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MA S2044

Bill

Official Source

Status

Introduced

2/27/2025

Primary Sponsor

Michael Moore

Click for details

Origin

Senate

194th General Court

AI Summary

  • Amends Chapter 62C, Section 32 of the Massachusetts General Laws to change how interest is calculated on late tax payments
  • Sets the interest rate on unpaid taxes to the federal short-term rate (per IRS Code Section 6621(b)) plus 2 percentage points, calculated as simple interest
  • Replaces the current fixed interest rate structure with a variable rate tied to federal benchmarks
  • Filed by Senator Michael O. Moore (Second Worcester) on January 8, 2025
  • Similar legislation was previously filed as Senate No. 1883 in the 2023-2024 session

Legislative Description

Relative to equalizing the Department of Revenue interest rates

Last Action

Hearing rescheduled to 10/07/2025 from 01:00 PM-02:00 PM in A-2 and Virtual Hearing updated to New End Time

10/7/2025

Committee Referrals

Revenue2/27/2025

Full Bill Text

No bill text available