[Federal Register Volume 65, Number 5 (Friday, January 7, 2000)]
[Notices]
[Pages 1227-1229]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-304]


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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 January 1, 2000, the interest rates for 
overpayments will be 7 percent for corporations and 8 percent for non-
corporations, and the interest rate for underpayments will be 8 
percent. This notice is published for the convenience of the importing 
public and Customs personnel.

EFFECTIVE DATE: January 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

[[Page 1228]]

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 99-53 (see, 1999-50 IRB 1, dated December 13, 
1999), the IRS determined the rates of interest for the second quarter 
of fiscal year (FY) 2000 (the period of January 1-March 31, 2000). The 
interest rate paid to the Treasury for underpayments will be the short-
term Federal 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 third quarter of FY-2000 (the period of April 1-June 30, 
2000).
    For the convenience of the importing public and Customs personnel 
the following list of Internal Revenue Service 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
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[[Page 1229]]

    Dated: January 3, 2000.
Raymond W. Kelly,
Commissioner of Customs.
[FR Doc. 00-304 Filed 1-6-00; 8:45 am]
BILLING CODE 4820-02-P