Federal Register: October 18, 2004 (Volume 69, Number 200)
DOCID: FR Doc 04-23195
DEPARTMENT OF HOMELAND SECURITY
Customs and Border Protection Bureau
NOTICE: NOTICES
DOCUMENT ACTION: General notice.
SUBJECT CATEGORY:
Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties
EFFECTIVE DATES: October 1, 2004.
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 calendar quarter beginning October 1, 2004, the interest rates for overpayments will be 4 percent for corporations and 5 percent for noncorporations, and the interest rate for underpayments will be 5 percent. This notice is published for the convenience of the importing public and Customs and Border Protection 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 must 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 Internal Revenue Service Restructuring and Reform Act of 1998, Public Law 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 Federal shortterm 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 200492, the IRS determined the rates of interest
for the calendar quarter beginning October 1, 2004, and ending December
31, 2004. The interest rate paid to the Treasury for underpayments will
be the Federal shortterm rate (2%) plus three percentage points (3%)
for a total of five percent (5%). For corporate overpayments, the rate
is the Federal shortterm rate (2%) plus two percentage points (2%) for a total of four percent (4%). For overpayments made by non
corporations, the rate is the Federal shortterm rate (2%) plus three
percentage points (3%) for a total of five percent (5%). These interest
rates are subject to change for the calendar quarter beginning January 1, 2005, and ending March 31, 2005.
For the convenience of the importing public and Customs and Border
Protection 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
Underpayments Overpayments Overpayments
Beginning date Ending date (percent) (percent) Eff. 1199)
(percent)
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 ............... [[Page 61402]]
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
010102...................................... 123102 6 6 5
010103...................................... 093003 5 5 4
100103...................................... 033104 4 4 3
040104...................................... 063004 5 5 4
070104...................................... 093004 4 4 3
100104...................................... 123104 5 5 4
Dated: October 12, 2004.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 0423195 Filed 101504; 8:45 am]
BILLING CODE 482002P
FOR FURTHER INFORMATION CONTACT
Trong Quan, National Finance Center, Collections Section, 6026 Lakeside Boulevard, Indianapolis, Indiana 46278; telephone (317) 6144516.