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 Department of the Treasury Customs Service
 AGENCY: Customs Service, Treasury.
 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 quarter beginning October 1, 2000, the interest rates for overpayments will be 8 percent for corporations and 9 percent for non-corporations, and the interest rate for underpayments will be 9 percent. This notice is published for the convenience of the importing public and Customs personnel.
 EFFECTIVE DATE: October 1, 2000.
 FOR FURTHER INFORMATION CONTACT: Ronald Wyman, Accounting Services Division, Accounts Receivable Group, 6026 Lakeside Boulevard, Indianapolis, Indiana 46278, (317) 298-1200, extension 1349.


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 shall 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 rate applicable to underpayments is not so bifurcated. The interest rates are based on the short-term Federal 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 2000-42 (
                    *see*, 2000-39 IRB 297, dated September 25, 2000), the IRS determined the rates of interest for the first quarter of fiscal year (FY) 2001 (the period of October 1-December 31, 2000). The interest rate paid to the Treasury for underpayments will be the short-term Federal rate (6%) plus three percentage points (3%) for a total of nine percent (9%). For corporate overpayments, the rate is the Federal short-term rate (6%) plus two percentage points (2%) for a total of eight percent (8%). For overpayments made by non-corporations, the rate is the Federal short-term rate (6%) plus three percentage points (3%) for a total of nine percent (9%). These interest rates are subject to change the second quarter of FY-2001 (the period of January 1-March 31, 2001). For the convenience of the importing public and Customs 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)Prior to070174
063075
6
6070175
013176
9
9020176
013178
7
7020178
013180
6
6020180
013182
12
12020182
123182
20
20010183
063083
16
16070183
123184
11
11010185
063085
13
13070185
123185
11
11010186
063086
10
10070186
123186
9
9010187
093087
9
8100187
123187
10
9010188
033188
11
10040188
093088
10
9100188
033189
11
10040189
093089
12
11100189
033191
11
10040191
123191
10
9010192
033192
9
8040192
093092
8
7100192
063094
7
6070194
093094
8
7100194
033195
9
8040195
063095
10
9070195
033196
9
8040196
063096
8
7070196
033198
9
8040198
123198
8
7010199
033199
7
7
6040199
033100
8
8
7( print page 63289)040100
123100
9
9
8
 Dated: October 15, 2000. Raymond W. Kelly, Commissioner of Customs.


[FR Doc. 00-27125 Filed 10-20-00; 8:45 am] BILLING CODE 4820-02-P