XII.5.I
Prompt Payment Interest


SECTION OVERVIEW AND POLICIES

New York State Finance Law §179-f requires the State to pay vendors promptly (within 30 days for most vendors, 15 days for qualified Small Business vendors). When the State fails to pay the vendor by the Net Due Date, the State may be required to make an interest payment to the vendor.

 

This section provides State agencies information regarding:

 

  1. Prompt Payment Interest Eligibility.

  2. The calculation of Prompt Payment Interest.

 

For additional information on Prompt Payment Interest, please refer to Chapter XIV, Section 13.A – Prompt Payment Interest Overview of this Guide.

 

Guide to Financial Operations
REV. 01/15/2019