To: Chief Fiscal Officers
From: Martin J. Benison, Comptroller
Date: July 29, 2013
Re: Late Penalty Interest Rate
Comptroller Memo FY#2014-05
The purpose of this memo is to advise departments as to the late penalty interest rate for July 1, 2013 – December 31, 2013.
The late penalty interest rate effective for July 1, 2013 – December 31, 2013 is 0.75%. This rate is applicable to invoices which are not paid on time in accordance with the Commonwealth’s Bill Paying Policy – and General Payment Policies and Comptroller Regulations 815 CMR 4.00. Interest for late payments is available to all vendors of the Commonwealth. Interest on late payments is not available to employees, contract employees, recipients of public assistance, cities and towns and other public instrumentalities designated as public agencies on the Commonwealth's vendor file.
See attached table for history of rates and instructions for late penalty interest calculations, and Federal Reserve Discount Window for current interest rates.