An Act to reduce delinquent municipal tax interest rates

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act to reduce delinquent municipal tax interest rates

An Act to reduce delinquent municipal tax interest rates By Representative Arena-DeRosa of Holliston, a petition (accompanied by bill, House, No.

What This Bill Does

• An Act to reduce delinquent municipal tax interest rates By Representative Arena-DeRosa of Holliston, a petition (accompanied by bill, House, No.
• 3011) of James C.
• Arena-DeRosa relative to delinquent municipal tax interest rates.
• Revenue.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

An Act to reduce delinquent municipal tax interest rates
By Representative Arena-DeRosa of Holliston, a petition (accompanied by bill, House, No. 3011) of James C. Arena-DeRosa relative to delinquent municipal tax interest rates. Revenue.

Current Bill Text

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Bill H.3011

Section 57 of Chapter 59 of the General Laws, as appearing in the 2018 Official Edition, is hereby amended in line 7 by striking out the words, “interest at the rate of 14 per cent per annum," and inserting in place thereof the following: interest at a rate equivalent to the federal short term interest rate as of the fiscal quarter during which the bill for such tax is due plus an additional fee of 3 per cent per annum. The rate shall be adjusted quarterly on the last day of March, June, September and December based on any change in the federal short term interest rate.

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