CCH Tax Day Report
Interest rates on underpayments and overpayments of New York City income and excise taxes and annual vault charges for the period October 1, 2016, through December 31, 2016, are unchanged from the previous quarter’s rates.
The interest rate on overpayments of New York City unincorporated business income tax, business taxes (general corporation (income) tax and banking corporation (income) tax), and the tax on foreign and alien insurers remains at 3%.
The interest rate on underpayments of New York City unincorporated business income tax, business taxes, commercial rent or occupancy tax, taxes on foreign and alien insurers, commercial motor vehicles and motor vehicles for transportation of passengers, utilities, horse race admissions, cigarettes, transfers of taxicab licenses, coin-operated amusement devices, real property transfers, retail licensees of the State Liquor Authority, hotel room occupancies, and annual vault charges remains at 8%.
Notice of Interest Rates for Fourth Quarter of 2016, New York City Department of Finance, August 2016, ¶600-811