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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 March 31, 2009, is as follows:
To view prior period interest rates, click HERE.
| Period 1/1/09 - 3/31/09 Interest Rate Per Annum Compounded Daily |
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Tax |
Refunds |
Late Payments and Assessments |
| Alcoholic Beverage | 4% | 7% |
| Beverage Containers | 4% | 14% |
| Boxing & Wrestling | 4% | 7% |
| Cigarette | NA | 7% |
| Corporation | 4% | 7% |
| Diesel Motor Fuel | 4% | 7% |
| Estate | 4% | 6% |
| Fuel Use Tax | 12% | 12% |
| Generation-Skipping Transfer | 4% | 6% |
| Gift | 4% | 6% |
| Hazardous Waste | 4% | 15% |
| Highway Use | 4% | 7% |
| Income | 4% | 6% |
| Lubricating Oil | 4% | 12% |
| Mortgage Recording | 4% | 7% |
| Motor Fuel | 4% | 7% |
| Petroleum Business | 4% | 7% |
| Real Estate Transfer | 4% | 7% |
| Real Property Transfer Gains | 4% | 7% |
| Sales and Use | 4% | 14% |
| Tobacco Products | NA | 7% |
| Waste Tire | 4% | 7% |
| Withholding | 4% | 7% |
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 4%. For purposes of section 697(j) of the Tax Law, the underpayment rate for this period is 6%. For purposes of section 1096(e) of the Tax Law the underpayment rate for this period is 7%.
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Last Modified: November 19, 2008
