[Federal Register Volume 67, Number 35 (Thursday, February 21, 2002)]
[Notices]
[Pages 8063-8065]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-4125]


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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 calendar quarter beginning January 1, 2002, the interest rates 
for overpayments will be 5 percent for corporations and 6 percent for 
non-corporations, and the interest rate for underpayments will be 6 
percent. This notice is published for the convenience of the importing 
public and Customs personnel.

EFFECTIVE DATE: January 1, 2002.

FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services 
Division, Accounts Receivable Group,

[[Page 8064]]

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, Public Law 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 Federal short-term 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 2001-63 (see, 2001-52 IRB 1, dated December 24, 
2001), the IRS determined the rates of interest for the calendar 
quarter beginning January 1, 2002, and ending March 31, 2002. The 
interest rate paid to the Treasury for underpayments will be the 
Federal short-term rate (3%) plus three percentage points (3%) for a 
total of six percent (6%). For corporate overpayments, the rate is the 
Federal short-term rate (3%) plus two percentage points (2%) for a 
total of five percent (5%). For overpayments made by non-corporations, 
the rate is the Federal short-term rate (3%) plus three percentage 
points (3%) for a total of six percent (6%). These interest rates are 
subject to change for the calendar quarter beginning April 1, 2002, and 
ending June 30, 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.

----------------------------------------------------------------------------------------------------------------
                                                                                                      Corporate
                                                                       Underpayments  Overpayments  overpayments
                 Beginning date prior to                  Ending date     (percent)     (percent)     (Eff. 1-1-
                                                                                                         99)
------------------------------------------------------------------------------------------------------(percent)-
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
010102..................................................       033102             6              6             5
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[[Page 8065]]

    Dated: February 15, 2002.
Robert C. Bonner,
Commissioner of Customs.
[FR Doc. 02-4125 Filed 2-20-02; 8:45 am]
BILLING CODE 4820-02-P