Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 18265-18266 [E7-6820]

Download as PDF 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 ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. 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 ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. ............................................................................................................. 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]


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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.

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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
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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