Raleigh, N.C. Dec 1, 2022 The N.C. Department of Revenue has set the interest rate at 7 percent for the period of January 1, 2023 through June 30, 2023. This is an increase from 5 percent. The interest rate applies to overpayments of tax and assessments of tax. NC General Statute 105-241.21 requires the Secretary of Revenue to establish the interest rate to be in effect during the six-month period on or before June 1 and December 1 of each year, respectively. The NCDOR funds public services benefiting the people of North Carolina. The department administers the tax laws and collects the taxes due in an impartial, consistent, secure, and efficient manner.