Rules and Regulations. General notice
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/register/2001/10/22/01-26520A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 4820-02-P DEPARTMENT OF THE TREASURY Customs Service Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties AGENCY: Customs Service, Treasury. ACTION: General notice. SUMMARY: This notice advises the public of the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of Customs duties. For the quarter beginning October 1, 2001, the interest rates for overpayments will be 6 percent for corporations and 7 percent for non-corporations, and the interest rate for underpayments will be 7 percent.
This notice is published for the convenience of the importing public and Customs personnel. EFFECTIVE DATE: October 1, 2001. FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services Division, Accounts Receivable Group, 6026 Lakeside Boulevard, Indianapolis, Indiana 46278,
(317)298-1200, extension 1349. 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 shall be in accordance with the Internal Revenue Code rate established under 26 U.S.C. 6621 and 6622. Section 6621 was amended (at paragraph (a)(1)(B) by the Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. 105-206, 112 Stat. 685) to provide different interest rates applicable to overpayments: one for corporations and one for non-corporations. The interest rates are based on the short-term Federal 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 2001-47 ( *see,* 2001-39 IRB 1, dated September 24, 2001), the IRS determined the rates of interest for the calendar quarter beginning October 1, 2001, and ending December 31, 2001. The interest rate paid to the Treasury for underpayments will be the short-term Federal rate (4%) plus three percentage points (3%) for a total of seven percent (7%). For corporate overpayments, the rate is the Federal short-term rate (4%) plus two percentage points (2%) for a total of six percent (6%). For overpayments made by non-corporations, the rate is the Federal short-term rate (4%) plus three percentage points (3%) for a total of seven percent (7%). These interest rates are subject to change for the calendar quarter beginning January 1, 2002, and ending March 31, 2002. For the convenience of the importing public and Customs personnel the following list of IRS interest rates used, covering the period from before July of 1974 to date, to calculate interest on overdue accounts and refunds of Customs duties, is published in summary format. Beginning date Ending date Under payments (percent) Over payments (percent) Corporate Overpayments (Eff. 1-1-99) (percent) Prior to: 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 Dated: October 17, 2001. Robert C. Bonner, Commissioner of Customs. [FR Doc. 01-26520 Filed 10-19-01; 8:45 am]
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