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Federal Register / Vol. 70, No. 16 / Wednesday, January 26, 2005 / Notices 3725
INFORMATION CONTACT as soon as corporations, and the interest rate for behalf of the Secretary of the Treasury
possible. underpayments will be 5 percent. This on a quarterly basis. The rates effective
Dated: January 18, 2005. notice is published for the convenience for a quarter are determined during the
Howard L. Hime,
of the importing public and Customs first-month period of the previous
and Border Protection personnel. quarter.
Acting Director of Standards, Marine Safety,
Security and Environmental Protection. EFFECTIVE DATE: January 1, 2005. In Revenue Ruling 2004–111, the IRS
[FR Doc. 05–1422 Filed 1–25–05; 8:45 am] FOR FURTHER INFORMATION CONTACT: determined the rates of interest for the
BILLING CODE 4910–15–P Trong Quan, National Finance Center, calendar quarter beginning January 1,
Collections Section, 6026 Lakeside 2005, and ending March 31, 2005. The
Boulevard, Indianapolis, Indiana 46278; interest rate paid to the Treasury for
DEPARTMENT OF HOMELAND telephone (317) 614–4516. underpayments will be the Federal
SECURITY SUPPLEMENTARY INFORMATION: short-term rate (2%) plus three
percentage points (3%) for a total of five
Customs and Border Protection Background percent (5%). For corporate
Pursuant to 19 U.S.C. 1505 and overpayments, the rate is the Federal
Quarterly IRS Interest Rates Used in Treasury Decision 85–93, published in short-term rate (2%) plus two
Calculating Interest on Overdue the Federal Register on May 29, 1985 percentage points (2%) for a total of four
Accounts and Refunds on Customs (50 FR 21832), the interest rate paid on percent (4%). For overpayments made
Duties applicable overpayments or by non-corporations, the rate is the
AGENCY: Customs and Border Protection, underpayments of customs duties must Federal short-term rate (2%) plus three
Department of Homeland Security. be in accordance with the Internal percentage points (3%) for a total of five
Revenue Code rate established under 26 percent (5%). These interest rates are
ACTION: General notice.
U.S.C. 6621 and 6622. Section 6621 was subject to change for the calendar
SUMMARY: This notice advises the public amended (at paragraph (a)(1)(B) by the quarter beginning April 1, 2005, and
of the quarterly Internal Revenue Internal Revenue Service Restructuring ending June 30, 2005.
Service interest rates used to calculate and Reform Act of 1998, Public Law For the convenience of the importing
interest on overdue accounts 105–206, 112 Stat. 685) to provide public and Customs and Border
(underpayments) and refunds different interest rates applicable to Protection personnel the following list
(overpayments) of customs duties. For overpayments: one for corporations and of IRS interest rates used, covering the
the calendar quarter beginning January one for non-corporations. period from before July of 1974 to date,
1, 2005, the interest rates for The interest rates are based on the to calculate interest on overdue
overpayments will be 4 percent for Federal short-term rate and determined accounts and refunds of customs duties,
corporations and 5 percent for non- by the Internal Revenue Service (IRS) on is published in summary format.
Corporate
Underpay- Overpay- overpay-
Beginning date Ending date ments ments ments (eff.
(percent) (percent) 1–1–99)
(percent)
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