[Federal Register Volume 66, Number 127 (Monday, July 2, 2001)]
[Notices]
[Pages 34988-34990]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16541]


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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 July 1, 2001, the interest rates for 
overpayments will be 6 percent for corporations and 7 percent

[[Page 34989]]

for non-corporations, and the interest rate for underpayments will be 7 
percent. This notice is published for the convenience of the importing 
public and Customs personnel.

EFFECTIVE DATE: July 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 2001-32 (see, 2001-26 IRB 1, dated June 25, 
2001), the IRS determined the rates of interest for the fourth quarter 
of fiscal year (FY) 2001 (the period of July 1-September 30, 2001). The 
interest rate paid to the Treasury for underpayments will be the short-
term Federal rate (4%) plus three percentage points (3%) for a total of 
seven percent (7%). For corporate overpayments, the rate is the Federal 
short-term rate (4%) plus two percentage points (2%) for a total of six 
percent (6%). For overpayments made by non-corporations, the rate is 
the Federal short-term rate (4%) plus three percentage points (3%) for 
a total of seven percent (7%). These interest rates are subject to 
change the first quarter of FY-2002 (the period of October 1-December 
31, 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.

----------------------------------------------------------------------------------------------------------------
                                                                     (In percent)                  Corporate
         Beginning date                Ending date      --------------------------------------    Overpayments
                                                           Under-payments     Over-payments      (Eff. 1-1-99)
----------------------------------------------------------------------------------------------------------------
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
    040101.....................  063001................                  8                  8                  7
    070101.....................  093001................                  7                  7                  6
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[[Page 34990]]

    Dated: June 27, 2001.
Charles W. Winwood,
Acting Commissioner of Customs.
[FR Doc. 01-16541 Filed 6-29-01; 8:45 am]
BILLING CODE 4820-02-P