{"data":{"id":"us-va/23vac10-20-60","jurisdiction":"us-va","citation":"23VAC10-20-60","heading":"Rate of interest","body":"A. In general. The Internal Revenue Code requires that interest accruing be compounded daily. Although Virginia uses the nominal interest rate established pursuant to IRC § 6621, Virginia applies simple interest computations without compounding.\n\nB. Interest is computed by excluding the due date and including the date of payment in the number of days. For example, interest on $100 tax due June 20, 1983, and paid July 10, 1983, would be computed as follows:\n\nJune 21 through June 30 = 10 days at 16%\n\n10\n\nx 0.16 = 0.004383\n\n365\n\nJuly 1 through July 10 = 10 days at 11%\n\n10\n\nx 0.11 = 0.003013\n\n365\n\nTotal Interest Factor 0.007396 x $100 = $0.74 interest\n\nNote that June 20, the due date, is not counted, and that July 10 and all intervening days are counted.\n\nC. See § 58.15 of the Code of Virginia for provisions defining rates of interest and methods to determine interest and additions to tax.","path":["Title 23. Taxation","Agency 10. Department of Taxation","Chapter 20. General Provisions Applicable to All Taxes Administered by the Department of Taxation"],"source_url":"https://law.lis.virginia.gov/admincode/title23/agency10/chapter20/section60/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:54:10Z","sha256":"d346add76b3a53a8102ef209635a5370c28d29c58028eb99dd1588ee869ef490","source_id":"us-va-vac","stale":false,"prev":"us-va/23vac10-20-20","next":"us-va/23vac10-20-80"},"notice":"GroundRules: Original legal text. Not legal advice."}