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Interest Rates Drop for the Third Quarter of 2008

IR-2008-76, June 2, 2008

Washington — The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 2008, will drop by one percentage point. The new rates will be:

five (5) percent for overpayments [four (4) percent in the case of a corporation];
five (5) percent for underpayments;
seven (7) percent for large corporate underpayments; and
two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000.

News and Developments, Taxation Law