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Current interest rates

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 typesRefundsLate payments and assessments
Period: 10/01/2017–12/31/2017
Interest rate per annum compounded daily
Income ** 3% 7.5%
Sales and use 3% *14.5%
Withholding 3% 8.0%
Corporation ** 3% 8.0%
All other tax typesRefundsLate payments and assessments
Alcoholic beverage 3% 8.0%
Authorized combative sports 3% 8.0%
Beverage container deposits 3% 8.0%
Cigarette NA 8.0%
Diesel motor fuel 3% 8.0%
Estate 3% 7.5%
Fuel use tax *** ***
Generation-skipping transfer 3% 7.5%
Hazardous waste 3% 15.0%
Highway use 3% 8.0%
Medical marijuana 3% 8.0%
New York City taxicab and hail vehicle trip tax 3% 8.0%
Metropolitan commuter transportation mobility tax 3% 7.5%
Mortgage recording 3% 8.0%
Motor fuel 3% 8.0%
Petroleum business 3% 8.0%
Real estate transfer 3% 8.0%
Tobacco products NA 8.0%
Transportation network company assessment 3% 8.0%
Waste tire fee 3% 8.0%

*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 8% 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 Tax Law section 697(j) (Income tax) or Tax Law section 1096(e) (Corporation tax). For purposes of Tax Law section 697(j) and Tax Law section 1096(e), the overpayment rate for this period is 3%. For purposes of Tax Law section 697(j), the underpayment rate for this period is 7.5%. For purposes of Tax Law section 1096(e), the underpayment rate for this period is 8%. 

*** Under Tax Law section 527(f), 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.

Updated: