[Federal Register Volume 82, Number 101 (Friday, May 26, 2017)]
[Notices]
[Pages 24370-24371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10805]


-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

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 
will remain the same from the previous quarter. For the calendar 
quarter beginning April 1, 2017, 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 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: April 1, 2017.

FOR FURTHER INFORMATION CONTACT: Shandy Plicka, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 298-1717.

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 2017-6, the IRS determined the rates of interest 
for the calendar quarter beginning April 1, 2017, and ending on June 
30, 2017. 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 both corporations and non-
corporations. 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 July 1, 2017, and ending 
September 30, 2017.
    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 accounts and refunds of customs duties, 
is published in summary format.

----------------------------------------------------------------------------------------------------------------
                                                                                                  Corporate over-
                                                                      Under-      Over- payments  payments (Eff.
                 Beginning date                     Ending date      payments        (percent)        1-1-99)
                                                                     (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

[[Page 24371]]

 
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
040116..........................................          063017               4               4               3
----------------------------------------------------------------------------------------------------------------


    Dated: May 16, 2017.
Sean M. Mildrew,
Acting Chief Financial Officer, Office of Finance.
[FR Doc. 2017-10805 Filed 5-25-17; 8:45 am]
BILLING CODE 9111-14-P