If the authority fails to make prompt payment, the authority shall pay interest to a contractor on the payment when such interest computed as provided herein is equal to or more than $10. Interest shall be computed at the daily rate in effect on the date of payment, as set by the New York State Tax Commission for corporate taxes pursuant to section 1096(e)(1) of the Tax Law. Interest on such a payment shall be computed for the period beginning on the day after the payment due date and ending on the date of payment.