[Federal Register Volume 78, Number 5 (Tuesday, January 8, 2013)]
[Notices]
[Pages 1222-1224]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-00146]


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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: U.S. 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 January 1, 2013, the interest rates 
for

[[Page 1223]]

overpayments will be 2 percent for corporations and 3 percent for non-
corporations, and the interest rate for underpayments will be 3 percent 
for both corporations and non-corporations. This notice is published 
for the convenience of the importing public and U.S. Customs and Border 
Protection personnel.

DATES: Effective Date: January 1, 2013.

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 2012-32, the IRS determined the rates of interest 
for the calendar quarter beginning January 1, 2013, and ending on March 
31, 2013. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (1%) plus two percentage points (2%) for 
a total of three percent (3%) for both corporations and non-
corporations. For corporate overpayments, the rate is the Federal 
short-term rate (1%) plus one percentage point (1%) for a total of two 
percent (2%). For overpayments made by non-corporations, the rate is 
the Federal short-term rate (1%) plus two percentage points (2%) for a 
total of three percent (3%). These interest rates are subject to change 
for the calendar quarter beginning April 1, 2013, and ending June 30, 
2013.
    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 before July of 1974 to date, to 
calculate interest on overdue accounts and refunds of customs duties, 
is published in summary format.

------------------------------------------------------------------------
                                                             Corporate
  Beginning                       Under-         Over-      overpayments
     date       Ending 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  .............
      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

[[Page 1224]]

 
      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         033113              3              3             2
------------------------------------------------------------------------


    Dated: January 2, 2013.
Thomas S. Winkowski,
Acting Deputy Commissioner, U.S. Customs and Border Protection.
[FR Doc. 2013-00146 Filed 1-7-13; 8:45 am]
BILLING CODE 9111-14-P