International Fuel Tax Agreement (IFTA) – Interest Rates
Effective, July 1, 2013, the IFTA Agreement requires that the interest rate shall be set at an annual rate of two (2) percentage points above the underpayment rate established under Section 6621(a)(2) of the Internal Revenue Code, adjusted on an annual basis on January 1 of each year. Interest shall accrue monthly at 1/12 this annual rate.
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| Period Beginning – Ending | "Debit" Rate for Deficiencies | "Credit" Rate for Refunds | Monthly Factor * |
|---|---|---|---|
| 01/01/24 – 12/31/24 | 10% | 10% | .008333/.008333 |
| 01/01/23 – 12/31/23 | 8% | 8% | .006667/.006667 |
| 01/01/21 – 12/31/22 | 5% | 5% | .004167/.004167 |
| 01/01/19 – 12/31/20 | 7% | 7% | .005833/.005833 |
| 01/01/17 – 12/31/18 | 6% | 6% | .005000/.005000 |
| 07/01/13 – 12/31/16 | 5% | 5% | .004167/.004167 |
| 07/01/95 – 06/30/13 | 12% | 12% | .010000/.010000 |
* Applied to each month or fraction of a month that the tax payment is overdue or a refund is owed.