[Federal Register: January 12, 2009 (Volume 74, Number = 7)] [Notices] =20 [Page 1225-1227] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr12ja09-91] =20 ----------------------------------------------------------------------- DEPARTMENT OF HOMELAND SECURITY U.S. Customs and Border Protection =20 Quarterly IRS Interest Rates Used in Calculating Interest on=20 Overdue Accounts and Refunds on Customs Duties AGENCY: Customs and Border Protection, Department of Homeland Security. ACTION: General notice. ----------------------------------------------------------------------- SUMMARY: This notice advises the public of the quarterly Internal=20 Revenue Service interest rates used to calculate interest on overdue=20 accounts (underpayments) and refunds (overpayments) of customs duties.=20 For the calendar quarter beginning January 1, 2009, the interest rates=20 for overpayments will be 4 percent for corporations and 5 percent for=20 non-corporations, and the interest rate for underpayments will be 5=20 percent. This notice is published for the convenience of the importing=20 public and Customs and Border Protection personnel. DATES: Effective Date: January 1, 2009. FOR FURTHER INFORMATION CONTACT: Ron Wyman, Revenue Division,=20 Collection and Refunds Branch, 6650 Telecom Drive, Suite100,=20 Indianapolis, Indiana 46278; telephone (317) 614-4516. SUPPLEMENTARY INFORMATION: Background Pursuant to 19 U.S.C. 1505 and Treasury Decision 85-93, published=20 in the Federal Register on May 29, 1985 (50 FR 21832), the interest=20 rate paid on applicable overpayments or underpayments of customs duties=20 must be in accordance with the Internal Revenue Code rate established=20 under 26 U.S.C. 6621 and 6622. Section 6621 was amended (at paragraph=20 (a)(1)(B) by the Internal Revenue Service Restructuring and Reform Act=20 of 1998, Pub. L. 105-206, 112 Stat. 685) to provide different interest=20 rates applicable to overpayments: one for corporations and one for non- corporations. The interest rates are based on the Federal short-term rate and=20 determined by the Internal Revenue Service (IRS) on behalf of the=20 Secretary of the Treasury on a quarterly basis. The rates effective for=20 a quarter are determined during the first-month period of the previous=20 quarter. In Revenue Ruling 2008-54, the IRS determined the rates of interest=20 for the calendar quarter beginning January 1, 2009, and ending on March=20 31, 2009. The interest rate paid to the Treasury for underpayments will=20 be the Federal short-term rate (2%) plus three [[Page 1226]] percentage points (3%) for a total of five percent (5%). For corporate=20 overpayments, the rate is the Federal short-term rate (2%) plus two=20 percentage points (2%) for a total of four percent (4%). For=20 overpayments made by non-corporations, the rate is the Federal short- term rate (2%) plus three percentage points (3%) for a total of five=20 percent (5%). These interest rates are subject to change for the=20 calendar quarter beginning April 1, 2009, and ending June 30, 2009. For the convenience of the importing public and Customs and Border=20 Protection personnel the following list of IRS interest rates used,=20 covering the period from before July of 1974 to date, to calculate=20 interest on overdue accounts and refunds of customs duties, is=20 published in summary format. -------------------------------------------------------------------------= --------------------------------------- = Corporate over- Beginning date Ending date Under = payments Over- payments payments (Eff. = (percent) (percent) 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 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 -------------------------------------------------------------------------= --------------------------------------- [[Page 1227]] Dated: January 7, 2009. Jayson P. Ahern, Acting Commissioner, U.S. Customs and Border Protection. [FR Doc. E9-344 Filed 1-9-09; 8:45 am] BILLING CODE 9111-14-P