Interest rates: 10/1/2024–12/31/2024
| Commonly viewed tax types | Refunds | Late payments and assessments |
|---|---|---|
| Income ** | 7% | 10.5% |
| Sales and use | 7% | 14.5%* |
| Withholding | 7% | 12% |
| Corporation ** | 7% | 12% |
| Other tax types | Refunds | Late payments and assessments |
| Adult-Use Cannabis Products October 1, 2024 through November 30, 2024*** |
7% | 12% |
| Adult-Use Cannabis Products December 1, 2024 through December 31, 2024*** |
7% | 14.5% |
| Alcoholic Beverage | 7% | 12% |
| Authorized Combative Sports | 7% | 12% |
| Beverage Container Deposits | 7% | 12% |
| Cigarette | NA | 12% |
| Congestion Surcharge | 7% | 12% |
| Diesel Motor Fuel | 7% | 12% |
| Estate | 7% | 10.5% |
| Fuel Use Tax | **** | **** |
| Generation-Skipping Transfer | 7% | 10.5% |
| Hazardous Waste | 7% | 15% |
| Highway Use | 7% | 12% |
| Medical Cannabis | 7% | 12% |
| Metropolitan Commuter Transportation Mobility Tax | 7% | 10.5% |
| Mortgage Recording | 7% | 12% |
| Motor Fuel | 7% | 12% |
| New York City Taxicab and Hail Vehicle Trip Tax | 7% | 12% |
| Opioid Excise Tax | 7% | 12% |
| Paper Carryout Bag Reduction Fee | 7% | 14.5% |
| Petroleum Business | 7% | 12% |
| Real Estate Transfer | 7% | 12% |
| Tobacco Products | NA | 12% |
| Transportation Network Company Assessment | 7% | 12% |
| Waste Tire Management and Recycling Fee***** | 7% | 14.5% |
| Wireless Communications Surcharge | 7% | 14.5% |
* The Tax Law requires the interest rate on sales tax assessments or late payments to be set at 14.5% for this quarter. However, if the Commissioner determines that the failure to pay or the delay in payment is due to reasonable cause and not willful neglect, the Commissioner may impose interest at the corporation tax late payment and assessment rate. That rate is 12% for this quarter.
** There are a number of state and local governmental bodies that have interest rates tied to the overpayment and underpayment rates contained in either Tax Law section 697(j) (Income Tax) or section 1096(e) (Corporation Tax) For purposes of Tax Law section 697(j) and section 1096(e), the overpayment rate for this period is 7%. For purposes of Tax Law section 697(j), the underpayment rate for this period is 10.5%. For purposes of Tax Law section 1096(e), the underpayment rate for this period is 12%.
*** Under Tax Law section 496-b(a), the rates of interest for overpayment and underpayment of tax relating to Adult-Use Cannabis Products are set pursuant to Tax Law Article 28, effective December 1, 2024.
**** Under Tax Law section 527(f), the interest rates relating to the Fuel Use tax are set pursuant to the International Fuel Tax Agreement (IFTA). For more information regarding IFTA interest rates, see www.iftach.org.
****Under Environmental Conservation Law sections 27-1913(3)-(5), the rates of interest for overpayment and underpayment of tax relating to the waste tire management and recycling fee are set pursuant to Tax Law Article 28, effective March 1, 2023.