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PA Bulletin, Doc. No. 02-2244

NOTICES

DEPARTMENT OF REVENUE

Interest Rate

[32 Pa.B. 6220]

   Under the provisions of section 806 of the Fiscal Code (72 P. S. § 806), the Secretary of Revenue announces that, for the year commencing January 1, 2003, all unpaid taxes which became due and payable to the Commonwealth on and after January 1, 1982, shall bear interest at the rate of 5% per annum. This rate will remain constant until December 31, 2003. 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, 2003. 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 section 6621 of the Internal Revenue Code, 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.

LARRY P. WILLIAMS,   
Secretary

[Pa.B. Doc. No. 02-2244. Filed for public inspection December 13, 2002, 9:00 a.m.]


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