Interest Rate Notice
[44 Pa.B. 8063]
[Saturday, December 27, 2014]
Under the provisions of sections 806 and 806.1 of the act of April 9, 1929 (P. L. 343, No. 176), known as the Fiscal Code, the Secretary of Revenue announces that, for the calendar year commencing January 1, 2015, all underpayments of tax which became due and payable to the Commonwealth shall bear interest at the rate of 3% per annum. All overpayments of the tax paid during this calendar year under Article III of the act of March 4, 1971 (P. L. 6, No. 2), known as the Tax Reform Code of 1971, shall bear interest at the rate of 3% per annum. All other overpayments of tax paid during this calendar year shall bear interest at the rate of 1% per annum. These rates will remain constant until December 31, 2015. These rates will be codified under 61 Pa. Code § 4.2(a) (relating to rate of interest).
These rates have been established based upon the rate established by the Secretary of the Treasury of the United States under the provisions of section 6621(a)(2) of the Internal Revenue Code to be effective January 1, 2015.
Although the Tax Reform Act of 1986 amended the Internal Revenue Code section 6621, by requiring that the Secretary of the Treasury of the United States establish quarterly rates of interest to become effective for Federal purposes on the first month of each calendar quarter, these amendments do not affect Pennsylvania law. The Fiscal Code, as herein cited, requires that the interest rate be established effective January 1 of each calendar year without regard to any change in the Federal interest rate during the calendar year.
[Pa.B. Doc. No. 14-2697. Filed for public inspection December 26, 2014, 9:00 a.m.]
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Bulletin full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.