[Federal Register Volume 74, Number 181 (Monday, September 21, 2009)]
[Notices]
[Pages 48093-48094]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-22614]


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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 October 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: October 1, 2009.

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 2009-27, the IRS determined the rates of interest 
for the calendar quarter beginning October 1, 2009, and ending on 
December 31, 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 January 1, 2010, and ending March 31, 2010.
    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
                                                               Ending      Under-       Over-      overpayments
                       Beginning date                           date      payments    payments    (Eff. 1-1-99)
                                                                          (percent)   (percent)     (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  ...............

[[Page 48094]]

 
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.....................................................      123109           4           4                3
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    Dated: September 16, 2009.
Jayson P. Ahern,
Acting Commissioner, U.S. Customs and Border Protection.
[FR Doc. E9-22614 Filed 9-18-09; 8:45 am]
BILLING CODE 9111-14-P