96 STAT. 636
PUBLIC LAW 97-248—SEPT. 3, 1982 (2) The table of sections for subchapter C of chapter 67 is amended by inserting after section G621 the following new item: "Sec. 6622. Interest compounded daily."
26 USC 6622 ^°^^-
(3)(A) The heading for subchapter C of chapter 67 is amended by inserting "; Compounding of I n t e r e s t " after " R a t e ". (B) The item relating to subchapter C in the table of subchapter s for chapter 67 is amended by inserting "; compounding of i n t e r e s t " after " r a t e ". (c) EFFECTIVE D A T E. — The amendments m a d e by this section shall apply to interest accruing after December 31, 1982. SKC. Si-y. DETERMINATION OF RATE OF INTEREST TO BE MADE SEMIANNUAI.LY.
26 USC 6621.
(a) IN GENERAL.—Subsection (b) of section 6621 (relating to determination of r a t e of interest) is amended to read as follows: "(b) ADJUSTMENT OF INTEREST R A T E. — "(1) ESTABLISHMENT OF ADJUSTED RATE.—If the adjusted p r i m e
r a t e charged by b a n k s (rounded to the n e a r e s t full percent)— "(A) during the 6-month period ending on September 30 of any c a l e n d a r year, or "(B) during the 6-month period ending on March 31 of any c a l e n d a r year, differs from the interest r a t e in effect under this section on either such date, respectively, the n the Secretary shall establish, within 15 days after the close of the applicable 6-month period, an adjusted r a t e of interest equal to such adjusted prime rate. "(2) EFFECTIVE DATE OF ADJUSTMENT. — Any adjusted r a t e of
26 USC 6621 ^°^-
interest established under paragraph (1) shall become effective— "(A) on January 1 of the succeeding year in the case of an adjustment a t t r i b u t a b l e to paragraph (1)(A), and "(B) on July 1 of the s a m e year in the case of an adjustment a t t r i b u t a b l e to paragraph(l)(B)." (b) EFFECTIVE D A T E. — The amendment m a d e by this section shall apply to adjustments taking effect on January 1, 1983. SEC.
- U6. RESTRICTIONS
PERIODS.
(a) INTEREST W I T H
26 USC 6611.
ON PAYMENT OF INTEREST
RESPECT TO D E L I N Q U E N T
FOR CERTAIN
RETURNS.—Section
6611(b) (relating to period for which interest on refunds is paid) is amended by adding a t the end thereof the following new paragraph: "(3) LATE.RETURNS.—Notwithstanding paragraph (1) or (2) in the case of a r e t u r n of tax which is filed after the last date prescribed for filing such r e t u r n (determined with regard to extensions), no interest shall be allowed or paid for any day before the date on which the r e t u r n is filed." (b) N o INTEREST IF R E T U R N N O T IN PROCESSIBLE FORM.—Section
6611 (relating to interest on overpayments) is amended by redesignating subsection (i) as subsection (j) and by adding after subsection (h) the following new subsection: "(i) N o INTEREST U N T I L RETURN IN PROCESSIBLE FOR M. —
"(1) For purposes of subsections (b)(3), (e), and (h), a r e t u r n shall not be treated as filed until it is filed in processible form. "(2) For purposes of paragraph (1), a r e t u r n is in a processible form if—
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