MA S1526

Bill

MA S1526

Relative to equalizing the Department of Revenue interest rates

Introduced
04/15/2015

In Committee
04/15/2015

Crossed Over

Passed

Dead
07/31/2016

Introduced Session

189th General Court

Bill Summary

For legislation to equalize the Department of Revenue interest rates. Revenue.

AI Summary

This bill proposes to change how interest is calculated on unpaid taxes by the Department of Revenue. Currently, the law allows for different interest rates, but this bill aims to standardize them. Specifically, it will amend a section of the General Laws to ensure that if a tax is not paid by its due date, interest will be charged at a rate equal to the federal short-term rate (a benchmark interest rate used by the federal government) plus an additional 2 percentage points, and this interest will be calculated simply, not compounded. This change is intended to create a more consistent and predictable interest rate for taxpayers who owe money to the state.

Committee Categories

Budget and Finance

Sponsors (3)

Mike Moore (D)*, Leah Allen (R), Michael Rodrigues (D),

Last Action

Accompanied a new draft, see H4234 (on 05/05/2016)

Official Document

https://malegislature.gov/Bills/189/Senate/S1526

(8 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/189/Senate/S1526
State Bill Page	https://malegislature.gov/Bills/189/S1526
Bill	https://malegislature.gov/Bills/189/S1526.pdf

Bill	Bill Name	Last Action	Type
H2244	Providing for fairness and equity for Massachusetts Water Resources Authority employees	Accompanied a study order, see H4367	Similar To
H2631	Resolve An Act Examining the reduction of the income tax	Accompanied a study order, see H4639	Similar To
H4234	Providing interest rate parity	Bill reported favorably by committee and referred to the committee on House Ways and Means	Replaced by
S1372	Authorizing the town of Tolland to continue the employment of police officer Lester M. Walker	Read second and ordered to a third reading	Similar To
S1415	Expanding access to health care for employees of charter school	Accompanied a study order, see S2314	Similar To
S1485	To promote economic development in small communities of high need and opportunity	Accompanied a study order, see S2290	Similar To
S1571	To require periodic regulatory review at the Department of Revenue	Accompanied a study order, see S2290	Similar To
S1661	To require periodic regulatory review at the Department of Revenue	Accompanied a study order, see S2386	Similar To

Bill > S1526

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (3)

Last Action

Official Document

bill text

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