80 FR 81880 - Prompt Payment Interest Rate; Contract Disputes Act

DEPARTMENT OF THE TREASURY
Fiscal Service

Federal Register Volume 80, Issue 251 (December 31, 2015)

Page Range		81880-81880
FR Document		2015-32957

For the period beginning January 1, 2016, and ending on June 30, 2016, the prompt payment interest rate is 2\1/2\ per centum per annum.

Federal Register, Volume 80 Issue 251 (Thursday, December 31, 2015)

[Federal Register Volume 80, Number 251 (Thursday, December 31, 2015)]
[Notices]
[Page 81880]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-32957]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Fiscal Service


Prompt Payment Interest Rate; Contract Disputes Act

AGENCY: Bureau of the Fiscal Service, Treasury.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: For the period beginning January 1, 2016, and ending on June 
30, 2016, the prompt payment interest rate is 2\1/2\ per centum per 
annum.

ADDRESSES: Comments or inquiries may be mailed to: E-Commerce Division, 
Bureau of the Fiscal Service, 401 14th Street SW., Room 306F, 
Washington, DC 20227. Comments or inquiries may also be emailed to 
[email protected].

DATES: Effective January 1, 2016, to June 30, 2016.

FOR FURTHER INFORMATION CONTACT: Thomas M. Burnum, E-Commerce Division, 
(202) 874-6430; or Thomas Kearns, Attorney-Advisor, Office of the Chief 
Counsel, (202) 874-7036.

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 January 1, 2016, and ending on June 30, 2016, is 2\1/2\ per 
centum per annum.

David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2015-32957 Filed 12-30-15; 8:45 am]
BILLING CODE 4810-AS-P

