Notice2023-17450
Prompt Payment Interest Rate; Contract Disputes Act
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 15, 2023
Issuing agencies
Treasury DepartmentBureau of the Fiscal Service
Abstract
For the period beginning July 1, 2023, and ending on December 31, 2023, the prompt payment interest rate is 4-7/8 per centum per annum.
Full Text
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<title>Federal Register, Volume 88 Issue 156 (Tuesday, August 15, 2023)</title>
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[Federal Register Volume 88, Number 156 (Tuesday, August 15, 2023)]
[Notices]
[Pages 55501-55502]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-17450]
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DEPARTMENT OF THE TREASURY
Bureau of the Fiscal Service
Prompt Payment Interest Rate; Contract Disputes Act
AGENCY: Bureau of the Fiscal Service, Treasury.
ACTION: Notice of prompt payment interest rate.
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SUMMARY: For the period beginning July 1, 2023, and ending on December
31, 2023, the prompt payment interest rate is 4-7/8 per centum per
annum.
DATES: Applicable July 1, 2023, to December 31, 2023.
ADDRESSES: Comments or inquiries may be mailed to: E-Commerce Division,
Bureau of the Fiscal Service, 401 14th Street SW, Room 306F,
Washington, DC 20227. Comments or inquiries may also be emailed to
<a href="/cdn-cgi/l/email-protection#e7b795888a9793b7869e8a828993a7818e9484868bc9939582869492959ec9808891"><span class="__cf_email__" data-cfemail="772705181a070327160e1a12190337111e0414161b59030512160402050e59101801">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Thomas M. Burnum, E-Commerce Division,
(202) 874-6430; or Thomas Kearns, Senior Counsel, Office of the Chief
Counsel, (202) 874-7036.
SUPPLEMENTARY INFORMATION: An agency that has acquired property or
service from a business concern and has failed to pay for the complete
delivery of property or service by the required payment date shall pay
the business concern an interest penalty. 31 U.S.C. 3902(a). The
Contract Disputes Act of 1978, sec. 12, Pub. L. 95-563, 92 stat. 2389,
and the Prompt Payment Act, 31 U.S.C. 3902(a), provide for the
calculation of interest due on claims at the rate established by the
Secretary of the Treasury.
The Secretary of the Treasury has the authority to specify the rate
by which the interest shall be computed for interest payments under
section 12 of the Contract Disputes Act of 1978 and under the Prompt
Payment Act. Under the Prompt Payment Act, if an interest penalty is
owed to a business concern, the penalty shall be paid regardless of
[[Page 55502]]
whether the business concern requested payment of such penalty. 31
U.S.C. 3902(c)(1). Agencies must pay the interest penalty calculated
with the interest rate, which is in effect at the time the agency
accrues the obligation to pay a late payment interest penalty. 31
U.S.C. 3902(a). ``The interest penalty shall be paid for the period
beginning on the day after the required payment date and ending on the
date on which payment is made.'' 31 U.S.C. 3902(b).
Therefore, notice is given that the Secretary of the Treasury has
determined that the rate of interest applicable for the period
beginning July 1, 2023, and ending on December 31, 2023, is 4-7/8 per
centum per annum.
Timothy E. Gribben,
Commissioner, Bureau of the Fiscal Service.
[FR Doc. 2023-17450 Filed 8-14-23; 8:45 am]
BILLING CODE 4810-AS-P
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</html>Indexed from Federal Register on August 15, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.