[Federal Register Volume 71, Number 28 (Friday, February 10, 2006)]
[Notices]
[Pages 7056-7057]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-1230]



[[Page 7056]]

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DEPARTMENT OF HOMELAND SECURITY

Customs and Border Protection Bureau


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 January 1, 2006, 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 and Border Protection personnel.

DATES: Effective January 1, 2006.

FOR FURTHER INFORMATION CONTACT: Ron Wyman, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite 100, 
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, 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 2005-78, the IRS determined the rates of interest 
for the calendar quarter beginning January 1, 2006, and ending March 
31, 2006. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term 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 April 1, 2006, and 
ending June 30, 2006.
    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.

----------------------------------------------------------------------------------------------------------------
                                                                                                     Corporate
                                                                       Under      Over  payments   overpayments
                 Beginning  date                   Ending  date      payments        (percent)     (Eff. 1-1-99)
                                                                     (percent)                       (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..........................................          123102               6               6               5
010103..........................................          093003               5               5               4

[[Page 7057]]

 
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
100105..........................................          033106               7               7               6
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    Dated: February 7, 2006.
Deborah J. Spero,
Acting Commissioner, Customs and Border Protection.
[FR Doc. 06-1230 Filed 2-9-06; 8:45 am]
BILLING CODE 9111-14-P