[Federal Register Volume 77, Number 126 (Friday, June 29, 2012)]
[Notices]
[Page 38888]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16040]
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DEPARTMENT OF THE TREASURY
Fiscal Service
Prompt Payment Interest Rate; Contract Disputes Act
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Notice.
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SUMMARY: For the period beginning July 1, 2012, and ending on December
31, 2012, the prompt payment interest rate is 1\3/4\ per centum per
annum.
ADDRESSES: Comments or inquiries may be mailed to Dorothy Dicks,
Reporting Team Leader, Federal Borrowings Branch, Division of
Accounting Operations, Office of Public Debt Accounting, Bureau of the
Public Debt, Parkersburg, West Virginia 26106-1328. A copy of this
Notice is available at http://www.treasurydirect.gov.
DATES: Effective July 1, 2012, to December 31, 2012.
FOR FURTHER INFORMATION CONTACT: Brant McDaniel, Manager, Federal
Borrowings Branch, Office of Public Debt Accounting, Bureau of the
Public Debt, Parkersburg, West Virginia 26106-1328, (304) 480-5114;
Dorothy Dicks, Reporting Team Leader, Federal Borrowings Branch,
Division of Accounting Operations, Office of Public Debt Accounting,
Bureau of the Public Debt, Parkersburg, West Virginia 26106-1328, (304)
480-5115; Paul Wolfteich, Chief Counsel, Office of the Chief Counsel,
Bureau of the Public Debt, (202) 504-3705; or Brenda L. Hoffman,
Attorney-Advisor, Office of the Chief Counsel, Bureau of the Public
Debt, (202) 504-3706.
SUPPLEMENTARY INFORMATION: An agency that has acquired property or
service from a business concern and has failed to pay for the complete
delivery of property or service by the required payment date shall pay
the business concern an interest penalty. 31 U.S.C. 3902(a). The
Contract Disputes Act of 1978, Sec. 12, Public Law 95-563, 92 Stat.
2389, and the Prompt Payment Act, 31 U.S.C. 3902(a), provide for the
calculation of interest due on claims at the rate established by the
Secretary of the Treasury.
The Secretary of the Treasury has the authority to specify the rate
by which the interest shall be computed for interest payments under
section 12 of the Contract Disputes Act of 1978 and under the Prompt
Payment Act. Under the Prompt Payment Act, if an interest penalty is
owed to a business concern, the penalty shall be paid regardless of
whether the business concern requested payment of such penalty. 31
U.S.C. 3902(c)(1). Agencies must pay the interest penalty calculated
with the interest rate, which is in effect at the time the agency
accrues the obligation to pay a late payment interest penalty. 31
U.S.C. 3902(a). ``The interest penalty shall be paid for the period
beginning on the day after the required payment date and ending on the
date on which payment is made.'' 31 U.S.C. 3902(b).
Therefore, notice is given that the Secretary of the Treasury has
determined that the rate of interest applicable for the period
beginning July 1, 2012, and ending on December 31, 2012, is 1\3/4\ per
centum per annum.
Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2012-16040 Filed 6-28-12; 8:45 am]
BILLING CODE 4810-39-P