Interest Rate Notice
[37 Pa.B. 6970]
[Saturday, December 29, 2007]
Under the provisions of sections 806 and 806.1 of the Fiscal Code (72 P. S. §§ 806 and 806.1), the Secretary of Revenue announces that, for the year commencing January 1, 2008, all underpayments of tax which became due and payable to the Commonwealth on and after January 1, 1982, shall bear interest at the rate of 7% per annum. All overpayments of the tax imposed under Article III of the Tax Reform Code of 1971 (72 P. S. §§ 7301--7361), which became due and payable to the Commonwealth on and after January 1, 1982, shall bear interest at the rate of 7% per annum. All other overpayments of tax which became due and payable to the Commonwealth on and after January 1, 1982, shall bear interest at the rate of 5% per annum. These rates will remain constant until December 31, 2008. These rates will be codified under 61 Pa. Code § 4.2(a) (relating to rate of interest).
These rates have been established based upon the rate established by the Secretary of the Treasury of the United States under the provisions of section 6621(a)(2) of the Internal Revenue Code to be effective January 1, 2008.
Although the Tax Reform Act of 1986 amended the Internal Revenue Code section 6621, by requiring that the Secretary of the Treasury of the United States establish quarterly rates of interest to become effective for Federal purposes on the first month of each calendar quarter, these amendments do not affect Commonwealth law. The Fiscal Code requires that the interest rate be established effective January 1 of each calendar year without regard to any change in the Federal interest rate during the calendar year.
THOMAS W. WOLF,
[Pa.B. Doc. No. 07-2417. Filed for public inspection December 28, 2007, 9:00 a.m.]
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