ADMIN-2024-01 - Annual Notice of Interest Rate Adjustment

Effective Date: January 1, 2024

Authority: O.C.G.A. §§ 48-2-7, 48-2-35, 48-2-40; Ga. Comp. R. & Regs. r. 560-3-2-.26

Scope

This Policy Bulletin is being released to publicly announce the interest rate which will apply to interest-bearing refunds and past due taxes for the 2024 calendar year.

Summary

For calendar year 2024, the annual interest rate will be 11.50%, accruing monthly.

Discussion

Georgia law requires that refunds and past due taxes that accrue interest do so at a rate equal to the bank prime loan rate as posted by the Board of Governors of the Federal Reserve System in statistical release H. 15 or any publication that may supersede it, plus 3 percent, to accrue monthly. Such annual interest rate will be determined for each calendar year based on the first weekly posting of statistical release H. 15 on or after January 1 of each calendar year. In calendar year 2023, the interest rate was 10.50%.

For more information, on this subject, please contact the Department at 1-877-423-6711 from 8:00 a.m. to 4:30 p.m. ET, Monday through Friday, excluding holidays.

Previous Notices of Interest Rate Adjustment