The "overpayment" rate used in calculating Late Contract Interest has been changed by the Commissioner of Taxation and Finance. Effective October 1, 1992, the new rate will be 6 percent. Due to the fluctuation of the interest rate and low volume of interest payments, a new Late Contract Interest factor chart will not be provided. Once your agency has determined that interest is due and has calculated the number of late days, contact the Accounting Information Center at (518) 473-1170 for the interest rate in effect on the date of the late payment and the corresponding interest factor.