Fiscal Service May 22, 2023 – Federal Register Recent Federal Regulation Documents

The Secretary of the Treasury is responsible for computing and publishing the percentage rate that is used in assessing interest charges for outstanding debts owed to the Government (The Debt Collection Act of 1982, as amended). This rate is also used by agencies as a comparison point in evaluating the cost-effectiveness of a cash discount. In addition, this rate is used in determining when agencies should pay purchase card invoices when the card issuer offers a rebate. The percentage rate generally is calculated on an annual, calendar year basis; however, quarterly adjustments are made to the rate if the annual average of the method used to calculate it results in a change of 2 percent or more. Notice is hereby given that such an adjustment is being implemented, and the applicable rate for April through December 2023 is 3.00 percent.