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Bill > H2817

MA H2817

MA H2817
Updating interest rates for property tax abatements

summary

Introduced
02/16/2023
In Committee
02/16/2023
Crossed Over
Passed
Dead
12/31/2024

Introduced Session

193rd General Court

Bill Summary

Relative to the rate of interest applied to judgements for tax abatements on personal property. Revenue.

AI Summary

This bill updates the interest rates applied to judgments for tax abatements on personal property. Specifically, it replaces the current 8% interest rate with a rate equal to the federal funds rate as published by the Federal Reserve Bank of New York on July 1 of the applicable fiscal year. This change aims to align the interest rate more closely with current economic conditions.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Accompanied a study order, see H5045 (on 09/12/2024)

Bill Topics

Government Operations
  • ‐ Tax Administration and Collection of Revenue
Macroeconomics
  • ‐ Taxation, Tax Policy, and Tax Reform
(2 Companion Bills)

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Document Type Source Location Created
State Bill Page https://malegislature.gov/Bills/193/H2817 03/15/2023
BillText https://malegislature.gov/Bills/193/H2817.pdf 03/15/2023
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