Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties

Federal Register: July 31, 2009 (Volume 74, Number 146)

Notices

Page 38213-38214

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr31jy09-83

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: Customs and Border Protection, Department of Homeland Security.

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 calendar quarter beginning July 1, 2009, the interest rates for overpayments will be 3 percent for corporations and 4 percent for non- corporations, and the interest rate for underpayments will be 4 percent. This notice is published for the convenience of the importing public and Customs and Border Protection personnel.

DATES: Effective Date: July 1, 2009.

FOR FURTHER INFORMATION CONTACT: Ron Wyman, Revenue Division,

Collection and Refunds Branch, 6650 Telecom Drive, Suite 100,

Indianapolis, Indiana 46278; telephone (317) 614-4516.

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 was amended (at paragraph

(a)(1)(B) by the Internal Revenue Service Restructuring and Reform Act of 1998, Public Law 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 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 2009-17, the IRS determined the rates of interest for the calendar quarter beginning July 1, 2009, and ending on

September 30, 2009. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (1%) plus three percentage points (3%) for a total of four percent (4%). For corporate overpayments, the rate is the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%). For overpayments made by non-corporations, the rate is the Federal short- term rate (1%) plus three percentage points (3%) for a total of four percent (4%). These interest rates are subject to change for the calendar quarter beginning October 1, 2009, and ending December 31, 2009.

For the convenience of the importing public and Customs and Border

Protection 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.

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 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

Page 38214

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..................................

093009

4

4

3

Dated: July 27, 2009.

Jayson P. Ahern,

Acting Commissioner, U.S. Customs and Border Protection.

FR Doc. E9-18371 Filed 7-30-09; 8:45 am

BILLING CODE 9111-14-P

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