The Department of Revenue is issuing this Technical Information Release (TIR) to announce the quarterly interest rate under G L. c. 62C, § 32. The interest rate on overpayments and underpayments determined by the Department of Revenue pursuant to G.L. c. 62C, § 32, as amended, is as follows:
1993
(entire year) |
8%
|
1994
First quarter
Second quarter
Third quarter
Fourth quarter
|
8%
8%
9%
10%
|
1995
First quarter
Second quarter
Third quarter
Fourth quarter
|
10%
11%
10%
10%
|
1996
First quarter
Second quarter
Third quarter
Fourth quarter
|
10%
9%
10%
10%
|
1997
(entire year)
|
10%
|
1998
First quarter
Second quarter
Third quarter
Fourth quarter
|
10%
9%
9%
9%
|
1999
First quarter
Second quarter
Third quarter
Fourth quarter
|
8%
9%
9%
9%
|
2000
First quarter
Second quarter
Third quarter
Fourth quarter
|
9%
10%
10%
10%
|
2001
First quarter
Second quarter
Third quarter
Fourth quarter
|
10%
9%
8%
8%
|
2002
(entire year)
|
7%
|
2003
First quarter
|
6%
|
The above rate is the Federal short-term rate determined under Section 6621(b) of the Internal Revenue Code, as amended and in effect for the taxable year, plus four percentage points. Interest is compounded daily. The rate may change quarterly. See TIR 92-6 for an explanation of statutory changes in interest and penalties effective January 1, 1993 and 830 CMR 62C.33.1: Interest, Penalties, and Application of Payments.
/s/Alan LeBovidge
Alan LeBovidge
Commissioner of Revenue
January 2, 2003
TIR 03-2
