[Federal Register Volume 66, Number 204 (Monday, October 22, 2001)]
[Notices]
[Pages 53472-53473]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-26520]


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DEPARTMENT OF THE TREASURY

Customs Service


Quarterly IRS Interest Rates Used in CalculatingInterest 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 October 1, 2001, the interest rates for 
overpayments will be 6 percent for corporations and 7 percent 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: October 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

[[Page 53473]]

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 2001-47 (see, 2001-39 IRB 1, dated September 24, 
2001), the IRS determined the rates of interest for the calendar 
quarter beginning October 1, 2001, and ending December 31, 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 for the calendar quarter beginning January 1, 2002, and ending 
March 31, 2002.
    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.

 
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                                                                                                     Corporate
                                                                           Under         Over      Overpayments
                      Beginning date                       Ending date    payments     payments    (Eff. 1-1-99)
                                                                         (percent)    (percent)      (percent)
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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...............................................       123101            7            7               6
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    Dated: October 17, 2001.
Robert C. Bonner,
Commissioner of Customs.
[FR Doc. 01-26520 Filed 10-19-01; 8:45 am]
BILLING CODE 4820-02-P