New Jersey has released its 2018 Interest Rate on Tax Balances. The assessed interest rate on outstanding tax balances will increase from 6.50% in 2017 to 7.25% in 2018 due to the increase in the Federal Prime Reserve Rate from 3.50% to 4.25%. At the end of each calendar year, any unpaid tax, penalties, and interest will become part of the balance on which interest is charged.
To view the tax bulletin, please click here.
About the Author
Adam Rivera is a member of the Regulatory Analysis Team's Direct Tax division at Sovos. His main areas of focus are Federal and State Tax Withholding and Affordable Care Act (ACA) Reporting. Prior to Sovos, Adam worked as a legislative aide in the Florida House of Representatives. He also has experience in securities law, focusing on securities litigation and researching emerging crowdfunding methods of raising capital. Adam is a member of both the Massachusetts and Florida Bars. He earned his B.A. from the University of Florida and his J.D. from the University of Miami.More Content by Adam Rivera