[Federal Register Volume 66, Number 38 (Monday, February 26, 2001)]
[Notices]
[Pages 11632-11633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4631]


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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 January 1, 2001, 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: January 1, 2001.

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 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 2000-57 (see, 2000-50 IRB 579, dated December 11, 
2000), the IRS determined the rates of interest for the second quarter 
of fiscal year (FY) 2001 (the period of January 1-March 31, 2001). 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 third quarter of FY-2001 (the period of April 1-June 30, 
2001).
    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.

[[Page 11633]]



----------------------------------------------------------------------------------------------------------------
                                                                                                 Corporate over-
                                                                Under-payments   Over-payments   payments  (Eff.
               Beginning date                   Ending date       (percent)        (percent)         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  ...............
    040198..................................           123198                8                7  ...............
    010199..................................           033199                7                7                6
    040199..................................           033100                8                8                7
    040100..................................           033101                9                9                8
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    Dated: February 21, 2001.
Charles W. Winwood,
Acting Commissioner of Customs.
[FR Doc. 01-4631 Filed 2-23-01; 8:45 am]
BILLING CODE 4820-02-P