|Organization:||Massachusetts Department of Revenue|
|Referenced Sources:||Massachusetts General Laws|
Massachusetts General Laws Chapter 62C, Section 32, provides that the rate of interest on unpaid taxes due to the Commonwealth shall be the adjusted rate established under Section 6621 of the Federal Internal Revenue Code.
The Secretary of the Treasury of the United States has announced that the rate of interest determined pursuant to Section 6621 will be 16% per year, effective January 1, 1983.
Accordingly, unpaid Massachusetts taxes will bear interest at the rate of 16% per year from January 1, 1983 until a new rate is established.
The 16% rate established under Section 32 also applies to interest on refunds of overpayments of taxes and to additions to tax for underpayments of estimated taxes.
Commissioner of Revenue
October 29, 1982