[Federal Register Volume 76, Number 9 (Thursday, January 13, 2011)]
[Notices]
[Pages 2404-2405]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-676]


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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 January 1, 2011, the interest rates 
for overpayments will be 2 percent for corporations and 3 percent for 
non-corporations, and the interest rate for underpayments will be 3 
percent. This notice is published for the convenience of the importing 
public and Customs and Border Protection personnel.

DATES: Effective Date: January 1, 2011.

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 2010-31, the IRS determined the rates of interest 
for the calendar quarter beginning January 1, 2011, and ending on March 
31, 2011. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (1%) plus two percentage points (2%) for 
a total of three percent (3%). For corporate overpayments, the rate is 
the Federal short-term rate (1%) plus one percentage point (1%) for a 
total of two percent (2%). For overpayments made by non-corporations, 
the rate is the Federal short-term rate (1%) plus two percentage points 
(2%) for a total of three percent (3%). These interest rates are 
subject to change for the calendar quarter beginning April 1, 2011, and 
ending June 30, 2011.
    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.

[[Page 2405]]



----------------------------------------------------------------------------------------------------------------
                                                                                                      Corporate
                                                                             Under-       Over-     overpayments
                       Beginning date                        Ending date    payments     payments    (eff. 1-1-
                                                                           (percent)    (percent)        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.....................................................       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.....................................................       123110            4            4             3
010111.....................................................       033111            3            3             2
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    Dated: January 7, 2011.
Alan Bersin,
Commissioner, U.S. Customs and Border Protection.
[FR Doc. 2011-676 Filed 1-12-11; 8:45 am]
BILLING CODE 9111-14-P