Notice of Rate To Be Used for Federal Debt Collection, and Discount and Rebate Evaluation
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Issuing agencies
Abstract
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. Notice is hereby given that the applicable rate for calendar year 2023 is 1.00 percent.
Full Text
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<title>Federal Register, Volume 87 Issue 223 (Monday, November 21, 2022)</title>
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[Federal Register Volume 87, Number 223 (Monday, November 21, 2022)]
[Notices]
[Page 70888]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25077]
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DEPARTMENT OF THE TREASURY
Fiscal Service
Bureau of the Fiscal Service
Notice of Rate To Be Used for Federal Debt Collection, and
Discount and Rebate Evaluation
AGENCY: Bureau of the Fiscal Service, Fiscal Service, Treasury.
ACTION: Notice of rate to be used for Federal debt collection, and
discount and rebate evaluation.
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SUMMARY: 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.
Notice is hereby given that the applicable rate for calendar year 2023
is 1.00 percent.
DATES: January 1, 2023, through December 31, 2023.
FOR FURTHER INFORMATION CONTACT: Department of the Treasury, Bureau of
the Fiscal Service, Disbursing and Debt Management, E-Commerce Division
(LC-RM 349B), 3201 Pennsy Drive, Building E, Landover, MD 20785
(Telephone: 202-874-9428).
SUPPLEMENTARY INFORMATION: The rate reflects the Current Value of Funds
to the Treasury for use in connection with Federal Cash Management
systems and is based on investment rates set for purposes of Public Law
95-147, 91 Stat. 1227 (October 28, 1977). The annual Interest Rate
Factors used in determining the Current Value of Funds Rate are based
on weekly average Fed funds, less 25 basis points for the 12-month
period ending every September 30. The Treasury Office of Debt
Management began providing the annual Interest Rate Factors in the
October 2021 monthly reporting cycle. The Current Value of Funds Rate
is rounded to the nearest whole percentage for applicability effective
each January 1. Quarterly revisions are made if the annual average, on
a moving basis, changes by 2 percentage points.
Authority: 31 U.S.C. Section 3717.
Linda Claire Chero,
Assistant Commissioner, Disbursing and Debt Management, and Chief
Disbursing Officer.
[FR Doc. 2022-25077 Filed 11-18-22; 8:45 am]
BILLING CODE 4810-AS-P
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