Massachusetts H3011 proposes to lower the interest rate on delinquent municipal taxes.

Massachusetts H3011 amends Section 57 of Chapter 59 of the General Laws to change the interest rate on delinquent municipal taxes. Instead of a fixed 14% per annum, the bill sets the interest rate at the federal short-term interest rate plus an additional 3% per annum. This new rate will be adjusted quarterly based on changes in the federal short-term interest rate. The bill aims to align the interest rate with current economic conditions, potentially reducing the financial burden on taxpayers who fall behind on their municipal tax payments.

Massachusetts H3011 proposes to lower the interest rate on delinquent municipal taxes.

Massachusetts H3011 amends Section 57 of Chapter 59 of the General Laws to change the interest rate on delinquent municipal taxes. Instead of a fixed 14% per annum, the bill sets the interest rate at the federal short-term interest rate plus an additional 3% per annum. This new rate will be adjusted quarterly based on changes in the federal short-term interest rate. The bill aims to align the interest rate with current economic conditions, potentially reducing the financial burden on taxpayers who fall behind on their municipal tax payments.