82 FR 910 - Prompt Payment Interest Rate; Contract Disputes Act

DEPARTMENT OF THE TREASURY
Fiscal Service

Federal Register Volume 82, Issue 2 (January 4, 2017)

Page Range		910-910
FR Document		2016-31903

For the period beginning January 1, 2017 and ending on June 30, 2017, the prompt payment interest rate is 2\1/2\ per centum per annum.

Federal Register, Volume 82 Issue 2 (Wednesday, January 4, 2017)

[Federal Register Volume 82, Number 2 (Wednesday, January 4, 2017)]
[Notices]
[Page 910]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-31903]


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DEPARTMENT OF THE TREASURY

Fiscal Service


Prompt Payment Interest Rate; Contract Disputes Act

AGENCY: Bureau of the Fiscal Service, Treasury.

ACTION: Notice.

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SUMMARY: For the period beginning January 1, 2017 and ending on June 
30, 2017, 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, 2017, to June 30, 2017.

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, 2017, and ending on June 30, 2017, is 2\1/2\ per 
centum per annum.

David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2016-31903 Filed 1-3-17; 8:45 am]
 BILLING CODE 4810-AS-P

910 Federal Register / Vol. 82, No. 2 / Wednesday, January 4, 2017 / Notices

The information must be submitted information on file within 30 days from 20227. Comments or inquiries may also
no later than 30 days after the the date that any change in that be emailed to PromptPayment@
manufacturer begins to manufacture information occurs. fiscal.treasury.gov.
motor vehicles or motor vehicle Estimate of the Total Annual
equipment subject to the FMVSS. No Reporting and Recordkeeping Burden of DATES: Effective January 1, 2017, to June
specific form need be used for the the Collection of Information: 131 30, 2017.
submission of this information. NHTSA hours. FOR FURTHER INFORMATION CONTACT:
provides an online portal with a fillable Estimate of the Total Annual Costs of Thomas M. Burnum, E-Commerce
web-based format for use in submitting the Collection of Information: Assuming Division, (202) 874–6430; or Thomas
the required information. This is that the part 566 information that needs Kearns, Attorney-Advisor, Office of the
described in a handbook entitled to be submitted through the online Chief Counsel, (202) 874–7036.
Requirements for Manufacturers of portal is entered by company officers or SUPPLEMENTARY INFORMATION: An agency
Motor Vehicles and Motor Vehicle employees compensated at an average that has acquired property or service
Equipment that can be accessed on the rate of $30.00 per hour, the agency from a business concern and has failed
agency’s Web site at https:// estimates that $3,930 will be expended to pay for the complete delivery of
vpic.nhtsa.dot.gov/. A description of the on an annual basis by all manufacturers property or service by the required
reporting requirement is included on required to submit that information. payment date shall pay the business
pages 8 and 9 of the handbook. Comments are invited on: whether the concern an interest penalty. 31 U.S.C.
Manufacturers who have previously proposed collection of information is 3902(a). The Contract Disputes Act of
submitted identifying information must necessary for the proper performance of 1978, Sec. 12, Public Law 95–563, 92
ensure that the information on file is the functions of the Department, Stat. 2389, and the Prompt Payment Act,
accurate and complete by submitting including whether the information will 31 U.S.C. 3902(a), provide for the
revised information no later than 30 have practical utility; the accuracy of calculation of interest due on claims at
days after a change in the business that the Department’s estimate of the burden the rate established by the Secretary of
affects the validity of that information of the proposed information collection;
has occurred. the Treasury.
ways to enhance the quality, utility and The Secretary of the Treasury has the
In 2013, NHTSA received clarity of the information to be
submissions of manufacturer identifying authority to specify the rate by which
collected; and ways to minimize the the interest shall be computed for
information under 49 CFR part 566 from burden of the collection of information
523 manufacturers. In 2014, the agency interest payments under section 12 of
on respondents, including the use of the Contract Disputes Act of 1978 and
received 507 such submissions. In 2015, automated collection techniques or
the agency received 540. Based on this under the Prompt Payment Act. Under
other forms of information technology. the Prompt Payment Act, if an interest
volume of submissions, the agency
projects that it will receive Jeffrey M. Giuseppe, penalty is owed to a business concern,
approximately 523 part 566 submissions Director, Office of Vehicle Safety Compliance. the penalty shall be paid regardless of
from manufacturers in each of the next [FR Doc. 2016–31888 Filed 1–3–17; 8:45 am] whether the business concern requested
three years. Assuming that it will take BILLING CODE 4910–59–P
payment of such penalty. 31 U.S.C.
a manufacturer on average 15 minutes to 3902(c)(1). Agencies must pay the
prepare an online submittal, the agency interest penalty calculated with the
estimates that 131 hours will be interest rate, which is in effect at the
DEPARTMENT OF THE TREASURY time the agency accrues the obligation
expended on an annual basis by all
manufacturers required to submit part Fiscal Service to pay a late payment interest penalty.
566 identifying information. 31 U.S.C. 3902(a). ‘‘The interest penalty
Description of the Likely Respondents Prompt Payment Interest Rate; shall be paid for the period beginning
(Including Estimated Number and Contract Disputes Act on the day after the required payment
Proposed Frequency of Responses to the date and ending on the date on which
Collection of Information): The agency AGENCY: Bureau of the Fiscal Service, payment is made.’’ 31 U.S.C. 3902(b).
estimates that it will receive new Treasury. Therefore, notice is given that the
submissions of manufacturer identifying ACTION: Notice. Secretary of the Treasury has
information under part 566 from determined that the rate of interest
approximately 523 manufacturers of SUMMARY: For the period beginning applicable for the period beginning
motor vehicles and regulated items of January 1, 2017 and ending on June 30, January 1, 2017, and ending on June 30,
motor vehicle equipment per year. The 2017, the prompt payment interest rate 2017, is 21⁄2 per centum per annum.
manufacturers need only submit the is 21⁄2 per centum per annum.
required information on a one-time ADDRESSES: Comments or inquiries may David A. Lebryk,
basis, with the proviso that they refile be mailed to: E-Commerce Division, Fiscal Assistant Secretary.
their information through the online Bureau of the Fiscal Service, 401 14th [FR Doc. 2016–31903 Filed 1–3–17; 8:45 am]
portal in the event of any changes in the Street SW., Room 306F, Washington, DC BILLING CODE 4810–AS–P
mstockstill on DSK3G9T082PROD with NOTICES

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Document Created: 2017-01-04 00:29:23
Document Modified: 2017-01-04 00:29:23

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, 2017, to June 30, 2017.
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		82 FR 910

82 FR 910 - Prompt Payment Interest Rate; Contract Disputes Act

DEPARTMENT OF THE TREASURYFiscal Service

Federal Register Volume 82, Issue 2 (January 4, 2017)

DEPARTMENT OF THE TREASURY
Fiscal Service