[Federal Register Volume 87, Number 127 (Tuesday, July 5, 2022)]
[Notices]
[Pages 39847-39848]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-14207]


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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 increase from the previous quarter. For the calendar quarter 
beginning July 1, 2022, 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 July 1, 
2022.

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 2022-11, the IRS determined the rates of interest 
for the calendar quarter beginning July 1, 2022, and ending on 
September 30, 2022. 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 increased from the 
previous quarter. These interest rates are subject to change for the 
calendar quarter beginning October 1, 2022, and ending on December 31, 
2022.
    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.

----------------------------------------------------------------------------------------------------------------
                                                                                                    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  ...............

[[Page 39848]]

 
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.......................................          063020                5                5                4
070120.......................................          033122                3                3                2
040122.......................................          063022                4                4                3
070122.......................................          093022                5                5                4
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    Dated: June 28, 2022.
Jeffrey Caine,
Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2022-14207 Filed 7-1-22; 8:45 am]
BILLING CODE 9111-14-P