New York – Interest Rates for Overpayments and Underpayments

SALT Report 2842 – The New York Department of Taxation released an updated list of the interest rates that will apply to overpayments and underpayments of certain taxes administered by the Department. The rates are effective for the period of October 1, 2013 through December 31, 2013.

For sales and use tax purposes, the notice states that the interest rate on assessments and late payments is set at 14.5% for this quarter.  However, if the Commissioner determines that the failure to pay or the delay in payment is due to reasonable cause and not willful neglect, the Commissioner has the authority to impose interest at the corporation tax late payment and assessment rate of 7.5%.

For Further Information

New York Department of Taxation – Current Interest Rates