[Federal Register Volume 67, Number 102 (Tuesday, May 28, 2002)]
[Notices]
[Pages 36959-36960]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-13280]


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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 April 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: April 1, 2002.

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 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 2002-13 (see, 2002-12 IRB ----, dated March 25, 
2002), the IRS determined the rates of interest for the calendar 
quarter beginning April 1, 2002, and ending June 30, 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 July 1, 2002, and ending 
September 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.

----------------------------------------------------------------------------------------------------------------
                                                                      Under-           Over-         Corporate
                 Beginning date                     Ending date      payments        payments     overpayments *
                                                                     (percent)       (percent)       (percent)
----------------------------------------------------------------------------------------------------------------
Prior to:
    070174......................................          063075               6               6  ..............
    070175......................................          013176               9               9  ..............
    020176......................................          013178               7               7  ..............
    020178......................................          013180               6               6  ..............
    020180......................................          013182              12              12  ..............
    020382......................................          123182              20              20  ..............
    010183......................................          063083              16              16  ..............
    070183......................................          123184              11              11  ..............
    010185......................................          063085              13              13  ..............
    070185......................................          123185              11              11  ..............
    010186......................................          063086              10              10  ..............

[[Page 36960]]

 
    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......................................          063002               6               6              5
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*Effective 1-1-99.


    Dated: May 22, 2002.
Robert C. Bonner,
Commissioner of Customs.
[FR Doc. 02-13280 Filed 5-24-02; 8:45 am]
BILLING CODE 4820-02-P