Bill > S1544

This bill, titled "Providing interest rate parity," aims to adjust how interest is calculated on tax refunds by amending Chapter 62C of the General Laws, specifically Sections 37 and 40. Section 1 of the bill removes a specific sentence from Section 37, while Section 2 modifies Section 40 by replacing paragraph (a) to ensure that when a tax, interest, or penalty refund is issued under various tax laws, the state treasurer will repay the taxpayer the refund amount plus interest. This interest will be calculated at the rate established under subsection (a) of Section 32, and it will accrue 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. The bill also clarifies that accepting such a check does not prevent the taxpayer from claiming any additional overpayment or interest. Finally, Section 3 states that these changes will take effect on January 1, 2015.