Vermont Releases Declared Average Prime Loan Rate for 2017
Vermont’s Commissioner of Taxes released a memorandum regarding the average prime loan rate charged by banks for 2017. This declared rate is used for determining whether a loan is a high-rate/high-point loan under Vermont law. The declared rate for 2017 will be 3.6%, reflecting no change from 2016. The rate is effective as of January 1, 2017 and will apply to interest that accrues in the 2017 calendar year.
For the full text of the memorandum, please refer to:
http://tax.vermont.gov/sites/tax/files/documents/2017%20Interest%20Rate%20memo.pdf
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
Comments are closed.