§ 71.8. Interest on and payment of overdue contributions.
(a) Interest prescribed by law on overdue contribution payments shall be computed from the day following the due date thereof. Interest shall be computed at the rate of 0.5% per month for each month or fraction thereof.
(b) In accordance with this chapter and without prejudice to other available methods of collection, any overdue amounts may be deducted from any moneys payable to the political subdivision or instrumentality by any department or agency of the Commonwealth—including but not limited to funds in possession of the county treasurer, allocated to the political subdivision or instrumentality, and derived from general taxation or otherwise—upon certification by the Bureau that such amounts are overdue.
Authority The provisions of this § 71.8 issued under act of January 5, 1952 (P. L. (1951) 662, No. 491) (65 P. S. § § 201—209).
Source The provisions of this § 71.8 amended June 6, 1980, effective June 7, 1980, 10 Pa.B. 2330. Immediately preceding text appears at serial page (9343).
Cross References This section cited in 34 Pa. Code § 71.23 (relating to procedures for collection—general).
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