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PA Bulletin, Doc. No. 99-167

NOTICES

DEPARTMENT OF REVENUE

Interest Rate

[29 Pa.B. 617]

   An error occurred in the notice that was published at 28 Pa.B. 6351 (December 26, 1998). The new interest rate of 7% is effective for the year commencing January 1, 1999. The affected text is reprinted as follows:

   Under section 806 of the act of April 9, 1929 (P. L. 343, No. 176), known as the Fiscal Code, the Secretary of Revenue announces that, for the year commencing January 1, 1999, all unpaid taxes which became due and payable to the Commonwealth on and after January 1, 1982, shall bear interest at the rate of 7% per annum. This rate will remain constant until December 31, 1999. Under the provisions of section 6621(a)(2) of the Internal Revenue Code, this rate has been established by the Secretary of the Treasury of the United States, to be effective January 1, 1999. This rate will be codified under 61 Pa. Code § 4.2(a) (relating to rate of interest).

   Although the Tax Reform Act of 1986 amended 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 Pennsylvania law. The Fiscal Code, as herein cited, 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.

ROBERT A. JUDGE, SR.,   
Secretary

[Pa.B. Doc. No. 99-167. Filed for public inspection January 29, 1999, 9:00 a.m.]


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