82 FR 10913 - Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties
DEPARTMENT OF HOMELAND SECURITY
Customs and Border Protection Federal Register Volume 82, Issue 31 (February 16, 2017)
Customs and Border Protection
Federal Register Volume 82, Issue 31 (February 16, 2017)
| Page Range | 10913-10914 | |
| FR Document | 2017-03140 |
[Federal Register Volume 82, Number 31 (Thursday, February 16, 2017)] [Notices] [Pages 10913-10914] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-03140] [[Page 10913]] ----------------------------------------------------------------------- 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: U.S. Customs and Border Protection, Department of Homeland Security. ACTION: General notice. ----------------------------------------------------------------------- SUMMARY: This notice advises the public that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will remain the same from the previous quarter. For the calendar quarter beginning January 1, 2017, 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 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: January 1, 2017. FOR FURTHER INFORMATION CONTACT: Kara N. Welty, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614-4614. 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 provides 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 2016-28, the IRS determined the rates of interest for the calendar quarter beginning January 1, 2017, and ending on March 31, 2017. 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 both corporations and non- corporations. 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 April 1, 2017, and ending June 30, 2017. 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- Over- payments overpayments Beginning date Ending date payments (percent) (Eff. 1-1-99) (percent) (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 10914]] 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.......................................... 033116 3 3 2 040116.......................................... 033117 4 4 3 ---------------------------------------------------------------------------------------------------------------- Dated: February 13, 2017. Kevin K. McAleenan, Acting Commissioner, U.S. Customs and Border Protection. [FR Doc. 2017-03140 Filed 2-15-17; 8:45 am] BILLING CODE 9111-14-P
![10914 Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices
Corporate
Under- Over- overpayments
Beginning date Ending date payments payments (Eff. 1–1–99)
(percent) (percent) (percent)
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 ............................................................................................................. 033116 3 3 2
040116 ............................................................................................................. 033117 4 4 3
Dated: February 13, 2017. DATES: Comments are encouraged and Federal eRulemaking Portal site at:
Kevin K. McAleenan, will be accepted for 60 days until April http://www.regulations.gov and enter
Acting Commissioner, U.S. Customs and 17, 2017. USCIS–2010–0014 in the search box.
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Document Created: 2018-02-01 15:02:25
Document Modified: 2018-02-01 15:02:25
| 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 | General notice. | |
| Dates | Effective Date: January 1, 2017. | |
| Contact | Kara N. Welty, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614-4614. | |
| FR Citation | 82 FR 10913 |
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