Prompt Payment Interest and Merchandise/Invoice Received Date
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 submitting an electronic invoice). 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:
- Prompt Payment Interest Eligibility
- Changes to Prompt Payment legislation (State Finance Law §179-f), which requires New York State to pay qualified Small Business vendors within 15 days of the receipt of an electronic invoice in the State Financial System, or the vendor may be entitled to interest.
- The definition and calculation of the Merchandise/Invoice Received (MIR) date, which is used within the calculation of the Net Due Date.
Guide to Financial Operations