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20.2.6.7
(06-24-2008)
Summary
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PL 97–248 provided that interest will be compounded daily, effective
1–1–1983. It also provided for semi-annual redetermination of
the interest rate, with any new rates effective January 1 or July 1. For subsequent
interest rates check the IRWeb.
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Effective 1–1–1987, the interest rate is redetermined quarterly.
The rate of interest allowable (credit interest) is 1% lower than the rate
of interest assessed (debit interest). Effective 1–1–2000, the
interest rates for individual taxpayers became equal for both debit and credit
interest.
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