Bill > H2558

This bill, effective January 1, 2015, amends Massachusetts General Laws chapter 62C, specifically sections 37 and 40, concerning how interest is calculated on tax refunds issued by the Department of Revenue (DOR). The key change is in section 40, which governs the payment of interest on refunds. Previously, the law had a specific provision about the last sentence of the second paragraph of section 37 being removed, and now it clarifies that if the state treasurer issues a refund for taxes, interest, or penalties under various tax laws, the taxpayer will receive interest on that refund. This interest will be calculated at the rate established under subsection (a) of section 32 of chapter 62C, and it will be paid from the date of overpayment up to a date determined by the commissioner, which will be no more than thirty days before the refund check is issued, regardless of whether the taxpayer accepts the check.