[Federal Register Volume 79, Number 2 (Friday, January 3, 2014)]
[Notices]
[Page 424]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-31205]


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DEPARTMENT OF THE TREASURY

Fiscal Service


Prompt Payment Interest Rate; Contract Disputes Act

AGENCY: Bureau of the Fiscal Service, Treasury.

ACTION: Notice.

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SUMMARY: For the period beginning January 1, 2014, and ending on June 
30, 2014, the prompt payment interest rate is 2\1/8\ per centum per 
annum.

ADDRESSES: Comments or inquiries may be mailed to: Sam Doak, Reporting 
Team Lead Accountant, Bureau of the Fiscal Service, Federal Borrowings 
Branch, Room 119, Parkersburg Warehouse & Operations Center Dock 1, 257 
Bosley Industrial Park Drive, Parkersburg, West Virginia 26101. 
Comments or inquiries may also be emailed to [email protected]. 
A copy of this notice is available at http://www.treasurydirect.gov.

DATES: Effective January 1, 2014, to June 30, 2014.

FOR FURTHER INFORMATION CONTACT: Adam Charlton, Manager, Fiscal 
Accounting Operations, Federal Borrowings Branch, (304) 480-5248; Sam 
Doak, Reporting Team Lead Accountant, Fiscal Accounting Operations, 
Federal Borrowings Branch, (304) 480-5117; or Elisha S. Garvey, 
Attorney-Advisor, Office of the Chief Counsel, (202) 504-3715.

SUPPLEMENTARY INFORMATION: An agency that has acquired property or 
service from a business concern and has failed to pay for the complete 
delivery of property or service by the required payment date shall pay 
the business concern an interest penalty. 31 U.S.C. 3902(a). The 
Contract Disputes Act of 1978, Sec. 12, Public Law 95-563, 92 Stat. 
2389, and the Prompt Payment Act, 31 U.S.C. 3902(a), provide for the 
calculation of interest due on claims at the rate established by the 
Secretary of the Treasury.
    The Secretary of the Treasury has the authority to specify the rate 
by which the interest shall be computed for interest payments under 
section 12 of the Contract Disputes Act of 1978 and under the Prompt 
Payment Act. Under the Prompt Payment Act, if an interest penalty is 
owed to a business concern, the penalty shall be paid regardless of 
whether the business concern requested payment of such penalty. 31 
U.S.C. 3902(c)(1). Agencies must pay the interest penalty calculated 
with the interest rate, which is in effect at the time the agency 
accrues the obligation to pay a late payment interest penalty. 31 
U.S.C. 3902(a). ``The interest penalty shall be paid for the period 
beginning on the day after the required payment date and ending on the 
date on which payment is made.'' 31 U.S.C. 3902(b).
    Therefore, notice is given that the Secretary of the Treasury has 
determined that the rate of interest applicable for the period 
beginning January 1, 2014, and ending on June 30, 2014, is 2\1/8\ per 
centum per annum.

Mark Reger,
Deputy Assistant Secretary for Accounting Policy.
[FR Doc. 2013-31205 Filed 1-2-14; 8:45 am]
BILLING CODE 4810-39-M