[Federal Register Volume 89, Number 8 (Thursday, January 11, 2024)]
[Notices]
[Pages 1929-1931]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00389]


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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 of 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, 2024, the interest rates for underpayments 
will be 8 percent for both corporations and non-corporations. The 
interest rate for overpayments will be 8 percent for non-corporations 
and 7 percent for 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, 2024.

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 2023-22, the IRS determined the rates of interest 
for the calendar quarter beginning January 1,

[[Page 1930]]

2024, and ending on March 31, 2024. The interest rate paid to the 
Treasury for underpayments will be the Federal short-term rate (5%) 
plus three percentage points (3%) for a total of eight percent (8%) for 
both corporations and non-corporations. For overpayments made by non-
corporations, the rate is the Federal short-term rate (5%) plus three 
percentage points (3%) for a total of eight percent (8%). For corporate 
overpayments, the rate is the Federal short-term rate (5%) plus two 
percentage points (2%) for a total of seven percent (7%). 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 April 1, 2024, and ending on 
June 30, 2024.
    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
                                                           Underpayments       Overpayments       overpayments
           Beginning date                Ending date         (percent)          (percent)        (Eff. 1-1-99)
                                                                                                   (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
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

[[Page 1931]]

 
040122..............................             063022                  4                  4                  3
070122..............................             093022                  5                  5                  4
100122..............................             123122                  6                  6                  5
010123..............................             093023                  7                  7                  6
100123..............................             033124                  8                  8                  7
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    Dated: January 5, 2024.
Crinley S. Hoover,
Acting Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2024-00389 Filed 1-10-24; 8:45 am]
BILLING CODE 9111-14-P