TIR 93-5: INTEREST RATE ON OVERPAYMENTS AND UNDERPAYMENTS
The Department of Revenue is issuing this Technical Information Release (TIR) to announce the quarterly interest rate under G.L. c. 62C, § 32. The interest rate on overpayments and underpayments determined by the Department of Revenue pursuant to G.L. c. 62C, § 32, as amended, for calendar year 1993 is as follows:
First Quarter, 1993 8%
Second Quarter, 1993 8%
The above rate is the Federal short-term rate determined under Section 6621(b) of the Internal Revenue Code, as amended and in effect for the taxable year, plus four percentage points. The rate may change quarterly. See TIR 92-6 for an explanation of statutory changes in interest and penalties effective January 1, 1993.
/s/ Mitchell Adams
Commissioner of Revenue
April 2, 1993