Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 51836-51837 [05-17247]

Download as PDF 51836 Federal Register / Vol. 70, No. 168 / Wednesday, August 31, 2005 / Notices Dated: August 19, 2005. T.H. Gilmour, Rear Admiral, U.S. Coast Guard, Assistant Commandant for Marine Safety, Security and Environmental Protection. [FR Doc. 05–17426 Filed 8–29–05; 12:21 pm] BILLING CODE 4910–15–P DEPARTMENT OF HOMELAND SECURITY Customs and Border Protection Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties Customs and Border Protection, Department of Homeland Security. ACTION: General notice. AGENCY: 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 July 1, 2005, the interest rates for overpayments will be 5 percent for corporations and 6 percent for non-corporations, and the interest rate for underpayments will be 6 percent. This notice is published for the convenience of the importing public and Customs and Border Protection personnel. EFFECTIVE DATE: July 1, 2005. FOR FURTHER INFORMATION CONTACT: Trong Quan, National Finance Center, Collections Section, 6026 Lakeside Boulevard, 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 Beginning date 070174 070175 020176 020178 020180 020182 010183 070183 010185 070185 010186 070186 010187 100187 010188 040188 100188 040189 100189 040191 010192 040192 100192 070194 100194 040195 070195 040196 070196 040198 010199 040199 040100 040101 Ending date ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... VerDate Aug<18>2005 16:33 Aug 30, 2005 Jkt 205001 063075 013176 013178 013180 013182 123182 063083 123184 063085 123185 063086 123186 093087 123187 033188 093088 033189 093089 033191 123191 033192 093092 063094 093094 033195 063095 033196 063096 033198 123198 033199 033100 033101 063001 PO 00000 Under payments (percent) ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... Frm 00090 Fmt 4703 on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter. In Revenue Ruling 2005–35, the IRS determined the rates of interest for the calendar quarter beginning July 1, 2005, and ending September 30, 2005. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (3%) plus three percentage points (3%) for a total of six percent (6%). For corporate overpayments, the rate is the Federal short-term rate (3%) plus two percentage points (2%) for a total of five percent (5%). For overpayments made by non-corporations, the rate is the Federal short-term rate (3%) plus three percentage points (3%) for a total of six percent (6%). These interest rates are subject to change for the calendar quarter beginning October 1, 2005, and ending December 31, 2005. 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. Sfmt 4703 Over payments (percent) 6 9 7 6 12 20 16 11 13 11 10 9 9 10 11 10 11 12 11 10 9 8 7 8 9 10 9 8 9 8 7 8 9 8 E:\FR\FM\31AUN1.SGM 6 9 7 6 12 20 16 11 13 11 10 9 8 9 10 9 10 11 10 9 8 7 6 7 8 9 8 7 8 7 7 8 9 8 31AUN1 Corporate overpayments (Eff. 1–1–99) (percent) ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ 6 7 8 7 51837 Federal Register / Vol. 70, No. 168 / Wednesday, August 31, 2005 / Notices Beginning date 070101 010102 010103 100103 040104 070104 100104 040105 Ending date ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... 123101 123102 093003 033104 063004 093004 033105 093005 Dated: August 25, 2005. Robert C. Bonner, Commissioner, Customs and Border Protection. [FR Doc. 05–17247 Filed 8–30–05; 8:45 am] BILLING CODE 9110–06–P DEPARTMENT OF HOMELAND SECURITY Federal Emergency Management Agency Agency Information Collection Activities: Proposed Collection; Comment Request Federal Emergency Management Agency, Emergency Preparedness and Response Directorate, U.S. Department of Homeland Security. AGENCY: Notice and request for comments. ACTION: SUMMARY: The Federal Emergency Management Agency, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed continuing information collections. In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3506(c)(2)(A)), this notice seeks comments concerning the renewal of FEMA’s National Flood Insurance Program’s (NFIP) Biennial Report forms (FEMA Form 81–28, FEMA Form 81–29, FEMA Form 81– 29A). Under 44 CFR 59.22(b)(2), the Federal Emergency Management Agency (FEMA) requires that communities participating in the National Flood Insurance Program (NFIP) submit an annual or biennial report describing the progress made during the year in the implementation and enforcement of floodplain management regulations. Currently, FEMA has determined that this data will be collected on a biennial reporting cycle and the data collection is now referred to as the Biennial Report. VerDate Aug<18>2005 16:33 Aug 30, 2005 Jkt 205001 Under payments (percent) ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... Under 44 CFR 59.22(b)(2), the Federal Emergency Management Agency (FEMA) requires that communities participating in the National Flood Insurance Program (NFIP) submit an annual or biennial report describing the progress made during the year in the implementation and enforcement of floodplain management regulations. Currently, FEMA has determined that this data will be collected on a biennial reporting cycle and the data collection is now referred to as the Biennial Report. As a supplement to the Biennial Report, FEMA has been mandated under Section 575 of the National Flood Insurance Reform Act of 1994 (NFIRA) to assess the need to revise and update all floodplain areas and flood risk zones identified, delineated, or established under section 1360 of the National Flood Insurance Act of 1968. The NFIP Biennial Report enables FEMA to meet its regulatory requirement under 59.22(b)(2). It also enables FEMA to be more responsive to the on-going changes that occur in each participating community’s flood hazard area. These changes include, but are not limited to, new corporate boundaries, changes in flood hazard areas, new floodplain management measures, and changes in rate of floodplain development. It is also used to evaluate the effectiveness of the community’s floodplain management activities. The evaluation is accomplished by analyzing information provided by the community, such as the number of variances and floodplain permits granted by each community in relationship to other information contained in the Biennial Report, as well as other data available in FEMA’s Community Information System (CIS). The Biennial Report also provides an opportunity for NFIP participating communities to request technical assistance in implementing a floodplain management program. FEMA regional offices use this information as a means to know which communities need support and guidance. In addition, the SUPPLEMENTARY INFORMATION: PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 Over payments (percent) 7 6 5 4 5 4 5 6 7 6 5 4 5 4 5 6 Corporate overpayments (Eff. 1–1–99) (percent) 6 5 4 3 4 3 4 5 NFIP Biennial Report is one of the tools used to assist FEMA in meeting its regulatory requirement under Section 575 of the NFIRA. A ‘‘yes’’ answer to Items A–D in Section I of the report will provide the basis for FEMA to follow-up by contacting the community for clarification and/or elaboration regarding changes and activities occurring in a community’s flood hazard area. This information will be used in ranking and prioritizing one community’s mapping needs against all other communities in the NFIP and for determining how the limited flood hazard mapping funds are allocated for map updates. Collection of Information Title: The National Flood Insurance Program-Biennial Report. Type of Information Collection: Extension of a currently approved collection. OMB Number: 1660–0003. Form Numbers: FEMA Form 81–28, FEMA Form 81–29, FEMA Form 81– 29A. Abstract: The NFIP Biennial Report enables FEMA to meet its regulatory requirement under 59.22(b)(2). It also enables FEMA to be more responsive to the on-going changes that occur in each participating community’s flood hazard area. These changes include, but are not limited to, new corporate boundaries, changes in flood hazard areas, new floodplain management measures, and changes in rate of floodplain development. It is also used to evaluate the effectiveness of the community’s floodplain management activities. The evaluation is accomplished by analyzing information provided by the community, such as the number of variances and floodplain permits granted by each community in relationship to other information contained in the Biennial Report, as well as other data available in FEMA’s Community Information System (CIS). The Biennial Report also provides an opportunity for NFIP participating communities to request technical assistance in implementing a floodplain E:\FR\FM\31AUN1.SGM 31AUN1

