Technical Information Release

Technical Information Release  TIR 01-1: Interest Rate on Overpayments and Underpayments

Date: 01/16/2001
Organization: Massachusetts Department of Revenue
Referenced Sources: Massachusetts General Laws

Tax Administration

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



10%

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/Frederick A. Laskey
Frederick A. Laskey
Commissioner of Revenue
 

January 16, 2001
 

TIR 01-1

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