[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR70.92]

[Page 994-995]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--BUREAU OF ALCOHOL, TOBACCO AND FIREARMS, DEPARTMENT OF THE 
                                TREASURY
 
PART 70--PROCEDURE AND ADMINISTRATION--Table of Contents
 
     Subpart D--Collection of Excise and Special (Occupational) Tax
 
Sec. 70.92  Interest on overpayments.

    (a) General rule. Except as otherwise provided, interest shall be 
allowed on any overpayment of any tax at the overpayment rate referred 
to in Sec. 70.93 of this part from the date of overpayment of the tax.
    (b) Date of overpayment. Except as provided in section 6401(a) of 
the Internal Revenue Code, relating to assessment and collection after 
the expiration of the applicable period of limitation, there can be no 
overpayment of tax until the entire tax liability has been satisfied. 
Therefore, the dates of overpayment of any tax are the date of payment 
of the first amount which (when added to previous payments) is in excess 
of the tax liability (including any interest, addition to the tax, or 
additional amount) and the dates of payment of all amounts subsequently 
paid with respect to such tax liability.
    (c) Period for which interest is allowable in case of refunds. If an 
overpayment of tax is refunded, interest shall be allowed from the date 
of the overpayment to a date determined by the appropriate ATF officer 
which shall not be more than 30 days prior to the date of the refund 
check. The acceptance of a refund check shall not deprive the taxpayer 
of the right to make a claim for any additional overpayment and interest 
thereon, provided the claim is made within the applicable period of 
limitation. However, if a taxpayer does not accept a refund check, no 
additional interest on the amount of the overpayment included in such 
check shall be allowed.
    (d) Period for which interest allowable in case of credits--(1) 
General rule. If an overpayment of tax is credited, interest shall be 
allowed from the date of overpayment to the due date (as determined 
under paragraph (d)(2) of this section of the amount against which such 
overpayment is credited.
    (2) Determination of due date--(i) General. The term due date, as 
used in this section, means the last day fixed by law or regulations for 
the payment of the tax (determined without regard to any extension of 
time), and not the date on which the appropriate ATF officer makes 
demand for the payment of the tax. Therefore, the due date of the tax is 
the date fixed for the payment of the tax;
    (ii) Tax not due yet. If a taxpayer agrees to the crediting of an 
overpayment against tax and the schedule of allowance is signed prior to 
the date on which such tax would otherwise become due, then the due date 
of such tax shall be the date on which such schedule is signed;
    (iii) Interest. In the case of a credit against interest that 
accrues for any period ending prior to January 1, 1983, the due date is 
the earlier of the date of assessment of such interest or December 31, 
1982. In the case of a credit

[[Page 995]]

against interest that accrues from any period beginning on or after 
December 31, 1982, such interest is due as it economically accrues on a 
daily basis, rather than when it is assessed.
    (iv) Additional amount, addition to the tax, or assessable penalty. 
In the case of a credit against an additional amount, addition to the 
tax, or assessable penalty, the due date is the earlier of the date of 
assessment or the date from which such amount would bear interest if not 
satisfied by payment or credit.

(26 U.S.C. 6611)

[T.D. ATF-251, 52 FR 19314, May 22, 1987, as amended by T.D. ATF-301, 55 
FR 47614, Nov. 14, 1990; T.D. ATF-358, 59 FR 29367, June 7, 1994]