Agencies

[Federal Register Volume 70, Number 168 (Wednesday, August 31, 2005)]
[Notices]
[Pages 51836-51837]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-17247]


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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: 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 July 1, 2005, the interest rates for 
overpayments will be 5 percent for corporations and 6 percent for non-
corporations, and the interest rate for underpayments will be 6 
percent. This notice is published for the convenience of the importing 
public and Customs and Border Protection personnel.

EFFECTIVE DATE: July 1, 2005.

FOR FURTHER INFORMATION CONTACT: Trong Quan, National Finance Center, 
Collections Section, 6026 Lakeside Boulevard, 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 2005-35, the IRS determined the rates of interest 
for the calendar quarter beginning July 1, 2005, and ending September 
30, 2005. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (3%) plus three percentage points (3%) 
for a total of six percent (6%). For corporate overpayments, the rate 
is the Federal short-term rate (3%) plus two percentage points (2%) for 
a total of five percent (5%). For overpayments made by non-
corporations, the rate is the Federal short-term rate (3%) plus three 
percentage points (3%) for a total of six percent (6%). These interest 
rates are subject to change for the calendar quarter beginning October 
1, 2005, and ending December 31, 2005.
    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.

----------------------------------------------------------------------------------------------------------------
                                                                                                    Corporate
                                                             Under payments     Over payments     overpayments
          Beginning  date                 Ending  date          (percent)         (percent)       (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

[[Page 51837]]

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


    Dated: August 25, 2005.
Robert C. Bonner,
Commissioner, Customs and Border Protection.
[FR Doc. 05-17247 Filed 8-30-05; 8:45 am]
BILLING CODE 9110-06-P