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