Federal Register: October 17, 2008 (Volume 73, Number 202)
DOCID: fr17oc08-164 FR Doc E8-24451
DEPARTMENT OF THE TREASURY
DOCUMENT ACTION: Notice of rate for use in Federal debt collection and discount and rebate evaluation.
Notice of Rate for Use in Federal Debt Collection and Discount and Rebate Evaluation
DATES: The rate will be in effect for the period beginning on January 1, 2009, and ending on December 31, 2009.
Pursuant to section 11 of the Debt Collection Act of 1982, as amended, (31 U.S.C. 3717), the Secretary of the Treasury is responsible for computing and publishing the percentage rate to be used in assessing interest charges for outstanding debts owed to the Government. Treasury's Cash Management Requirements (TFM Volume I, Part 6, Chapter 8000) prescribe use of this rate by agencies as a comparison point in evaluating the cost effectiveness of a cash discount. In addition, 5 CFR 13 15.8 of the Prompt Payment rule on ``Rebates'' requires that this rate be used in determining when agencies should pay purchase card invoices when the card issuer offers a rebate. Notice is hereby given that the applicable rate is 3.00 percent for calendar year 2009.
Rate for use in Federal Debt Collection and Discount and Rebate Evaluation,
The rate reflects the current value of funds
to the Treasury for use in connection with Federal Cash Management
systems and is based on investment rates set for purposes of Public Law
95147, 91 Stat. 1227. Computed each year by averaging Treasury Tax and
Loan (TT&L) investment rates for the 12month period ending every
September 30, rounded to the nearest whole percentage, for
applicability effective each January 1, the rate is subject to
quarterly revisions if the annual average, on a moving basis, changes
by 2 percentage points. The rate in effect for the calendar year 2009
reflects the average investment rates for the 12month period that ended September 30, 2008.
Dated: October 6, 2008.
Sheryl R. Morrow,
Assistant Commissioner, Federal Finance.
[FR Doc. E824451 Filed 101608; 8:45 am]
BILLING CODE 481035M
FOR FURTHER INFORMATION CONTACT
Inquiries should be directed to the Agency Enterprise Solutions Division, Financial Management Service, Department of the Treasury, 401 14th Street, SW., Washington, DC 20227 (Telephone: 2028746650).