[Federal Register Volume 77, Number 10 (Tuesday, January 17, 2012)]
[Notices]
[Pages 2308-2310]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-724]


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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 January 1, 2012, 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 for both corporations and non-corporations. This notice is 
published for the convenience of the importing public and U.S. Customs 
and Border Protection personnel.

DATES: Effective Date: January 1, 2012.

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 2011-32, the IRS determined the rates of interest 
for the calendar quarter beginning January 1, 2012, and ending on March 
31, 2012.

[[Page 2309]]

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 both corporations and non-corporations. 
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, 2012, and ending June 30, 2012.
    For the convenience of the importing public and U.S. Customs and 
Border Protection personnel, the following list of IRS interest rates 
used to calculate interest on overdue accounts and refunds of customs 
duties covering the period from before July of 1974 to date is 
published in summary format.

----------------------------------------------------------------------------------------------------------------
                                                                                                    Corporate
                                                                           Under-       Over-      overpayments
              Beginning date                        Ending date           payments    payments    (Eff. 1-1-99)
                                                                          (percent)   (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
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
040111...................................  093011......................           4           4                3
100111...................................  033112......................           3           3                2
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[[Page 2310]]

    Dated: January 11, 2012.
David V. Aguilar,
Acting Commissioner, U.S. Customs and Border Protection.
[FR Doc. 2012-724 Filed 1-13-12; 8:45 am]
BILLING CODE 9111-14-P