[Federal Register Volume 65, Number 205 (Monday, October 23, 2000)]
[Notices]
[Pages 63288-63289]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-27125]


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DEPARTMENT OF THE TREASURY

Customs Service


Quarterly IRS Interest Rates Used in Calculating Interest on 
Overdue Accounts and Refunds on Customs Duties

AGENCY: Customs Service, Treasury.

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 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.

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                                                                                                    Corporate
                                                              Underpayments     Overpayments      overpayments
             Beginning date                  Ending date        (percent)         (percent)       (Eff. 1-1-99)
                                                                                                    (percent)
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Prior to
    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

[[Page 63289]]

 
    040100..............................            123100                 9                 9                 8
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    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