Federal Register: October 22, 2001 (Volume 66, Number 204)
DOCID: FR Doc 01-26520
DEPARTMENT OF THE TREASURY
Customs Service
NOTICE: NOTICES
ACTION: Customhouse broker license cancellation, suspension, etc.:
DOCUMENT ACTION: General notice.
SUBJECT CATEGORY:
Quarterly IRS Interest Rates Used in CalculatingInterest on Overdue Accounts and Refunds on Customs Duties
EFFECTIVE DATES: October 1, 2001.
DOCUMENT SUMMARY:
This notice advises the public of the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of Customs duties. For the quarter beginning October 1, 2001, the interest rates for overpayments will be 6 percent for corporations and 7 percent for non corporations, and the interest rate for underpayments will be 7 percent. This notice is published for the convenience of the importing public and Customs personnel.
SUMMARY:
IRS interest rates used in calculating interest on overdue accounts and refunds,
SUPPLEMENTAL INFORMATION
Background
Pursuant to 19 U.S.C. 1505 and Treasury Decision 8593, published
in the Federal Register on May 29, 1985 (50 FR 21832), the interest
rate paid on applicable overpayments or underpayments of Customs duties
shall be in accordance with the Internal Revenue Code rate established
under 26 U.S.C. 6621 and 6622. Section 6621 was amended (at paragraph (a)(1)(B) by the
[[Page 53473]]
Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L.
105206, 112 Stat. 685) to provide different interest rates applicable
to overpayments: one for corporations and one for noncorporations.
The interest rates are based on the shortterm Federal rate and determined by the Internal Revenue Service (IRS) on behalf of the Secretary of the Treasury on a quarterly basis. The rates effective for a quarter are determined during the firstmonth period of the previous quarter.
In Revenue Ruling 200147 (see, 200139 IRB 1, dated September 24, 2001), the IRS determined the rates of interest for the calendar quarter beginning October 1, 2001, and ending December 31, 2001. The interest rate paid to the Treasury for underpayments will be the short term Federal rate (4%) plus three percentage points (3%) for a total of seven percent (7%). For corporate overpayments, the rate is the Federal shortterm rate (4%) plus two percentage points (2%) for a total of six percent (6%). For overpayments made by noncorporations, the rate is the Federal shortterm rate (4%) plus three percentage points (3%) for a total of seven percent (7%). These interest rates are subject to change for the calendar quarter beginning January 1, 2002, and ending March 31, 2002.
For the convenience of the importing public and Customs personnel the following list of IRS interest rates used, covering the period from before July of 1974 to date, to calculate interest on overdue accounts and refunds of Customs duties, is published in summary format. Corporate Under Over Overpayments Beginning date Ending date payments payments (Eff. 1199) (percent) (percent) (percent) Prior to:
070174............................................... 063075 6 6 ..............
070175............................................... 013176 9 9 ..............
020176............................................... 013178 7 7 ..............
020178............................................... 013180 6 6 ..............
020180............................................... 013182 12 12 ..............
020182............................................... 123182 20 20 ..............
010183............................................... 063083 16 16 ..............
070183............................................... 123184 11 11 ..............
010185............................................... 063085 13 13 ..............
070185............................................... 123185 11 11 ..............
010186............................................... 063086 10 10 ..............
070186............................................... 123186 9 9 ..............
010187............................................... 093087 9 8 ..............
100187............................................... 123187 10 9 ..............
010188............................................... 033188 11 10 ..............
040188............................................... 093088 10 9 ..............
100188............................................... 033189 11 10 ..............
040189............................................... 093089 12 11 ..............
100189............................................... 033191 11 10 ..............
040191............................................... 123191 10 9 ..............
010192............................................... 033192 9 8 ..............
040192............................................... 093092 8 7 ..............
100192............................................... 063094 7 6 ..............
070194............................................... 093094 8 7 ..............
100194............................................... 033195 9 8 ..............
040195............................................... 063095 10 9 ..............
070195............................................... 033196 9 8 ..............
040196............................................... 063096 8 7 ..............
070196............................................... 033198 9 8 ..............
040198............................................... 123198 8 7 ..............
010199............................................... 033199 7 7 6
040199............................................... 033100 8 8 7
040100............................................... 033101 9 9 8
040101............................................... 063001 8 8 7
070101............................................... 123101 7 7 6
Dated: October 17, 2001.
Robert C. Bonner,
Commissioner of Customs.
[FR Doc. 0126520 Filed 101901; 8:45 am]
BILLING CODE 482002P
FOR FURTHER INFORMATION CONTACT
Ronald Wyman, Accounting Services Division, Accounts Receivable Group, 6026 Lakeside Boulevard, Indianapolis, Indiana 46278, (317) 2981200, extension 1349.