[Federal Register Volume 84, Number 250 (Tuesday, December 31, 2019)]
[Notices]
[Pages 72379-72380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-28220]
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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
will remain the same from the previous quarter. For the calendar
quarter beginning January 1, 2020, 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 January
1, 2020.
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 2019-28, the IRS determined the rates of interest
for the calendar quarter beginning January 1, 2020, and ending on March
31, 2020. 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 April 1, 2020, and ending on June 30, 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.
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Corporate
Under- Over- payments overpayments
Beginning date Ending date payments (percent) (Eff. 1-1-99)
(percent) (percent)
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070174................................ 063075.................. 6 6 ..............
070175................................ 013176.................. 9 9 ..............
020176................................ 013178.................. 7 7 ..............
[[Page 72380]]
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................................ 033120.................. 5 5 4
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Dated: December 23, 2019.
Samuel D. Grable,
Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2019-28220 Filed 12-30-19; 8:45 am]
BILLING CODE 9111-14-P