01-4631. Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties  

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    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 January 1, 2001, 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:

    January 1, 2001.

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    FOR FURTHER INFORMATION CONTACT:

    Ronald Wyman, Accounting Services Division, Accounts Receivable Group, 6026 Lakeside Boulevard, Indianapolis, Indiana 46278, (317) 298-1200, extension 1349.

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    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 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 2000-57 (see, 2000-50 IRB 579, dated December 11, 2000), the IRS determined the rates of interest for the second quarter of fiscal year (FY) 2001 (the period of January 1-March 31, 2001). 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 third quarter of FY-2001 (the period of April 1-June 30, 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. Start Printed Page 11633

    Beginning dateEnding dateUnder-payments (percent)Over-payments (percent)Corporate over-payments (Eff. 1-1-99) (percent)
    Prior to:
    07017406307566
    07017501317699
    02017601317877
    02017801318066
    0201800131821212
    0201821231822020
    0101830630831616
    0701831231841111
    0101850630851313
    0701851231851111
    0101860630861010
    07018612318699
    01018709308798
    100187123187109
    0101880331881110
    040188093088109
    1001880331891110
    0401890930891211
    1001890331911110
    040191123191109
    01019203319298
    04019209309287
    10019206309476
    07019409309487
    10019403319598
    040195063095109
    07019503319698
    04019606309687
    07019603319898
    04019812319887
    010199033199776
    040199033100887
    040100033101998
    Start Signature

    Dated: February 21, 2001.

    Charles W. Winwood,

    Acting Commissioner of Customs.

    End Signature End Supplemental Information

    [FR Doc. 01-4631 Filed 2-23-01; 8:45 am]

    BILLING CODE 4820-02-P

Document Information

Effective Date:
1/1/2001
Published:
02/26/2001
Department:
Customs Service
Entry Type:
Notice
Action:
General notice.
Document Number:
01-4631
Dates:
January 1, 2001.
Pages:
11632-11633 (2 pages)
PDF File:
01-4631.pdf