[Federal Register Volume 76, Number 71 (Wednesday, April 13, 2011)]
[Notices]
[Pages 20697-20698]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8950]


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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: Customs and Border Protection, Department of Homeland Security.

ACTION: General notice.

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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 April 1, 2011, 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 for both corporations and non-corporations. This notice is 
published for the convenience of the importing public and Customs and 
Border Protection personnel.

DATES: Effective Date: April 1, 2011.

FOR FURTHER INFORMATION CONTACT: Ron Wyman, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite <greek-i>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 2011-5, the IRS determined the rates of interest 
for the calendar quarter beginning April 1, 2011, and ending on June 
30, 2011. 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 both corporations and non-
corporations. 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 July 1, 2011, and ending 
September 30, 2011.
    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
    Beginning Date          Ending Date            Overpayments          Under-payments     Overpayments (Eff. 1-
                                                    (percent)              (percent)           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      ....................

[[Page 20698]]

 
           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                 063011                      4                      4                      3
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    Dated: April 8, 2011.
Alan Bersin,
Commissioner, U.S. Customs and Border Protection.
[FR Doc. 2011-8950 Filed 4-12-11; 8:45 am]
BILLING CODE 9111-14-P