26 U.S.C. § 6612 — Cross references

Page 3732 TITLE 26—INTERNAL REVENUE CODE § 6612 ‘‘(1) Paragraph (1) of section 6611(e) of the Internal Revenue Code of 1986 (as amended by subsection (a)) shall apply in the case of returns the due date for which (determined without regard to extensions) is on or after January 1, 1994. ‘‘(2) Paragraph (2) of section 6611(e) of such Code (as so amended) shall apply in the case of claims for credit or refund of any overpayment filed on or after January 1, 1995, regardless of the taxable period to which such refund relates. ‘‘(3) Paragraph (3) of section 6611(e) of such Code (as so amended) shall apply in the case of any refund paid on or after January 1, 1995, regardless of the taxable pe- riod to which such refund relates.’’ EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–418 applicable to crude oil removed from the premises on or after Aug. 23, 1988, see section 1941(c) of Pub. L. 100–418, set out as a note under section 164 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–514 applicable for purposes of determining interest for periods after Dec. 31, 1986, see section 1511(d) of Pub. L. 99–514, set out as a note under section 47 of this title. EFFECTIVE DATE OF 1984 AMENDMENTS Amendment by section 211(b)(27) of Pub. L. 98–369 ap- plicable to taxable years beginning after Dec. 31, 1983, see section 215 of Pub. L. 98–369, set out as an Effective Date note under section 801 of this title. Amendment by section 714(n)(2)(A) of Pub. L. 98–369 effective as if included in the provision of the Tax Eq- uity and Fiscal Responsibility Act of 1982, Pub. L. 97–248, to which such amendment relates, see section 715 of Pub. L. 98–369, set out as a note under section 31 of this title. Pub. L. 99–514, title XVIII, § 1875(d)(3), Oct. 22, 1986, 100 Stat. 2896, provided that: ‘‘Notwithstanding section 715 of the Tax Reform Act of 1984 [Pub. L. 98–369], the amendments made by section 714(n)(2) of such Act [amending this section and section 6411 of this title] shall apply only to applications filed after July 18, 1984.’’ EFFECTIVE DATE OF 1982 AMENDMENT Pub. L. 97–248, title III, § 346(d), Sept. 3, 1982, 96 Stat. 638, provided that: ‘‘(1) IN GENERAL.—The amendments made by sub- sections (a) and (b) [amending this section] shall apply to returns filed after the 30th day after the date of the enactment of this Act [Sept. 3, 1982]. ‘‘(2) SUBSECTION (c).—The amendments made by sub- section (c) [amending this section and section 6601 of this title] shall apply to interest accruing after the 30th day after the date of the enactment of this Act [Sept. 3, 1982].’’ EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–223 applicable to periods after Feb. 29, 1980, see section 101(i) of Pub. L. 96–223, set out as a note under section 6161 of this title. EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95–628 applicable to carrybacks arising in taxable years beginning after Nov. 10, 1978, see section 8(d) of Pub. L. 95–628, set out as a note under section 6511 of this title. EFFECTIVE DATE OF 1977 AMENDMENT Amendment by Pub. L. 95–30 applicable to taxable years beginning after Dec. 31, 1976, and to credit carrybacks from such years, see section 202(e) of Pub. L. 95–30, set out as an Effective Date note under section 51 of this title. EFFECTIVE DATE OF 1975 AMENDMENT Amendment by Pub. L. 93–625 effective July 1, 1975, and applicable to amounts outstanding on such date or arising thereafter, see section 7(e) of Pub. L. 93–625, set out as an Effective Date note under section 6621 of this title. EFFECTIVE DATE OF 1971 AMENDMENT Amendment by Pub. L. 92–178 applicable to taxable years beginning after Dec. 31, 1971, see section 601(f) of Pub. L. 92–178, set out as a note under section 381 of this title. EFFECTIVE DATE OF 1969 AMENDMENT Amendment by Pub. L. 91–172 applicable with respect to net capital losses sustained in taxable