Technical Bulletin Form - New Jersey Division Of Taxation

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NEW JERSEY DIVISION OF TAXATION
TECHNICAL BULLETIN
DISTRIBUTION:
C, INCLUDING FIELD
TB-21 (R)
FOR RELEASE:
INTERNAL ONLY
ISSUED:
3-9-01
OUTSIDE DIVISION
X
EXPIRES:
7-1-01*
TOPIC:
INTEREST RATE ASSESSED FOR SECOND QUARTER 2001
The assessed interest rate for the second quarter of 2001 is 12.50%.
The rate is calculated as follows: 9.50% (Prime Rate) + 3% = 12.50%, compounded annually.
Under the Taxpayers’ Bill of Rights, interest assessed on outstanding tax balances is Prime Rate plus 3%. Prime
Rate for this purpose is the average predominant prime rate, as determined by the Board of Governors of the
Federal Reserve System, that was in effect on December 1 of the year prior to the year in which the tax became
due. The Prime Rate is reviewed each calendar quarter and may change only if there has been a cumulative
change in the Federal Reserve prime rate of more than one percent (up or down) since the last time the interest
rate was set. To change a rate, the Director will consider the Federal Reserve prime rate as it existed 30 days
prior to the beginning of the calendar quarter in question.
At the end of each calendar year any tax, penalties and interest remaining due (unpaid) will become part of the
balance on which interest is charged.
Listed below is the Federal Reserve prime rate and assessed interest rate history.
Federal Reserve
Assessed
Review Date
Prime Rate
Effective Date
Interest Rate
3/1/99
7.75%
4/1/99
10.75%
6/1/99
7.75%
7/1/99
10.75%
9/1/99
8.25%
10/1/99
10.75%
12/1/99
8.50%
1/1/00
11.50%
3/1/00
8.75%
4/1/00
11.50%
6/1/00
9.50%
7/1/00
11.50%
9/1/00
9.50%
10/1/00
11.50%
12/1/00
9.50%
1/1/01
12.50%
3/1/01
8.50%
4/1/01
12.50%
For more information, contact the Division’s Customer Service Center at 609-292-6400, e-mail us at
taxation@tax.state.nj.us, or write to:
N
J
D
T
EW
ERSEY
IVISION OF
AXATION
I
P
B
NFORMATION AND
UBLICATIONS
RANCH
PO B
281
OX
T
NJ 08695-0281
RENTON
Many State tax forms and publications are now available, both by fax and through the World Wide
Web. Call NJ TaxFax at 609-826-4500 from your fax machine’s phone, or access the Division’s home
page via your computer’s modem at:
*The Division will reissue this bulletin each quarter to advise the public of the current assessed interest rate.

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