[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)]
[Notices]
[Pages 6526-6527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02402]


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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 that the quarterly Internal 
Revenue Service interest rates used to calculate interest on overdue 
accounts (underpayments) and refunds (overpayments) of customs duties 
remain unchanged from the previous quarter. For the calendar quarter 
beginning January 1, 2016, 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, 2016.

FOR FURTHER INFORMATION CONTACT: Michael P. Dean, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 614-4882.

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 provides 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 2015-23, the IRS determined the rates of interest 
for the calendar quarter beginning January 1, 2016, and ending on March 
31, 2016. 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, 2016, and ending June 30, 
2016.
    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

[[Page 6527]]

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
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..................................            033116                 3                 3                 2
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    Dated: February 3, 2016.
R. Gil Kerlikowske,
Commissioner.
[FR Doc. 2016-02402 Filed 2-5-16; 8:45 am]
 BILLING CODE 9111-14-P