Increases interest rate paid on overdue refunds of tax overpayments in New Jersey.

This bill increases the interest rate paid on overdue refunds of tax overpayments in New Jersey. It aligns the interest rate on tax refunds with the rate on tax deficiencies, ensuring equity in the state's tax system. The interest rate for refunds will be three percentage points above the prime rate, effective for overpayments due on or after July 1, 2026. The bill also grants emergency regulatory authority to the Director of the Division of Taxation to implement these changes.

Increases interest rate paid on overdue refunds of tax overpayments in New Jersey.

This bill increases the interest rate paid on overdue refunds of tax overpayments in New Jersey. It aligns the interest rate on tax refunds with the rate on tax deficiencies, ensuring equity in the state's tax system. The interest rate for refunds will be three percentage points above the prime rate, effective for overpayments due on or after July 1, 2026. The bill also grants emergency regulatory authority to the Director of the Division of Taxation to implement these changes.