FOR RELEASE:
IMMEDIATE, Wednesday
August 19, 2009
Interest rates paid on overpayments or refunds or assessed on late payments or underpayments, are established quarterly by the Tax Department. Legal requirements dictate the announcement of the rates even if there are no changes from the previous quarter. Due to financial constraints, the Department is using the media, rather than individual mailings to practitioners, to provide notice. The rate associated with each tax, effective until December 31, 2009, is as follows:
To view prior period interest rates, click HERE.
Period
10/1/09 - 12/31/09
Interest Rate Per Annum
Compounded Daily
Tax |
Refunds |
Late Payments and Assessments |
| Alcoholic Beverage | 3% | 8% |
| Beverage Container Deposits | 3% | 8% |
| Boxing & Wrestling | 3% | 8% |
| Cigarette | NA | 8% |
| Corporation | 3% | 8% |
| Diesel Motor Fuel | 3% | 8% |
| Estate | 3% | 7.5% |
| Fuel Use Tax | 12% | 12% |
| Generation-Skipping Transfer | 3% | 7.5% |
| Hazardous Waste | 3% | 15% |
| Highway Use | 3% | 8% |
| Income | 3% | 7.5% |
| Metropolitan Commuter Transportation Mobility Tax | 3% | 7.5% |
| Mortgage Recording | 3% | 8% |
| Motor Fuel | 3% | 8% |
| Petroleum Business | 3% | 8% |
| Real Estate Transfer | 3% | 8% |
| Sales and Use | 3% | 14.5% |
| Tobacco Products | NA | 8% |
| Waste Tire Fee | 3% | 8% |
| Withholding | 3% | 8% |
There are a number of state and local governmental bodies that have interest rates tied to the overpayment and underpayment rates contained in either section 697(j) or section 1096(e) of the Tax Law. For purposes of section 697(j) and section 1096(e) of the Tax Law, the overpayment rate for this period is 3%. For purposes of section 697(j) of the Tax Law, the underpayment rate for this period is 7.5%. For purposes of section 1096(e) of the Tax Law the underpayment rate for this period is 8%.