Notice of Proposed Rulemaking CFR 203: Payment of Federal Taxes and the Treasury Tax and Loan Program

• Download a copy of 31 CFR 203; Notice of Proposed Rulemaking:

31 CFR 203; NPRM (Text File) (7/30/99)

31 CFR 203; NPRM (PDF File) (7/30/99)

• Comment Letters

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Summary:

The Department of the Treasury (Treasury), Financial Management Service (FMS), is proposing a revision of its regulations governing the Treasury Tax and Loan (TT&L) program and specifically a change to the interest rate Treasury charges on TT&L note balances, including funds loaned through the direct investment and special direct investment programs. Under the current rule, the TT&L rate of interest is the Federal funds rate published weekly by the Board of Governors of the Federal Reserve System less 25 basis points. Treasury is proposing to change the basis for computing the TT&L rate of interest to an overnight repurchase agreement rate in order to better approximate the market interest rate for collateralized lending.

Other Related Sites:

Automated Clearing House (ACH)
Electronic Federal Tax Payment System (EFTPS)
Treasury Financial Manual - Vol 4 Ch 2000: Maintaining TT&L Accounts
Federal Reserve Federal Tax Payment Operating Circular

Any questions about EFTPS, please call EFTPS Customer Service at 1-800-555-4477 or 1-800-945-8400 24 hours a day, 7 days a week.