Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 6526-6527 [2016-02402]

Download as PDF asabaliauskas on DSK5VPTVN1PROD with NOTICES 6526 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices published to obtain comments from the public and affected agencies. DATES: Written comments should be received on or before March 9, 2016 to be assured of consideration. ADDRESSES: Interested persons are invited to submit written comments on this proposed information collection to the Office of Information and Regulatory Affairs, Office of Management and Budget. Comments should be addressed to the OMB Desk Officer for Customs and Border Protection, Department of Homeland Security, and sent via electronic mail to oira_submission@ omb.eop.gov or faxed to (202) 395–5806. FOR FURTHER INFORMATION CONTACT: Requests for additional information should be directed to Tracey Denning, U.S. Customs and Border Protection, Regulations and Rulings, Office of International Trade, 90 K Street NE., 10th Floor, Washington, DC 20229– 1177, at 202–325–0265. SUPPLEMENTARY INFORMATION: This proposed information collection was previously published in the Federal Register (80 FR 62085) on October 15, 2015, allowing for a 60-day comment period. This notice allows for an additional 30 days for public comments. This process is conducted in accordance with 5 CFR 1320.10. CBP invites the general public and other Federal agencies to comment on proposed and/ or continuing information collections pursuant to the Paperwork Reduction Act of 1995 (Pub. L. 104–13; 44 U.S.C. 3507). The comments should address: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimates of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden, including the use of automated collection techniques or the use of other forms of information technology; and (e) the annual costs to respondents or record keepers from the collection of information (total capital/ startup costs and operations and maintenance costs). The comments that are submitted will be summarized and included in the CBP request for OMB approval. All comments will become a matter of public record. In this document, CBP is soliciting comments concerning the following information collection: Title: Application for Exportation of Articles under Special Bond. OMB Number: 1651–0004. Form Number: CBP Form 3495. VerDate Sep<11>2014 17:51 Feb 05, 2016 Jkt 238001 Abstract: CBP Form 3495, Application for Exportation of Articles Under Special Bond, is an application for exportation of articles entered under temporary bond pursuant to 19 U.S.C. 1202, Chapter 98, subchapter XIII, Harmonized Tariff Schedule of the United States, and 19 CFR 10.38. CBP Form 3495 is used by importers to notify CBP that the importer intends to export goods that were subject to a duty exemption based on a temporary stay in this country. It also serves as a permit to export in order to satisfy the importer’s obligation to export the same goods and thereby get a duty exemption. This form is accessible at: http:// www.cbp.gov/newsroom/publications/ forms?title=3495&=Apply. Current Actions: CBP proposes to extend the expiration date of this information collection with no change to the burden hours or to the information being collected. Type of Review: Extension (without change). Affected Public: Businesses. Estimated Number of Respondents: 500. Estimated Number of Responses per Respondent: 30. Estimated Total Annual Responses: 15,000. Estimated Time per Response: 8 minutes. Estimated Total Annual Burden Hours: 2,000. Dated: February 1, 2016. Tracey Denning, Agency Clearance Officer, U.S. Customs and Border Protection. [FR Doc. 2016–02398 Filed 2–5–16; 8:45 am] BILLING CODE 9111–14–P 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 U.S. Customs and Border Protection, Department of Homeland Security. ACTION: General notice. AGENCY: This notice advises the public that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties remain unchanged from the previous quarter. For the calendar quarter beginning January 1, 2016, the interest SUMMARY: PO 00000 Frm 00026 Fmt 4703 Sfmt 4703 rates for overpayments will be 2 percent for corporations and 3 percent for noncorporations, and the interest rate for underpayments will be 3 percent for both corporations and non-corporations. This notice is published for the convenience of the importing public and U.S. Customs and Border Protection personnel. DATES: Effective Date: January 1, 2016. FOR FURTHER INFORMATION CONTACT: Michael P. Dean, Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 614–4882. 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 provides different interest rates applicable to overpayments: One for corporations and one for noncorporations. 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 2015–23, the IRS determined the rates of interest for the calendar quarter beginning January 1, 2016, and ending on March 31, 2016. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (1%) plus one percentage point (1%) for a total of two percent (2%). For overpayments made by non-corporations, the rate is the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%). These interest rates are subject to change for the calendar quarter beginning April 1, 2016, and ending June 30, 2016. For the convenience of the importing public and U.S. 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 E:\FR\FM\08FEN1.SGM 08FEN1 6527 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices accounts and refunds of customs duties, is published in summary format. Ending date Beginning date asabaliauskas on DSK5VPTVN1PROD with NOTICES 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 070101 010102 010103 100103 040104 070104 100104 040105 100105 070106 010108 040108 070108 100108 010109 040109 010111 040111 100111 ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. Under-payments (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 123101 123102 093003 033104 063004 093004 033105 093005 063006 123107 033108 063008 093008 123108 033109 123110 033111 093011 033116 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 7 6 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 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 7 6 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 Dated: February 3, 2016. R. Gil Kerlikowske, Commissioner. [FR Doc. 2016–02402 Filed 2–5–16; 8:45 am] BILLING CODE 9111–14–P VerDate Sep<11>2014 17:51 Feb 05, 2016 Jkt 238001 PO 00000 Frm 00027 Fmt 4703 Sfmt 9990 E:\FR\FM\08FEN1.SGM 08FEN1 Corporate overpayments (Eff. 1–1–99) (percent) ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ 6 7 8 7 6 5 4 3 4 3 4 5 6 7 6 5 4 5 4 3 2 3 2

Agencies

[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)]
[Notices]
[Pages 6526-6527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02402]


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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: U.S. Customs and Border Protection, Department of Homeland 
Security.

ACTION: General notice.

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

SUMMARY: This notice advises the public that the quarterly Internal 
Revenue Service interest rates used to calculate interest on overdue 
accounts (underpayments) and refunds (overpayments) of customs duties 
remain unchanged from the previous quarter. For the calendar quarter 
beginning January 1, 2016, the interest rates for overpayments will be 
2 percent for corporations and 3 percent for non-corporations, and the 
interest rate for underpayments will be 3 percent for both corporations 
and non-corporations. This notice is published for the convenience of 
the importing public and U.S. Customs and Border Protection personnel.

DATES: Effective Date: January 1, 2016.

FOR FURTHER INFORMATION CONTACT: Michael P. Dean, Revenue Division, 
Collection and Refunds Branch, 6650 Telecom Drive, Suite #100, 
Indianapolis, Indiana 46278; telephone (317) 614-4882.

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 provides 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 2015-23, the IRS determined the rates of interest 
for the calendar quarter beginning January 1, 2016, and ending on March 
31, 2016. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (1%) plus two percentage points (2%) for 
a total of three percent (3%) for both corporations and non-
corporations. For corporate overpayments, the rate is the Federal 
short-term rate (1%) plus one percentage point (1%) for a total of two 
percent (2%). For overpayments made by non-corporations, the rate is 
the Federal short-term rate (1%) plus two percentage points (2%) for a 
total of three percent (3%). These interest rates are subject to change 
for the calendar quarter beginning April 1, 2016, and ending June 30, 
2016.
    For the convenience of the importing public and U.S. 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

[[Page 6527]]

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
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
040109..................................            123110                 4                 4                 3
010111..................................            033111                 3                 3                 2
040111..................................            093011                 4                 4                 3
100111..................................            033116                 3                 3                 2
----------------------------------------------------------------------------------------------------------------


    Dated: February 3, 2016.
R. Gil Kerlikowske,
Commissioner.
[FR Doc. 2016-02402 Filed 2-5-16; 8:45 am]
 BILLING CODE 9111-14-P