[Federal Register Volume 84, Number 191 (Wednesday, October 2, 2019)]
[Notices]
[Pages 52523-52524]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21377]


=======================================================================
-----------------------------------------------------------------------

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 October 1, 2019, the interest rates for overpayments 
will be 4 percent for corporations and 5 percent for non-corporations, 
and the interest rate for underpayments will be 5 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: The rates announced in this notice are applicable as of October 
1, 2019.

FOR FURTHER INFORMATION CONTACT: Bruce Ingalls, Revenue Division, 
Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 298-1107.

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 2019-21, the IRS determined the rates of interest 
for the calendar quarter beginning October 1, 2019, and ending on 
December 31, 2019. The interest rate paid to the Treasury for 
underpayments will be the Federal short-term rate (2%) plus three 
percentage points (3%) for a total of five percent (5%) for both 
corporations and non-corporations. For corporate overpayments, the rate 
is the Federal short-term rate (2%) plus two percentage points (2%) for 
a total of four percent (4%). For overpayments made by non-
corporations, the rate is the Federal short-term rate (2%) plus three 
percentage points (3%) for a total of five percent (5%). These interest 
rates used to calculate interest on overdue accounts (underpayments) 
and refunds (overpayments) of customs duties are remaining the same 
from the previous quarter. These interest rates are subject to change 
for the calendar quarter beginning January 1, 2020, and ending on March 
31, 2020.
    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 July of 1974 to date, to calculate 
interest on overdue accounts and refunds of customs duties, is 
published in summary format.

[[Page 52524]]



----------------------------------------------------------------------------------------------------------------
                                                                                                     Corporate
                                                                      Under-      Over- payments   overpayments
                 Beginning date                     Ending date      payments        (percent)     (Eff. 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  ..............
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..........................................          033118               4               4               3
040118..........................................          123118               5               5               4
010119..........................................          063019               6               6               5
070119..........................................          123119               5               5               4
----------------------------------------------------------------------------------------------------------------


    Dated: September 23, 2019.
Samuel D. Grable,
Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2019-21377 Filed 10-1-19; 8:45 am]
BILLING CODE 9111-14-P