[Federal Register Volume 79, Number 199 (Wednesday, October 15, 2014)]
[Notices]
[Pages 61896-61897]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-24424]
[[Page 61896]]
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DEPARTMENT OF HOMELAND SECURITY
U.S. Customs and Border Protection
Quarterly IRS Interest Rates Used in Calculating Interest on
Overdue Accounts and Refunds On Customs Duties
AGENCY: U.S. Customs and Border Protection, Department of Homeland
Security.
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 calendar quarter beginning October 1, 2014, the interest rates
for overpayments will be 2 percent for corporations and 3 percent for
non-corporations, and the interest rate for underpayments will be 3
percent for both corporations and non-corporations. This notice is
published for the convenience of the importing public and U.S. Customs
and Border Protection personnel.
DATES: Effective Date: October 1, 2014.
FOR FURTHER INFORMATION CONTACT: Michael P. Dean, Revenue Division,
Collection and Refunds Branch, 6650 Telecom Drive, Suite #100,
Indianapolis, Indiana 46278; telephone (317) 614-4882.
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
must 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, Public Law 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 Federal short-term 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 2014-23, the IRS determined the rates of interest
for the calendar quarter beginning October 1, 2014, and ending on
December 31, 2014. The interest rate paid to the Treasury for
underpayments will be the Federal short-term rate (1%) plus two
percentage points (2%) for a total of three percent (3%) for both
corporations and non-corporations. For corporate overpayments, the rate
is the Federal short-term rate (1%) plus one percentage point (1%) for
a total of two percent (2%). For overpayments made by non-corporations,
the rate is the Federal short-term rate (1%) plus two percentage points
(2%) for a total of three percent (3%). These interest rates are
subject to change for the calendar quarter beginning January 1, 2015,
and ending March 31, 2015.
For the convenience of the importing public and U.S. Customs and
Border Protection 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.
----------------------------------------------------------------------------------------------------------------
Corporate
Under-payments Over-payments overpayments
Beginning date Ending date (percent) (percent) (Eff. 1-1-99)
(percent)
----------------------------------------------------------------------------------------------------------------
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
040100........................... 033101.............. 9 9 8
040101........................... 063001.............. 8 8 7
070101........................... 123101.............. 7 7 6
010102........................... 123102.............. 6 6 5
[[Page 61897]]
010103........................... 093003.............. 5 5 4
100103........................... 033104.............. 4 4 3
040104........................... 063004.............. 5 5 4
070104........................... 093004.............. 4 4 3
100104........................... 033105.............. 5 5 4
040105........................... 093005.............. 6 6 5
100105........................... 063006.............. 7 7 6
070106........................... 123107.............. 8 8 7
010108........................... 033108.............. 7 7 6
040108........................... 063008.............. 6 6 5
070108........................... 093008.............. 5 5 4
100108........................... 123108.............. 6 6 5
010109........................... 033109.............. 5 5 4
040109........................... 123110.............. 4 4 3
010111........................... 033111.............. 3 3 2
040111........................... 093011.............. 4 4 3
100111........................... 123114.............. 3 3 2
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Dated: October 8, 2014.
R. Gil Kerlikowske,
Commissioner.
[FR Doc. 2014-24424 Filed 10-14-14; 8:45 am]
BILLING CODE 9111-14-P