[Federal Register Volume 70, Number 168 (Wednesday, August 31, 2005)]
[Notices]
[Pages 51836-51837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-17247]


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DEPARTMENT OF HOMELAND SECURITY

Customs and Border Protection


Quarterly IRS Interest Rates Used in Calculating Interest on 
Overdue Accounts and Refunds on Customs Duties

AGENCY: Customs and Border Protection, Department of Homeland Security.

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 July 1, 2005, 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 and Border Protection personnel.

EFFECTIVE DATE: July 1, 2005.

FOR FURTHER INFORMATION CONTACT: Trong Quan, National Finance Center, 
Collections Section, 6026 Lakeside Boulevard, Indianapolis, Indiana 
46278; telephone (317) 614-4516.

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 
must 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 2005-35, the IRS determined the rates of interest 
for the calendar quarter beginning July 1, 2005, and ending September 
30, 2005. 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 October 
1, 2005, and ending December 31, 2005.
    For the convenience of the importing public and Customs and Border 
Protection 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 payments     Over payments     overpayments
          Beginning  date                 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

[[Page 51837]]

 
070101.............................  123101...............                 7                 7                 6
010102.............................  123102...............                 6                 6                 5
010103.............................  093003...............                 5                 5                 4
100103.............................  033104...............                 4                 4                 3
040104.............................  063004...............                 5                 5                 4
070104.............................  093004...............                 4                 4                 3
100104.............................  033105...............                 5                 5                 4
040105.............................  093005...............                 6                 6                 5
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    Dated: August 25, 2005.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 05-17247 Filed 8-30-05; 8:45 am]
BILLING CODE 9110-06-P