Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 18265-18266 [E7-6820]
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18265
Federal Register / Vol. 72, No. 69 / Wednesday, April 11, 2007 / Notices
Dated: April 4, 2007.
Hugo Teufel III,
Chief Privacy Officer.
[FR Doc. E7–6860 Filed 4–10–07; 8:45 am]
published for the convenience of the
importing public and Customs and
Border Protection personnel.
EFFECTIVE DATE: April 1, 2007.
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:
BILLING CODE 4410–10–P
DEPARTMENT OF HOMELAND
SECURITY
Customs and Border Protection
Background
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 April 1,
2007, the interest rates for overpayments
will remain at 7 percent for corporations
and 8 percent for non-corporations, and
the interest rate for underpayments will
remain at 8 percent. This notice is
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
cprice-sewell on PRODPC61 with NOTICES
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<31>2005
15:09 Apr 10, 2007
Jkt 211001
PO 00000
Frm 00071
Fmt 4703
Sfmt 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 2007–16, the IRS
determined the rates of interest for the
calendar quarter beginning April 1,
2007, and ending June 30, 2007. The
interest rate paid to the Treasury for
underpayments will be the Federal
short-term rate (5%) plus three
percentage points (3%) for a total of
eight percent (8%). For corporate
overpayments, the rate is the Federal
short-term rate (5%) plus two
percentage points (2%) for a total of
seven percent (7%). For overpayments
made by non-corporations, the rate is
the Federal short-term rate (5%) plus
three percentage points (3%) for a total
of eight percent (8%). These interest
rates are subject to change for the
calendar quarter beginning July 1, 2007,
and ending September 30, 2007.
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.
Underpayments
(percent)
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
E:\FR\FM\11APN1.SGM
Corporate
overpayments
(Eff. 1–1–99)
(percent)
Overpayments
(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
11APN1
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
6
7
8
7
18266
Federal Register / Vol. 72, No. 69 / Wednesday, April 11, 2007 / Notices
Beginning
Date
070101
010102
010103
100103
040104
070104
100104
040105
100105
070106
Ending
Date
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Dated: April 5, 2007.
Deborah J. Spero,
Acting Commissioner, Customs and Border
Protection.
[FR Doc. E7–6820 Filed 4–10–07; 8:45 am]
BILLING CODE 9111–14–P
DEPARTMENT OF HOMELAND
SECURITY
Federal Emergency Management
Agency
Agency Information Collection
Activities: Proposed Collection;
Comment Request
Federal Emergency
Management Agency, DHS.
ACTION: Notice and request for
comments.
cprice-sewell on PRODPC61 with NOTICES
AGENCY:
SUMMARY: The Federal Emergency
Management Agency (FEMA), 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 a proposed
continuing information collection. In
accordance with the Paperwork
Reduction Act of 1995, 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).
SUPPLEMENTARY INFORMATION: Under 44
CFR 59.22(b)(2), FEMA requires that
communities participating in the 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
VerDate Aug<31>2005
15:09 Apr 10, 2007
Jkt 211001
123101
123102
093003
033104
063004
093004
033105
093005
063006
063007
Reform Act (NFIRA) of 1994 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 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.
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
Underpayments
(percent)
Corporate
overpayments
(Eff. 1–1–99)
(percent)
Overpayments
(percent)
7
6
5
4
5
4
5
6
7
8
7
6
5
4
5
4
5
6
7
8
6
5
4
3
4
3
4
5
6
7
Collection of Information
Title: The National Flood Insurance
Program Biennial Report.
Type of Information Collection:
Revision 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 44 CFR 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
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. The NFIP
Biennial Report is one of the tools used
to assist FEMA in meeting its regulatory
requirement under section 575 of the
NFIRA.
Affected Public: The respondents are
State, local or tribal governments, farms,
individuals or households, business or
other for-profit, not-for-profit
institutions representing the estimated
20,500 United States and United States
territorial communities that are
participating members of the NFIP. The
NFIP requires that communities
E:\FR\FM\11APN1.SGM
11APN1
]]>Agencies
[Federal Register Volume 72, Number 69 (Wednesday, April 11, 2007)]
[Notices]
[Pages 18265-18266]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6820]
-----------------------------------------------------------------------
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 April 1, 2007, the interest rates
for overpayments will remain at 7 percent for corporations and 8
percent for non-corporations, and the interest rate for underpayments
will remain at 8 percent. This notice is published for the convenience
of the importing public and Customs and Border Protection personnel.
EFFECTIVE DATE: April 1, 2007.
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 2007-16, the IRS determined the rates of interest
for the calendar quarter beginning April 1, 2007, and ending June 30,
2007. The interest rate paid to the Treasury for underpayments will be
the Federal short-term rate (5%) plus three percentage points (3%) for
a total of eight percent (8%). For corporate overpayments, the rate is
the Federal short-term rate (5%) plus two percentage points (2%) for a
total of seven percent (7%). For overpayments made by non-corporations,
the rate is the Federal short-term rate (5%) plus three percentage
points (3%) for a total of eight percent (8%). These interest rates are
subject to change for the calendar quarter beginning July 1, 2007, and
ending September 30, 2007.
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- 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
[[Page 18266]]
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.......................................... 063007 8 8 7
----------------------------------------------------------------------------------------------------------------
Dated: April 5, 2007.
Deborah J. Spero,
Acting Commissioner, Customs and Border Protection.
[FR Doc. E7-6820 Filed 4-10-07; 8:45 am]
BILLING CODE 9111-14-P
