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2003 SESSION

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HB 1950 Commonwealth Transp. Commissioner condemnations; rate of interest.

Introduced by: Thelma Drake | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Commonwealth Transportation Commissioner condemnations; rate of interest. Provides that interest on certain obligations of the Commonwealth Transportation Commissioner to owners of property acquired through condemnation proceedings will accrue at the rate of interest established pursuant to § 6621 (a) (2) of the Internal Revenue Code. Currently, interest accrues at the general account composite rate as complied by the Department of the Treasury.

SUMMARY AS PASSED HOUSE:

Commonwealth Transportation Commissioner condemnations; rate of interest. Provides that interest on certain obligations of the Commonwealth Transportation Commissioner to owners of property acquired through condemnation proceedings will accrue at the rate of interest established pursuant to § 6621 (a) (2) of the Internal Revenue Code. Currently, interest accrues at the general account composite rate as complied by the Department of the Treasury.

SUMMARY AS INTRODUCED:

Commonwealth Transportation Commissioner condemnations; rate of interest. Provides that interest on certain obligations of the Commonwealth Transportation Commissioner to owners of property acquired through condemnation proceedings will accrue at the one year Treasury Constant Maturity Rate as published by the Board of Governors of the Federal Reserve System. Currently, interest accrues at the general account composite rate as complied by the Department of the Treasury.