[Federal Register: July 12, 2004 (Volume 69, Number 132)]
[Notices]
[Page 41837-41838]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12jy04-50]
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DEPARTMENT OF HOMELAND SECURITY
Customs and Border Protection
Quarterly IRS Interest Rates Used in Calculating Interest on
Overdue Accounts and Refunds on Customs Duties
AGENCY: 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 July 1, 2004, the interest rates for
overpayments will be 3 percent for corporations and 4 percent for non-
corporations, and the interest rate for underpayments will be 4
percent. This notice is published for the convenience of the importing
public and Customs and Border Protection personnel.
EFFECTIVE DATE: July 1, 2004.
FOR FURTHER INFORMATION CONTACT: Trong Quan, National Finance Center,
Collections Section, 6026 Lakeside Boulevard, Indianapolis, Indiana
46278; telephone (317) 614-4516.
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, 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 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 2004-56, the IRS determined the rates of interest
for the calendar quarter beginning July 1, 2004, and ending September
30, 2004. The interest rate paid to the Treasury for underpayments will
be the Federal short-term rate (1%) plus three percentage points (3%)
for a total of four percent (4%). For corporate overpayments, the rate
is the Federal short-term rate (1%) plus two percentage points (2%) for
a total of three percent (3%). For overpayments made by non-
corporations, the rate is the Federal short-term rate (1%) plus three
percentage points (3%) for a total of four percent (4%). These interest
rates are subject to change for the calendar quarter beginning October
1, 2004, and ending December 31, 2004.
For the convenience of the importing public and 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.
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Corporate
Under- payments Over-payments overpayments
Beginning date Ending date (percent) (percent) (Eff. 1-1-99)
(percent)
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070174...................................... 063075 6 6 ...............
070175...................................... 013176 9 9 ...............
020176...................................... 013178 7 7 ...............
[[Page 41838]]
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
010103...................................... 093003 5 5 4
100103...................................... 033104 4 4 3
040104...................................... 063004 5 5 4
070104...................................... 093004 4 4 3
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Dated: July 6, 2004.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 04-15681 Filed 7-9-04; 8:45 am]
BILLING CODE 4820-02-P