years begin- ning after Dec. 31, 1969, see section 512(g) of Pub. L. 91–172, set out as a note under section 1212 of this title. EFFECTIVE DATE OF 1967 AMENDMENT Amendment by Pub. L. 90–225 applicable with respect to investment credit carrybacks attributable to net op- erating loss carrybacks from taxable years ending after July 31, 1967, see section 2(g) of Pub. L. 90–225, set out as a note under section 46 of this title. EFFECTIVE DATE OF 1966 AMENDMENT Pub. L. 89–721, § 1(b), Nov. 2, 1966, 80 Stat. 1150, pro- vided that: ‘‘The amendment made by subsection (a) [amending this section] shall apply with respect to re- funds made more than 45 days after the date of the en- actment of this Act [Nov. 2, 1966].’’ EFFECTIVE DATE OF 1964 AMENDMENT Amendment by Pub. L. 88–571 effective, with respect to amounts added to policyholders surplus accounts, for taxable years beginning after Dec. 31, 1958, see sec- tion 3(f) of Pub. L. 88–571, set out as a note under sec- tion 6501 of this title. EFFECTIVE DATE OF 1962 AMENDMENT Amendment by Pub. L. 87–834 applicable with respect to taxable years ending after Dec. 31, 1961, see section 2(h) of Pub. L. 87–834, set out as an Effective Date note under section 46 of this title. EFFECTIVE DATE OF 1958 AMENDMENT Amendment by section 42(b) of Pub. L. 85–866 applica- ble only with respect to taxable years beginning after Dec. 31, 1957, see section 42(c) of Pub. L. 85–866, set out as a note under section 904 of this title. Amendment by section 83(b), (c) of Pub. L. 85–866 ap- plicable only in respect of overpayments credited after Dec. 31, 1957, see section 83(d) of Pub. L. 85–866, set out as a note under section 6601 of this title. NO INTEREST ON INDIVIDUAL INCOME TAX REFUNDS FOR 1974 REFUNDED WITHIN 60 DAYS AFTER RETURN IS FILED Pub. L. 94–12, title I, § 101(b), Mar. 29, 1975, 89 Stat. 28, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ‘‘In applying section 6611(e) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (re- lating to income tax refund within 45 days after return is filed) in the case of any overpayment of tax imposed by subtitle A of such Code by an individual (other than an estate or trust and other than a nonresident alien individual) for a taxable year beginning in 1974, ‘60 days’ shall be substituted for ‘45 days’ each place it ap- pears in such section 6611(e).’’ § 6612. Cross references (a) Interest on judgments for overpayments For interest on judgments for overpayments, see 28 U.S.C. 2411(a). (b) Adjustments For provisions prohibiting interest on certain ad- justments in tax, see section 6413(a). (c) Other restrictions on interest For other restrictions on interest, see sections 2014(e) (relating to refunds attributable to foreign Page 3733 TITLE 26—INTERNAL REVENUE CODE § 6621 tax credits), 6412 (relating to floor stock refunds), 6413(d) (relating to taxes under the Federal Unem- ployment Tax Act), 6416 (relating to certain taxes on sales and services), 6419 (relating to the excise tax on wagering), 6420 (relating to payments in the case of gasoline used on the farm for farming purposes), and 6421 (relating to payments in the case of gaso- line used for certain nonhighway purposes or by local transit systems). (Aug. 16, 1954, ch. 736, 68A Stat. 820; Apr. 2, 1956, ch. 160, § 4(f), 70 Stat. 91; June 29, 1956, ch. 462, title II, § 208(e)(7), 70 Stat. 397; Pub. L. 107–16, title V, § 532(c)(12), June 7, 2001, 115 Stat. 75; Pub. L. 115–141, div. U, title IV, § 401(a)(297), Mar. 23, 2018, 132 Stat. 1198.) Editorial Notes REFERENCES IN TEXT The Federal Unemployment Tax Act, referred to in subsec. (c), is act Aug. 16, 1954, ch. 736, §§ 3301 to 3311, 68A Stat. 454, which is classified generally to chapter 23 (§ 3301 et seq.) of this title. For complete classification of this Act to the Code, see section 3311 of this title and Tables. AMENDMENTS 2018—Subsec. (c). Pub. L. 115–141 inserted ‘‘sections’’ before ‘‘2014(e)’’ and substituted ‘‘6420’’ for ‘‘and 6420’’. 