[Federal Register Volume 65, Number 73 (Friday, April 14, 2000)]
[Notices]
[Pages 20265-20266]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-9322]


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DEPARTMENT OF THE TREASURY

Customs Service


Quarterly IRS Interest Rates Used in Calculating Interest on 
Overdue Accounts and Refunds on Customs Duties

AGENCY: Customs Service, Treasury.

ACTION: General notice.

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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 April 1, 2000, the interest rates for 
overpayments will be 8 percent for corporations and 9 percent for non-
corporations, and the interest rate for underpayments will be 9 
percent. This notice is published for the convenience of the importing 
public and Customs personnel.

EFFECTIVE DATE: April 1, 2000.

FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services 
Division, Accounts Receivable Group, 6026 Lakeside Boulevard, 
Indianapolis, Indiana 46278, (317) 298-1200, extension 1349.

SUPPLEMENTARY INFORMATION:

Background

    Pursuant to 19 U.S.C. 1505 and Treasury Decision 85-93, 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 Internal Revenue Service Restructuring and Reform Act 
of 1998, Pub. L. 105-206, 112 Stat. 685) to provide different interest 
rates applicable to overpayments: one for corporations and one for non-
corporations. The interest rate applicable to underpayments is not so 
bifurcated.
    The interest rates are based on the short-term 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 first-month period of the previous 
quarter.
    In Revenue Ruling 2000-16 (see, 2000-12 IRB 780 dated March 20, 
2000), the IRS determined the rates of interest for the third quarter 
of fiscal year (FY) 2000 (the period of April 1--June 30, 2000). The 
interest rate paid to the Treasury for underpayments will be the short-
term Federal rate (6%) plus three percentage points (3%) for a total of 
nine percent (9%). For corporate overpayments, the rate is the Federal 
short-term rate (6%) plus two percentage points (2%) for a total of 
eight percent (8%). For overpayments made by non-corporations, the rate 
is the Federal short-term rate (6%) plus three percentage points (3%) 
for a total of nine percent (9%). These interest rates are subject to 
change for the fourth quarter of FY-2000 (the period of July 1-
September 30, 2000).
    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
                                                                     Ending     Under-     Over-    Overpayments
                          Beginning date                              date     payments   payments   (Eff. 1-1-
                                                                              (percent)  (percent)       99)
------------------------------------------------------------------------------------------------------(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  ............

[[Page 20266]]

 
  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.........................................................     063000          9          9            8
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    Dated: April 10, 2000.
Raymond W. Kelly,
Commissioner of Customs.
[FR Doc. 00-9322 Filed 4-13-00; 8:45 am]
BILLING CODE 4820-02-P