Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds of Customs Duties
| Published date | 04 April 2024 |
| Record Number | 2024-07133 |
| Citation | 89 FR 23604 |
| Court | U.s. Customs And Border Protection |
| Section | Notices |
Federal Register, Volume 89 Issue 66 (Thursday, April 4, 2024)
[Federal Register Volume 89, Number 66 (Thursday, April 4, 2024)]
[Notices]
[Pages 23604-23605]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-07133]
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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, 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 April 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 2024-6, the IRS determined the rates of interest
for the calendar quarter beginning April 1, 2024, and ending on June
30, 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
July 1, 2024, and ending on September 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.
----------------------------------------------------------------------------------------------------------------
Corporate
Underpayments Overpayments overpayments
Beginning date Ending date (percent) (percent) (eff. 1-1-99)
(percent)
----------------------------------------------------------------------------------------------------------------
070174.............................. 063075 6 6 .................
070175.............................. 013176 9 9 .................
[[Page 23605]]
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
040122.............................. 063022 4 4 3
070122.............................. 093022 5 5 4
100122.............................. 123122 6 6 5
010123.............................. 093023 7 7 6
100123.............................. 063024 8 8 7
----------------------------------------------------------------------------------------------------------------
Dated: March 28, 2024.
Crinley S. Hoover,
Acting Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2024-07133 Filed 4-3-24; 8:45 am]
BILLING CODE 9111-14-P
