New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control
Part 18 - Prompt Payment Processing
Interest Calculation
Section 18.6 - Computation of interest payment

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 18.6

Current through Register Vol. 46, No. 12, March 20, 2024

(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.

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