A 4411
Increases interest rate paid on certain overdue refunds of tax overpayments.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill increases the interest rate paid on overdue refunds of tax overpayments in New Jersey. Currently, the interest rate on refunds is lower than the rate applied to tax deficiencies. The bill amends existing law to align the interest rate on refunds with the prime rate plus three percentage points, mirroring the rate applied to tax deficiencies. It also grants the Director of the Division of Taxation temporary authority to implement the changes without following the standard administrative procedure rules.
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Primary sponsor
Jay Webber
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