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§ 1603-C. Political subdivision interest payments

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal Affairs

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 1. The Fiscal Code (Refs & Annos)
Article XVI-C. Political Subdivision Procurement Interest Payments (Refs & Annos)
72 P.S. § 1603-C
§ 1603-C. Political subdivision interest payments
Currentness
(a) In accordance with section 1604-C,1 each political subdivision which acquires property or services from a qualified small business concern but which does not make payment for each complete delivered item of property or service by the required payment date shall pay an interest penalty to the business concern in accordance with this section on the amount of the payment which is due. Unless a lower rate has been agreed to, the interest rate to be assessed against any late payments shall be determined by the Secretary of Revenue under section 1605-C(b):2 Provided, That any qualified small business concern shall conspicuously present a statement, on or with the invoice statement, that it meets the definition of a qualified small business concern contained in this article.
(b) A payment shall be considered made on the date on which a check for the payment is dated.

Credits

1929, April 9, P.L. 343, No. 176, art. XVI-C, § 1603-C, added 1994, Dec. 12, P.L. 1015, No. 138, § 6, effective in 180 days.

Footnotes

1
72 P.S. § 1604-C.
2
72 P.S. § 1605-C(b).
72 P.S. § 1603-C, PA ST 72 P.S. § 1603-C
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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