Vision Payroll

March 9, 2011

Tip of the Week: Massachusetts Announces New Interest Rates

Navjeet K. Bal, Commissioner, Massachusetts DOR
Navjeet K. Bal, Commissioner, Massachusetts DOR
In Technical Information Release 11-2, the Massachusetts Department of Revenue (DOR) announced higher interest rates on overpayments and underpayments of tax.

Interest Rates Had Decreased for First Quarter

For all of 2010, interest rates on overpayments had been 3%, simple interest. In addition, for all of 2010, interest rates on underpayments had been 5%, compounded daily. These rates had decreased to 2%, simple interest and 4%, compounded daily, respectively, effective January 1, 2011.

Second Quarter Interest Rates Revert to 2010 Levels

Effective April 1, 2011, interest rates will revert to the 2010 rates of 3%, simple interest for overpayments and 5%, compounded daily on underpayments.

Contact Vision Payroll Today

Contact Vision Payroll for more information on interest rates on overpayments and underpayments of tax in Massachusetts.

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