2001—Subsec. (c). Pub. L. 107–16 struck out ‘‘section 2011(c) (relating to refunds due to credit for State taxes),’’ after ‘‘see’’. 1956—Subsec. (c). Act June 29, 1956, inserted reference to section 6421 of this title. Act Apr. 2, 1956, inserted reference to section 6420 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2001 AMENDMENT Amendment by Pub. L. 107–16 applicable to estates of decedents dying, and generation-skipping transfers, after Dec. 31, 2004, see section 532(d) of Pub. L. 107–16, set out as a note under section 2012 of this title. EFFECTIVE DATE OF 1956 AMENDMENT Amendment by act June 29, 1956, effective June 29, 1956, see section 211 of act June 29, 1956, set out as an Effective Date note under section 4041 of this title. Subchapter C—Determination of Interest Rate; Compounding of Interest Sec. 6621. Determination of rate of interest. 6622. Interest compounded daily. Editorial Notes AMENDMENTS 1982—Pub. L. 97–248, title III, § 344(b)(3)(A), Sept. 3, 1982, 96 Stat. 636, inserted ‘‘; Compounding of Interest’’ after ‘‘Rate’’ in heading for subchapter C. Pub. L. 97–248, title III, § 344(b)(2), Sept. 3, 1982, 96 Stat. 636, added item 6622. § 6621. Determination of rate of interest (a) General rule (1) Overpayment rate The overpayment rate established under this section shall be the sum of— (A) the Federal short-term rate deter- mined under subsection (b), plus (B) 3 percentage points (2 percentage points in the case of a corporation). To the extent that an overpayment of tax by a corporation for any taxable period (as de- fined in subsection (c)(3), applied by sub- stituting ‘‘overpayment’’ for ‘‘underpayment’’) exceeds $10,000, subparagraph (B) shall be ap- plied by substituting ‘‘0.5 percentage point’’ for ‘‘2 percentage points’’. (2) Underpayment rate The underpayment rate established under this section shall be the sum of— (A) the Federal short-term rate deter- mined under subsection (b), plus (B) 3 percentage points. (b) Federal short-term rate For purposes of this section— (1) General rule The Secretary shall determine the Federal short-term rate for the first month in each calendar quarter. (2) Period during which rate applies (A) In general Except as provided in subparagraph (B), the Federal short-term rate determined under paragraph (1) for any month shall apply during the first calendar quarter be- ginning after such month. (B) Special rule for individual estimated tax In determining the addition to tax under section 6654 for failure to pay estimated tax for any taxable year, the Federal short-term rate which applies during the 3rd month fol- lowing such taxable year shall also apply during the first 15 days of the 4th month fol- lowing such taxable year. (3) Federal short-term rate The Federal short-term rate for any month shall be the Federal short-term rate deter- mined during such month by the Secretary in accordance with section 1274(d). Any such rate shall be rounded to the nearest full percent (or, if a multiple of 1⁄2 of 1 percent, such rate shall be increased to the next highest full per- cent). (c) Increase in underpayment rate for large cor- porate underpayments (1) In general For purposes of determining the amount of interest payable under section 6601 on any large corporate underpayment for periods after the applicable date, paragraph (2) of sub- section (a) shall be applied by substituting ‘‘5 percentage points’’ for ‘‘3 percentage points’’. (2) Applicable date For purposes of this subsection— (A) In general The applicable date is the 30th day after the earlier of— (i) the date on which the 1st letter of proposed deficiency which allows the tax- payer an opportunity for administrative review in the Internal Revenue Service Independent Office of Appeals is sent, or (ii) the date on which the deficiency no- tice under section 6212 is sent.