The Tax Department establishes interest rates quarterly. The rate associated with each tax is listed below. Rates are only effective for the time period specified.
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|Commonly viewed tax types||Refunds||Late payments and assessments|
|Sales and use||2%||14.5%*|
|All other tax types||Refunds||Late payments and assessments|
|Authorized combative sports||2%||7.5%|
|Beverage container deposits||2%||7.5%|
|Diesel motor fuel||2%||7.5%|
|Fuel use tax||***||***|
|New York City taxicab and hail vehicle trip tax||2%||7.5%|
|Metropolitan Commuter Transportation Mobility Tax||2%||7.5%|
|Opioid excise tax||2%||7.5%|
|Paper Carryout Bag Reduction Fee||2%||14.5%*|
|Real estate transfer||2%||7.5%|
|Transportation network company assessment||2%||7.5%|
|Waste tire fee||2%||7.5%|
|Wireless Communications Surcharge||2%||14.5%*|
* The Tax Law requires the interest rate on sales tax assessments or late payments to be set at 14-1/2% for this quarter. However, if the Commissioner determines that the failure to pay or the delay in payment is due to reasonable cause and not willful neglect, the Commissioner may impose interest at the corporation tax late payment and assessment rate. That rate is 7.5% for this quarter.
** 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) (Income Tax) or section 1096(e) (Corporation Tax) 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 2%. For purposes of section 697(j) of the Tax Law, the underpayment rate for this period is 7.5%. For purposes of section 1096(e) of the Tax Law, the underpayment rate for this period is 7.5%.
*** Under section 527(f) of the Tax Law, the interest rates relating to the Fuel Use tax are set pursuant to the International Fuel Tax Agreement (IFTA). For more information regarding IFTA interest rates, see www.iftach.org.