[Federal Register Volume 74, Number 146 (Friday, July 31, 2009)]
[Notices]
[Pages 38213-38214]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-18371]


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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: 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, 2009, the interest rates for 
overpayments will be 3 percent for corporations and 4 percent for non-
corporations, and the interest rate for underpayments will be 4 
percent. This notice is published for the convenience of the importing 
public and Customs and Border Protection personnel.

DATES: Effective Date: July 1, 2009.

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 2009-17, the IRS determined the rates of interest 
for the calendar quarter beginning July 1, 2009, and ending on 
September 30, 2009. The interest rate paid to the Treasury for 
underpayments will be the Federal short-term rate (1%) plus three 
percentage points (3%) for a total of four percent (4%). For corporate 
overpayments, the rate is the Federal short-term rate (1%) plus two 
percentage points (2%) for a total of three percent (3%). For 
overpayments made by non-corporations, the rate is the Federal short-
term rate (1%) plus three percentage points (3%) for a total of four 
percent (4%). These interest rates are subject to change for the 
calendar quarter beginning October 1, 2009, and ending December 31, 
2009.
    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

[[Page 38214]]

 
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..................................            123107                 8                 8                 7
010108..................................            033108                 7                 7                 6
040108..................................            063008                 6                 6                 5
070108..................................            093008                 5                 5                 4
100108..................................            123108                 6                 6                 5
010109..................................            033109                 5                 5                 4
040109..................................            093009                 4                 4                 3
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    Dated: July 27, 2009.
Jayson P. Ahern,
Acting Commissioner, U.S. Customs and Border Protection.
[FR Doc. E9-18371 Filed 7-30-09; 8:45 am]
BILLING CODE 9111-14-P