N.Y. Comp. Codes R. & Regs. tit. 2 § 18.6

Current through Register Vol. 46, No. 53, December 31, 2024

Section 18.6 - Computation of interest payment

(a) Interest under this Part shall be computed at the daily rate in effect on the date the interest is paid, as set by the Commissioner of Taxation and Finance pursuant to subsection (e) of section 1096 of the Tax Law.

(b) Interest payments on amounts due to a contractor pursuant to this Part shall be paid to the contractor for the period beginning on the day after the required payment date and ending on the payment date, and shall be paid within seven calendar days after the payment date except where it is necessary for the Division of the Budget to transfer or interchange appropriations in order for the interest to be paid, in which case interest shall be paid within 14 calendar days of the payment date.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 18.6