3 Computation of interest on refunds resulting from net operating losses. If the amount

of tax is reduced as a result of a net operating loss or net capital loss, interest shall accrue on the refund resulting from the loss carryback beginning on the date a claim for refund or amended return carrying back the net operating loss or net capital loss is filed with the department or on the first day of the second calendar month following the date of the actual payment, whichever is later. This rule is intended to implement Iowa Code section 422.25. [Editorial change: IAC Supplement 11/2/22]