81880 Federal Register / Vol. 80, No. 251 / Thursday, December 31, 2015 / Notices

would assume the status and obligations SUMMARY: For the period beginning DEPARTMENT OF THE TREASURY
of a common carrier to provide service January 1, 2016, and ending on June 30,
upon a reasonable demand. According 2016, the prompt payment interest rate Submission for OMB Review;
to RSRL, the parties are finalizing, and is 21⁄2 per centum per annum. Comment Request
will shortly execute, an agreement AGENCY: Department of the Treasury.
providing for NSR’s donation of the ADDRESSES: Comments or inquiries may
be mailed to: E-Commerce Division, ACTION: Notice.
approximately 2.42-mile line to RRSL.
RSRL certifies that the proposed Bureau of the Fiscal Service, 401 14th
The Department of the Treasury will
transaction would not involve a Street SW., Room 306F, Washington, DC submit the following information
provision or agreement that would limit 20227. Comments or inquiries may also collection requests to the Office of
RSRL’s ability to interchange with a be emailed to PromptPayment@ Management and Budget (OMB) for
third-party connecting carrier. RSRL fiscal.treasury.gov. review and clearance in accordance
states that it will connect and with the Paperwork Reduction Act of
interchange with NSR in the vicinity of DATES: Effective January 1, 2016, to June
1995, Public Law 104–13, on or after the
milepost 6.92. 30, 2016.
date of publication of this notice.
RSRL also certifies that its projected FOR FURTHER INFORMATION CONTACT: DATES: Comments should be received on
annual revenues as a result of this Thomas M. Burnum, E-Commerce or before February 1, 2016 to be assured
transaction will not result in RSRL Division, (202) 874–6430; or Thomas of consideration.
becoming a Class I or Class II rail carrier Kearns, Attorney-Advisor, Office of the ADDRESSES: Send comments regarding
and states that its projected annual Chief Counsel, (202) 874–7036. the burden estimate, or any other aspect
revenues will not exceed $5 million. of the information collection, including
The transaction is expected to be SUPPLEMENTARY INFORMATION: An agency
that has acquired property or service suggestions for reducing the burden, to
consummated on or after January 17,
(1) Office of Information and Regulatory
2016, the effective date of the exemption from a business concern and has failed
Affairs, Office of Management and
(30 days after the verified notice was to pay for the complete delivery of
Budget, Attention: Desk Officer for
filed). property or service by the required
If the verified notice contains false or Treasury, New Executive Office
payment date shall pay the business Building, Room 10235, Washington, DC
misleading information, the exemption concern an interest penalty. 31 U.S.C.
is void ab initio. Petitions to revoke the 20503, or email at OIRA_Submission@
3902(a). The Contract Disputes Act of OMB.EOP.gov and (2) Treasury PRA
exemption under 49 U.S.C. 10502(d) 1978, Sec. 12, Public Law 95–563, 92
may be filed at any time. The filing of Clearance Officer, 1750 Pennsylvania
Stat. 2389, and the Prompt Payment Act, Ave. NW., Suite 8140, Washington, DC
a petition to revoke will not 31 U.S.C. 3902(a), provide for the
automatically stay the effectiveness of 20220, or email at PRA@treasury.gov.
calculation of interest due on claims at FOR FURTHER INFORMATION CONTACT:
the exemption. Petitions to stay must be the rate established by the Secretary of
filed no later than January 8, 2016 (at Copies of the submission(s) may be
the Treasury. obtained by email at PRA@treasury.gov
least seven days before the exemption
becomes effective). The Secretary of the Treasury has the or the entire information collection
An original and 10 copies of all authority to specify the rate by which request may be found at
pleadings, referring to Docket No. FD the interest shall be computed for www.reginfo.gov.
35976, must be filed with the Surface interest payments under section 12 of SUPPLEMENTARY INFORMATION:
Transportation Board, 395 E Street SW., the Contract Disputes Act of 1978 and
under the Prompt Payment Act. Under Internal Revenue Service (IRS)
Washington, DC 20423–0001. In
addition, a copy of each pleading must the Prompt Payment Act, if an interest OMB Number: 1545–0771.
be served on Robert A. Wimbish, penalty is owed to a business concern, Type of Review: Extension without
Fletcher & Sippel LLC, 29 South Wacker the penalty shall be paid regardless of change of a previously approved
Drive, Suite 920, Chicago, IL 60606. whether the business concern requested collection.
Board decisions and notices are payment of such penalty. 31 U.S.C. Title: TD 8864 (Final); EE–63–88
available on our Web site at 3902(c)(1). Agencies must pay the (Final and temp regulations) Taxation of
WWW.STB.DOT.GOV. interest penalty calculated with the Fringe Benefits and Exclusions From
interest rate, which is in effect at the Gross Income for Certain Fringe
Decided: December 23, 2015.
time the agency accrues the obligation Benefits; IA–140–86 (Temporary) Fringe
By the Board, Julia M. Farr, Acting Benefits.
Director, Office of Proceedings. to pay a late payment interest penalty.
31 U.S.C. 3902(a). ‘‘The interest penalty Abstract: This regulation provides
Raina S. Contee, guidance on the tax treatment of taxable
Clearance Clerk.
shall be paid for the period beginning
on the day after the required payment and nontaxable fringe benefits and
[FR Doc. 2015–32959 Filed 12–30–15; 8:45 am]
date and ending on the date on which general and specific rules for the
BILLING CODE 4915–01–P valuation of taxable fringe benefits in
payment is made.’’ 31 U.S.C. 3902(b).
accordance with Code sections 61 and
Therefore, notice is given that the 132 and provides guidance on
DEPARTMENT OF THE TREASURY Secretary of the Treasury has exclusions from gross income for certain
determined that the rate of interest fringe benefits (IA–140–86). This
Fiscal Service applicable for the period beginning regulation provides guidance relating to
tkelley on DSK3SPTVN1PROD with NOTICES

January 1, 2016, and ending on June 30, the requirement that any deduction or
Prompt Payment Interest Rate; 2016, is 21⁄2 per centum per annum. credit with respect to business travel,
Contract Disputes Act entertainment, and gift expenses be
David A. Lebryk,
AGENCY: Bureau of the Fiscal Service, substantiated with adequate records in
Fiscal Assistant Secretary. accordance with Code section 274(d).
Treasury.
[FR Doc. 2015–32957 Filed 12–30–15; 8:45 am] Affected Public: Private Sector:
ACTION: Notice.
BILLING CODE 4810–AS–P Businesses or other for-profit.

VerDate Sep<11>2014 16:49 Dec 30, 2015 Jkt 238001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\31DEN1.SGM 31DEN1

Document Created: 2015-12-31 02:15:09
Document Modified: 2015-12-31 02:15:09

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice.
Dates		Effective January 1, 2016, to June 30, 2016.
Contact		Thomas M. Burnum, E-Commerce Division, (202) 874-6430; or Thomas Kearns, Attorney-Advisor, Office of the Chief Counsel, (202) 874-7036.
FR Citation		80 FR 81880

80 FR 81880 - Prompt Payment Interest Rate; Contract Disputes Act

DEPARTMENT OF THE TREASURYFiscal Service

Federal Register Volume 80, Issue 251 (December 31, 2015)

DEPARTMENT OF THE TREASURY
Fiscal Service