Department of the Treasury Issues Notice Setting Prompt Payment Interest Rate

January 18, 2013

On December 28, 2012, the Department of the Treasury issued a notice setting the prompt payment interest rate at 1 3/8 percent per year. This is the interest rate the federal government is required to pay contractors for late payment of invoices under the Contract Disputes Act and the Prompt Payment Act. This interest rate will be effective from January 1, 2013, to June 30, 2013. (77 Fed. Reg. 76624, 12/28/12.)