§ 56.57. Interest rate.

 The public utility shall accrue interest on the deposit until it is returned or credited.

   (1)  Interest shall be computed at the simple annual interest rate determined by the Secretary of Revenue for interest on the underpayment of tax under section 806 of The Fiscal Code (72 P.S. §  806).

   (2)  The interest rate in effect when the deposit is required to be paid shall remain in effect until the date the deposit is refunded or credited, or December 31, whichever is later. A deposit initially accrues interest at the interest rate in effect at the time the deposit was required. This interest rate remains in effect until the end of the calendar year.

   (3)  On January 1 of each year, the new interest rate for that year will apply to the deposit. The new interest rate will be applied to the deposit for the calendar year starting January 1 until December 31 of that same year. Revised interest rates are calculated every subsequent January 1 and applied to the deposit until the deposit is refunded or applied to the account.

Authority

   The provisions of this §  56.57 amended under the Public Utility Code, 66 Pa.C.S. § §  331, 501, 504, 1301, 1305, 1401—1419, 1501, 1504, 1509 and 2911.

Source

   The provisions of this §  56.57 adopted June 16, 1978, effective June 17, 1978, 8 Pa.B. 1655; amended April 8, 1983, effective April 9, 1983, 13 Pa.B. 1250; amended January 13, 1995, effective April 14, 1995, 25 Pa.B. 145; amended October 7, 2011, effective October 8, 2011, 41 Pa.B. 5473; amended May 31, 2019, effective June 1, 2019, 49 Pa.B. 2815. Immediately preceding text appears at serial pages (358968) to (358969).

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