Ohio Interest Rate on Underpayment and Overpayment of Tax

Ohio interest rate on underpayments and overpayments to remain at 8% through 2008.
Each year on October 15, the Ohio Tax Commissioner is required to calculate the interest rate that applies in the following year. Currently, the rate is set at 8% and will remain at 8% through 2008. This rate applies to underpayments and overpayments of the commercial activity tax, corporate, sales and use, personal and most other taxes. The rate on estate taxes and tangible personal property taxes will stay at the current 5% through 2008. Ohio Tax Commissioner Journal Entry 10-15-2007, 10/15/2007