New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LXXX - Industrial Exhibit Authority
Part 10000 - Prompt Payment Regulations
Section 10000.3 - Penalty for late payment
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 10000.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Payment of interest.
(1) Except where defects
or improprieties of the type specified in section
10000.2(b)(2)
of this Part justify extension of the date by which contract payment must be
made, the authority shall be liable for the payment of interest on the contract
payment if payment is made later than the date specified in section
10000.2(b)(1)
of this Part, in which case interest shall be calculated from the date payment
was due under section
10000.2(b)(1)
until the payment date.
(2)
Interest shall be computed at the rate equal to the rate set by the New York
State Tax Commission for corporate taxes pursuant to section
1096(e)(1) of the Tax
Law.
(b) Sources of funds. The authority will make any payment of interest required by paragraph (a)(1) of this section with moneys from the authority's operating funds.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
