Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds of Customs Duties, 54016-54017 [2024-14171]
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54016
Federal Register / Vol. 89, No. 125 / Friday, June 28, 2024 / Notices
FOR FURTHER INFORMATION CONTACT:
DEPARTMENT OF HOMELAND
SECURITY
Bruce Ingalls, Revenue Division,
Collection Refunds & Analysis Branch,
6650 Telecom Drive, Suite #100,
Indianapolis, Indiana 46278; telephone
(317) 298–1107.
SUPPLEMENTARY INFORMATION:
U.S. Customs and Border Protection
Quarterly IRS Interest Rates Used in
Calculating Interest on Overdue
Accounts and Refunds of Customs
Duties
Background
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 will
remain the same from the previous
quarter. For the calendar quarter
beginning July 1, 2024, the interest rates
for underpayments will be 8 percent for
both corporations and non-corporations.
The interest rate for overpayments will
be 8 percent for non-corporations and 7
percent for corporations. This notice is
published for the convenience of the
importing public and U.S. Customs and
Border Protection personnel.
DATES: The rates announced in this
notice are applicable as of July 1, 2024.
SUMMARY:
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 2024–11, the IRS
determined the rates of interest for the
calendar quarter beginning July 1, 2024,
khammond on DSKJM1Z7X2PROD 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 Sep<11>2014
19:25 Jun 27, 2024
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PO 00000
Frm 00079
Fmt 4703
and ending on September 30, 2024. 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 both corporations
and non-corporations. For
overpayments made by noncorporations, the rate is 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%). These interest rates
used to calculate interest on overdue
accounts (underpayments) and refunds
(overpayments) of customs duties
remain the same from the previous
quarter. These interest rates are subject
to change for the calendar quarter
beginning October 1, 2024, and ending
on December 31, 2024.
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 July of 1974 to date, to
calculate interest on overdue accounts
and refunds of customs duties, is
published in summary format.
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
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
Sfmt 4703
E:\FR\FM\28JNN1.SGM
Over-payments
(percent)
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
28JNN1
Corporate
over-payments
(eff. 1–1–99)
(percent)
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
6
7
8
7
54017
Federal Register / Vol. 89, No. 125 / Friday, June 28, 2024 / Notices
Beginning date
070101
010102
010103
100103
040104
070104
100104
040105
100105
070106
010108
040108
070108
100108
010109
040109
010111
040111
100111
040116
040118
010119
070119
070120
040122
070122
100122
010123
100123
Ending date
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Crinley S. Hoover,
Acting Chief Financial Officer, U.S. Customs
and Border Protection.
[FR Doc. 2024–14171 Filed 6–27–24; 8:45 am]
BILLING CODE 9111–14–P
DEPARTMENT OF HOMELAND
SECURITY
Federal Emergency Management
Agency
[Docket ID FEMA–2024–0002; Internal
Agency Docket No. FEMA–B–2442]
khammond on DSKJM1Z7X2PROD with NOTICES
The Preliminary FIRM, and
where applicable, the FIS report for
each community are available for
inspection at both the online location
https://hazards.fema.gov/femaportal/
prelimdownload and the respective
Community Map Repository address
listed in the tables below. Additionally,
the current effective FIRM and FIS
report for each community are
accessible online through the FEMA
Map Service Center at https://
msc.fema.gov for comparison.
You may submit comments, identified
by Docket No. FEMA–B–2442, to Rick
Sacbibit, Chief, Engineering Services
Branch, Federal Insurance and
Mitigation Administration, FEMA, 400
C Street SW, Washington, DC 20472,
ADDRESSES:
Federal Emergency
Management Agency, Department of
Homeland Security.
ACTION: Notice.
Comments are requested on
proposed flood hazard determinations,
which may include additions or
modifications of any Base Flood
Elevation (BFE), base flood depth,
Special Flood Hazard Area (SFHA)
boundary or zone designation, or
regulatory floodway on the Flood
Insurance Rate Maps (FIRMs), and
where applicable, in the supporting
Flood Insurance Study (FIS) reports for
the communities listed in the table
below. The purpose of this notice is to
19:25 Jun 27, 2024
seek general information and comment
regarding the preliminary FIRM, and
where applicable, the FIS report that the
Federal Emergency Management Agency
(FEMA) has provided to the affected
communities. The FIRM and FIS report
are the basis of the floodplain
management measures that the
community is required either to adopt
or to show evidence of having in effect
in order to qualify or remain qualified
for participation in the National Flood
Insurance Program (NFIP).
