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Iowa Department Of Revenue Sets Interest Rate

DES MOINES (CBS 2/FOX 28) - The Iowa Department of Revenue sets the 2014 interest rate at five percent.  That means anyone late paying their taxes will have to add another five percent to their total.  The state of Iowa will also have to pay five percent interest on any unpaid tax refunds after June 1st. 

  By law, the rate is decided by adding two percentage points added to the prime interest rate.

 
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