Federal Register / Vol. 72, No. 69 / Wednesday, April 11, 2007 / Notices 18265 

Dated: April 4, 2007. 

Hugo Teufel III, 

Chief Privacy Officer. 

[FR Doc. E7–6860 Filed 4–10–07; 8:45 am] 

BILLING CODE 4410–10–P 

DEPARTMENT OF HOMELAND 

SECURITY 

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 April 1, 

2007, the interest rates for overpayments 

will remain at 7 percent for corporations 

and 8 percent for non-corporations, and 

the interest rate for underpayments will 

remain at 8 percent. This notice is 

published for the convenience of the 

importing public and Customs and 

Border Protection personnel. 

EFFECTIVE DATE: April 1, 2007. 

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, 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 

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 2007–16, the IRS 

determined the rates of interest for the 

calendar quarter beginning April 1, 

2007, and ending June 30, 2007. 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 corporate 

overpayments, the rate is the Federal 

short-term rate (5%) plus two 

percentage points (2%) for a total of 

seven percent (7%). 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%). These interest 

rates are subject to change for the 

calendar quarter beginning July 1, 2007, 

and ending September 30, 2007. 

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. 

Beginning 

Date 

Ending 

Date 

Underpayments 

(percent) 

Overpayments 

(percent) 

Corporate 

overpayments 

(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

040199 ............................................................................................................. 033100 8 8 7

040100 ............................................................................................................. 033101 9 9 8

040101 ............................................................................................................. 063001 8 8 7


cprice-sewell on PRODPC61 with NOTICES
18266 Federal Register / Vol. 72, No. 69 / Wednesday, April 11, 2007 / Notices 

Beginning 

Date 

Ending 

Date 

Underpayments 

(percent) 

Overpayments 

(percent) 

Corporate 

overpayments 

(Eff. 1–1–99) 

(percent) 

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 ............................................................................................................. 063007 8 8 7

Dated: April 5, 2007. 

Deborah J. Spero, 

Acting Commissioner, Customs and Border 

Protection. 

[FR Doc. E7–6820 Filed 4–10–07; 8:45 am] 

BILLING CODE 9111–14–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Federal Emergency Management 

Agency 

Agency Information Collection 

Activities: Proposed Collection; 

Comment Request 

AGENCY: Federal Emergency 

Management Agency, DHS. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Federal Emergency 

Management Agency (FEMA), as part of 

its continuing effort to reduce 

paperwork and respondent burden, 

invites the general public and other 

Federal agencies to take this 

opportunity to comment on a proposed 

continuing information collection. In 

accordance with the Paperwork 

Reduction Act of 1995, this notice seeks 

comments concerning the renewal of 

FEMA’s National Flood Insurance 

Program’s (NFIP) Biennial Report forms 

(FEMA Form 81–28, FEMA Form 81–29, 

FEMA Form 81–29A). 

SUPPLEMENTARY INFORMATION: Under 44 

CFR 59.22(b)(2), FEMA requires that 

communities participating in the NFIP 

submit an annual or biennial report 

describing the progress made during the 

year in the implementation and 

enforcement of floodplain management 

regulations. Currently, FEMA has 

determined that this data will be 

collected on a biennial reporting cycle 

and the data collection is now referred 

to as the Biennial Report. As a 

supplement to the Biennial Report, 

FEMA has been mandated under section 

575 of the National Flood Insurance 

Reform Act (NFIRA) of 1994 to assess 

the need to revise and update all 

floodplain areas and flood risk zones 

identified, delineated, or established 

under section 1360 of the National 

Flood Insurance Act of 1968. The NFIP 

Biennial Report enables FEMA to meet 

its regulatory requirement under 

59.22(b)(2). It also enables FEMA to be 

more responsive to the on-going changes 

that occur in each participating 

community’s flood hazard area. These 

changes include, but are not limited to, 

new corporate boundaries, changes in 

flood hazard areas, new floodplain 

management measures, and changes in 

rate of floodplain development. It is also 

used to evaluate the effectiveness of the 

community’s floodplain management 

activities. The evaluation is 

accomplished by analyzing information 

provided by the community, such as the 

number of variances and floodplain 

permits granted by each community in 

relationship to other information 

contained in the Biennial Report, as 

well as other data available in FEMA’s 

Community Information System (CIS). 

The Biennial Report also provides an 

opportunity for NFIP participating 

communities to request technical 

assistance in implementing a floodplain 

management program. FEMA regional 

offices use this information as a means 

to know which communities need 

support and guidance. 

In addition, the NFIP Biennial Report 

is one of the tools used to assist FEMA 

in meeting its regulatory requirement 

under section 575 of the NFIRA. A 

‘‘yes’’ answer to Items A–D in section I 

of the report will provide the basis for 

FEMA to follow-up by contacting the 

community for clarification and/or 

elaboration regarding changes and 

activities occurring in a community’s 

flood hazard area. This information will 

be used in ranking and prioritizing one 

community’s mapping needs against all 

other communities in the NFIP and for 

determining how the limited flood 

hazard mapping funds are allocated for 

map updates. 

Collection of Information 

Title: The National Flood Insurance 

Program Biennial Report. 

Type of Information Collection: 

Revision of a currently approved 

collection. 

OMB Number: 1660–0003. 

Form Numbers: FEMA Form 81–28, 

FEMA Form 81–29, FEMA Form 81–

29A. 

Abstract: The NFIP Biennial Report 

enables FEMA to meet its regulatory 

requirement under 44 CFR 59.22(b)(2). It 

also enables FEMA to be more 

responsive to the on-going changes that 

occur in each participating community’s 

flood hazard area. These changes 

include, but are not limited to, new 

corporate boundaries, changes in flood 

hazard areas, new floodplain 

management measures, and changes in 

rate of floodplain development. It is also 

used to evaluate the effectiveness of the 

community’s floodplain management 

activities. The evaluation is 

accomplished by analyzing information 

provided by the community, such as the 

number of variances and floodplain 

permits granted by each community in 

relationship to other information 

contained in the Biennial Report, as 

well as other data available in FEMA’s 

CIS. The Biennial Report also provides 

an opportunity for NFIP participating 

communities to request technical 

assistance in implementing a floodplain 

management program. FEMA regional 

offices use this information as a means 

to know which communities need 

support and guidance. The NFIP 

Biennial Report is one of the tools used 

to assist FEMA in meeting its regulatory 

requirement under section 575 of the 

NFIRA. 

Affected Public: The respondents are 

State, local or tribal governments, farms, 

individuals or households, business or 

other for-profit, not-for-profit 

institutions representing the estimated 

20,500 United States and United States 

territorial communities that are 

participating members of the NFIP. The 

NFIP requires that communities 


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