N.Y. State Finance Law 179-G – Computation of interest payment
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§ 179-g. Computation of interest payment. Interest payments on amounts due to a contractor pursuant to this article shall be paid to the contractor for the period beginning on the day after the required payment date and ending on the payment date for those payments required according to this article and shall be paid at the rate of interest in effect on the date when the interest payment is made. Notwithstanding any other provision of law to the contrary, interest shall be computed at the rate equal to the overpayment rate set by the commissioner of taxation and finance pursuant to subsection (e) of § 1096 of the tax law.
Terms Used In N.Y. State Finance Law 179-G
- Contractor: means any person, partnership, firm, corporation, or association:
a. See N.Y. State Finance Law 179-E - Payment date: means the date on which a check for payment pursuant to a contract is dated. See N.Y. State Finance Law 179-E