Welcome
Payroll News

New Jersey Adjusts Interest Rate, Effective April 1

June 29, 2020, 2:00 PM

New Jersey’s interest rate for tax underpayments is 6.25% from April 1 to Dec. 31, 2020, down from the 7.75% rate in effect for the first quarter of 2020, the state taxation division said June 23 in a notice.

While New Jersey’s interest rate generally takes effect Jan. 1 each year using the average prime rate reported by the Federal Reserve on Dec. 1 of the previous year, it can be adjusted during the year if the reported prime rate changes by more than one percentage point, the division said.

To read the full article log in. To learn more about a subscription click here.