[Federal Register Volume 72, Number 150 (Monday, August 6, 2007)]
[Notices]
[Pages 43656-43657]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-15154]


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DEPARTMENT OF HOMELAND SECURITY

U.S. Customs and Border Protection


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

AGENCY: U.S. 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, 2007, the interest rates for 
overpayments will remain at 7 percent for corporations and 8 percent 
for non-corporations, and the interest rate for underpayments will 
remain at 8 percent. This notice is published for the convenience of 
the importing public and U.S. Customs and Border Protection personnel.

DATES: Effective Date: July 1, 2007.

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, Pub. L. 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 2007-39, the IRS determined the rates of interest 
for the calendar quarter beginning July 1, 2007, and ending September 
30, 2007. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (5%) plus three percentage points (3%) 
for a total of eight percent (8%). For corporate overpayments, the rate 
is the Federal short-term rate (5%) plus two percentage points (2%) for 
a total of seven percent (7%). For overpayments made by non-
corporations, the rate is the Federal short-term rate (5%) plus three 
percentage points (3%) for a total of eight percent (8%). These 
interest rates are subject to change for the calendar quarter beginning 
October 1, 2007, and ending December 31, 2007.
    For the convenience of the importing public and U.S. 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.

[[Page 43657]]



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                                                                                                     Corporate
                                                                   Underpayments   Overpayments    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
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
100105..........................................          063006               7               7               6
070106..........................................          093007               8               8               7
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    Dated: July 31, 2007.
Deborah J. Spero,
Acting Commissioner, U.S. Customs and Border Protection.
 [FR Doc. E7-15154 Filed 8-3-07; 8:45 am]
BILLING CODE 9111-14-P