":75896,"section_number":"58.1-422","catch_line":"Manufacturing companies; apportionment","order_by":null,"url":"\/58.1-422\/"},{"id":57652,"section_number":"58.1-453","catch_line":"Extension of time for filing returns by corporations","order_by":null,"url":"\/58.1-453\/"},{"id":83702,"section_number":"58.1-455","catch_line":"Time of payment of corporation income taxes; penalty and interest for nonpayment","order_by":null,"url":"\/58.1-455\/"},{"id":62082,"section_number":"58.1-475","catch_line":"Penalty for failure to withhold","order_by":null,"url":"\/58.1-475\/"},{"id":62275,"section_number":"58.1-477","catch_line":"Extensions","order_by":null,"url":"\/58.1-477\/"},{"id":58398,"section_number":"58.1-486.3","catch_line":"Penalty","order_by":null,"url":"\/58.1-486.3\/"},{"id":68632,"section_number":"58.1-491","catch_line":"Payments of estimated tax","order_by":null,"url":"\/58.1-491\/"},{"id":58433,"section_number":"58.1-492","catch_line":"Failure by individual, trust or estate to pay estimated tax","order_by":null,"url":"\/58.1-492\/"},{"id":79458,"section_number":"58.1-502","catch_line":"Installment payment of estimated income tax","order_by":null,"url":"\/58.1-502\/"},{"id":76990,"section_number":"58.1-504","catch_line":"Failure to pay estimated income tax","order_by":null,"url":"\/58.1-504\/"},{"id":77927,"section_number":"58.1-531.1","catch_line":"Errors in setoff program","order_by":null,"url":"\/58.1-531.1\/"},{"id":73852,"section_number":"58.1-535","catch_line":"Application of funds on deposit","order_by":null,"url":"\/58.1-535\/"},{"id":81400,"section_number":"58.1-609.14","catch_line":"(For contingent expiration date, see Editor's notes) Personal protective equipment exemption","order_by":null,"url":"\/58.1-609.14\/"},{"id":66228,"section_number":"58.1-617","catch_line":"Extensions","order_by":null,"url":"\/58.1-617\/"},{"id":71272,"section_number":"58.1-635","catch_line":"Failure to file return; 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A.<\/span> Unless otherwise specifically provided, interest on omitted taxes, assessments and refunds under this title shall be computed at the rates equal to the rates of interest established pursuant to § 6621 of the Internal Revenue Code. The rate of interest on omitted taxes and assessments under this title shall be the “Underpayment Rate” established pursuant to § 6621(a)(2) of the Internal Revenue Code plus two percent. The rate of interest on refunds under this title shall be the “Overpayment Rate” for noncorporate taxpayers<\/span> established pursuant to § 6621(a)(1) of the Internal Revenue Code plus two percent. Separate computations shall be made by multiplying the deficiency or overpayment for each period by the rate of interest applicable to that period. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In determining the addition to tax under § 58.1-492<\/a> for failure by individuals to pay estimated tax, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also apply during the first fifteen days of the fourth month following such taxable year in the case of individuals filing on a basis other than a calendar year. In the case of all other individuals, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also be applicable through May 1. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In determining the addition to tax under § 58.1-504<\/a> for failure by corporations to pay estimated tax, the “Underpayment Rate” plus two percent which applies during the third month following such taxable year shall also apply during the first fifteen days of the fourth month following such taxable year. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRATE OF INTEREST (\u00a7 58.1-15)\n\nA. Unless otherwise specifically provided, interest on omitted taxes,\nassessments and refunds under this title shall be computed at the rates equal to\nthe rates of interest established pursuant to § 6621 of the Internal\nRevenue Code. The rate of interest on omitted taxes and assessments under this\ntitle shall be the “Underpayment Rate” established pursuant to\n§ 6621(a)(2) of the Internal Revenue Code plus two percent. The rate of\ninterest on refunds under this title shall be the “Overpayment Rate”\nfor noncorporate taxpayers established pursuant to § 6621(a)(1) of the\nInternal Revenue Code plus two percent. Separate computations shall be made by\nmultiplying the deficiency or overpayment for each period by the rate of\ninterest applicable to that period.\n\nB. In determining the addition to tax under § 58.1-492 for failure by\nindividuals to pay estimated tax, the “Underpayment Rate” plus two\npercent which applies during the third month following such taxable year shall\nalso apply during the first fifteen days of the fourth month following such\ntaxable year in the case of individuals filing on a basis other than a calendar\nyear. In the case of all other individuals, the “Underpayment Rate”\nplus two percent which applies during the third month following such taxable\nyear shall also be applicable through May 1.\n\nC. In determining the addition to tax under § 58.1-504 for failure by\ncorporations to pay estimated tax, the “Underpayment Rate” plus two\npercent which applies during the third month following such taxable year shall\nalso apply during the first fifteen days of the fourth month following such\ntaxable year.\n\nHISTORY: Code 1950, \u00a7 58-1160.1; 1980, c. 663; 1984, c. 675; 1987, c. 484;\n1991, cc. 316, 331; 1999, cc. 146, 180.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}