[Federal Register Volume 86, Number 77 (Friday, April 23, 2021)]
[Notices]
[Pages 21758-21760]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-08465]


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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 April 1, 2021, the interest

[[Page 21759]]

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: The rates announced in this notice are applicable as of April 1, 
2021.

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 2021-06, the IRS determined the rates of interest 
for the calendar quarter beginning April 1, 2021, and ending on June 
30, 2021. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (0%) plus three percentage points (3%) 
for a total of three percent (3%) for both corporations and non-
corporations. For corporate overpayments, the rate is the Federal 
short-term rate (0%) plus two percentage points (2%) for a total of two 
percent (2%). For overpayments made by non-corporations, the rate is 
the Federal short-term rate (0%) plus three percentage points (3%) for 
a total of three percent (3%). These interest rates used to calculate 
interest on overdue accounts (underpayments) and refunds (overpayments) 
of customs duties remain the same from the previous quarter. These 
interest rates are subject to change for the calendar quarter beginning 
July 1, 2021, and ending on September 30, 2021.
    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  ..............
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

[[Page 21760]]

 
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                                               063020                                                            5               5               4
070120                                               063021                                                            3               3               2
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    Dated: April 19, 2021.
Jeffrey Caine,
Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2021-08465 Filed 4-22-21; 8:45 am]
BILLING CODE 9111-14-P