[Federal Register Volume 65, Number 148 (Tuesday, August 1, 2000)]
[Notices]
[Pages 47002-47003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-19400]



[[Page 47002]]

=======================================================================
-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

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 July 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: July 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 2000-30 (see, 2000-25 IRB 1262, dated June 19, 
2000), the IRS determined the rates of interest for the fourth quarter 
of fiscal year (FY) 2000 (the period of July 1-September 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 the first quarter of FY-2001 (the period of October 1-December 
31, 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
                                                                   Underpayments  Overpayments    overpayments
                   Beginning date                     Ending date     (percent)     (percent)     (Eff. 1-1-99
                                                                                                    (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  ................
    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  ................

[[Page 47003]]

 
    040198..........................................       123198             8              7  ................
    010199..........................................       033199             7              7                 6
    040199..........................................       033100             8              8                 7
    040100..........................................       093000             9              9                 8
----------------------------------------------------------------------------------------------------------------


    Dated: July 27, 2000.
Raymond W. Kelly,
Commissioner of Customs.
[FR Doc. 00-19400 Filed 7-31-00; 8:45 am]
BILLING CODE 4820-02-P