Jkt 262001
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Frm 00080
Fmt 4703
Sfmt 4703
Corporate
over-payments
(eff. 1–1–99)
(percent)
Over-payments
(percent)
7
6
5
4
5
4
5
6
7
8
7
6
5
6
5
4
3
4
3
4
5
6
5
3
4
5
6
7
8
Comments are to be submitted
on or before September 26, 2024.
AGENCY:
VerDate Sep<11>2014
123101
123102
093003
033104
063004
093004
033105
093005
063006
123107
033108
063008
093008
123108
033109
123110
033111
093011
033116
033118
123118
063019
063020
033122
063022
093022
123122
093023
093024
DATES:
Proposed Flood Hazard
Determinations
SUMMARY:
Under-payments
(percent)
7
6
5
4
5
4
5
6
7
8
7
6
5
6
5
4
3
4
3
4
5
6
5
3
4
5
6
7
8
6
5
4
3
4
3
4
5
6
7
6
5
4
5
4
3
2
3
2
3
4
5
4
2
3
4
5
6
7
(202) 646–7659, or (email)
patrick.sacbibit@fema.dhs.gov.
Rick
Sacbibit, Chief, Engineering Services
Branch, Federal Insurance and
Mitigation Administration, FEMA, 400
C Street SW, Washington, DC 20472,
(202) 646–7659, or (email)
patrick.sacbibit@fema.dhs.gov; or visit
the FEMA Mapping and Insurance
eXchange (FMIX) online at https://
www.floodmaps.fema.gov/fhm/fmx_
main.html.
FOR FURTHER INFORMATION CONTACT:
FEMA
proposes to make flood hazard
determinations for each community
listed below, in accordance with section
110 of the Flood Disaster Protection Act
of 1973, 42 U.S.C. 4104, and 44 CFR
67.4(a).
These proposed flood hazard
determinations, together with the
floodplain management criteria required
by 44 CFR 60.3, are the minimum that
are required. They should not be
construed to mean that the community
must change any existing ordinances
that are more stringent in their
floodplain management requirements.
The community may at any time enact
stricter requirements of its own or
pursuant to policies established by other
Federal, State, or regional entities.
These flood hazard determinations are
SUPPLEMENTARY INFORMATION:
E:\FR\FM\28JNN1.SGM
28JNN1
]]>Agencies
[Federal Register Volume 89, Number 125 (Friday, June 28, 2024)]
[Notices]
[Pages 54016-54017]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-14171]
[[Page 54016]]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOMELAND SECURITY
U.S. Customs and Border Protection
Quarterly IRS Interest Rates Used in Calculating Interest on
Overdue Accounts and Refunds of 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
will remain the same from the previous quarter. For the calendar
quarter beginning July 1, 2024, the interest rates for underpayments
will be 8 percent for both corporations and non-corporations. The
interest rate for overpayments will be 8 percent for non-corporations
and 7 percent for corporations. This notice is published for the
convenience of the importing public and U.S. Customs and Border
Protection personnel.
DATES: The rates announced in this notice are applicable as of July 1,
2024.
FOR FURTHER INFORMATION CONTACT: Bruce Ingalls, Revenue Division,
Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100,
Indianapolis, Indiana 46278; telephone (317) 298-1107.
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 2024-11, the IRS determined the rates of interest
for the calendar quarter beginning July 1, 2024, and ending on
September 30, 2024. 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 both
corporations and non-corporations. 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%). For corporate
overpayments, the rate is the Federal short-term rate (5%) plus two
percentage points (2%) for a total of seven percent (7%). These
interest rates used to calculate interest on overdue accounts
(underpayments) and refunds (overpayments) of customs duties remain the
same from the previous quarter. These interest rates are subject to
change for the calendar quarter beginning October 1, 2024, and ending
on December 31, 2024.
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 July of 1974 to date, to calculate
interest on overdue accounts and refunds of customs duties, is
published in summary format.
----------------------------------------------------------------------------------------------------------------
Corporate over-
Beginning date Ending date Under-payments Over-payments payments (eff. 1-
(percent) (percent) 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 54017]]
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
040116.............................. 033118 4 4 3
040118.............................. 123118 5 5 4
010119.............................. 063019 6 6 5
070119.............................. 063020 5 5 4
070120.............................. 033122 3 3 2
040122.............................. 063022 4 4 3
070122.............................. 093022 5 5 4
100122.............................. 123122 6 6 5
010123.............................. 093023 7 7 6
100123.............................. 093024 8 8 7
----------------------------------------------------------------------------------------------------------------
Crinley S. Hoover,
Acting Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2024-14171 Filed 6-27-24; 8:45 am]
BILLING CODE 9111-14-P
