N.Y. Comp. Codes R. & Regs. tit. 21 § 1002.7

Current through Register Vol. 46, No. 25, June 18, 2024

Section 1002.7 - 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 State Tax Commission for corporate taxes pursuant to section 1096(e)(1) 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.

(c) In the case of interest payments on amounts due to a contractor pursuant to this Part under a lease, license or permit in relation to the use of real property, where the instrument provides for a penalty for late payment, the corporation shall pay the contractor the greater of the interest the contractor would be entitled to pursuant to this Part, or the penalty provided for under the instrument, but not both.

(d) In no event shall interest accrue beyond the date of a notice of intention to file a claim, the date of a notice of a claim, or the date commencing a legal action for the payment of such interest, whichever occurs first.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 1002.7