Increases interest rate paid on certain overdue refunds of tax overpayments.

This bill increases the interest rate paid on overdue tax refunds for overpayments of New Jersey income tax. It changes the rate from the prime rate to three percentage points above the prime rate (matching the rate charged on tax deficiencies), effective for refunds related to tax returns due after July 1, 2018. This directly affects taxpayers who have overpaid taxes and are waiting for refunds, ensuring they receive interest at the same rate as the state charges on unpaid taxes. The change applies to refunds processed under New Jersey's tax laws, correcting an existing disparity where refund interest was lower than deficiency interest.