DEPARTMENT OF HOMELAND SECURITY
U.S. 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.
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 January 1, 2009, the interest rates for overpayments will be 4 percent for corporations and 5 percent for non-corporations, and the interest rate for underpayments will be 5 percent. This notice is published for the convenience of the importing public and Customs and Border Protection personnel.
DATES:
Effective Date:
January 1, 2009.
FOR FURTHER INFORMATION CONTACT:
Ron Wyman, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, 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 2008–54, the IRS determined the rates of interest for the calendar quarter beginning January 1, 2009, and ending on March 31, 2009. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (2%) plus three
percentage points (3%) for a total of five percent (5%). For corporate overpayments, the rate is the Federal short-term rate (2%) plus two percentage points (2%) for a total of four percent (4%). For overpayments made by non-corporations, the rate is the Federal short-term rate (2%) plus three percentage points (3%) for a total of five percent (5%). These interest rates are subject to change for the calendar quarter beginning April 1, 2009, and ending June 30, 2009.
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.
Beginning date
Ending date
Under
payments
(percent)
Over-
payments
(percent)
Corporate over-payments
(Eff. 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
Dated: January 7, 2009.
Jayson P. Ahern,
Acting Commissioner, U.S. Customs and Border Protection.