701—10.3(421,422,423,450,452A) Interest on refunds and unpaid tax.
	10.3(1) Interest on refunds. For those taxes on which interest accrues on refunds under Iowa Code sections 422.25(3), 422.28, 450.94, and 452A.65, interest shall accrue through the month in which the refund is mailed to the taxpayer and no further interest will accrue unless the department did not use the most current address as shown on the latest return or refund claim filed with the department.
	10.3(2) Interest on unpaid tax. Interest due on unpaid tax is not a penalty, but rather it is compensation to the government for the period the government was deprived of the use of money. Interest due cannot be waived except in accordance with the settlement authority described in Iowa Code sections 421.5 and 17A.10.
This rule is intended to implement Iowa Code sections 421.5, 422.25(3), 422.28, 423.47, 450.94 and 452A.65.
[ARC 7761B, IAB 5/6/09, effective 6/10/09; ARC 7192C, IAB 12/13/23, effective 1/17/24]