[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR1315.8]

[Page 151]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
              CHAPTER III--OFFICE OF MANAGEMENT AND BUDGET
 
PART 1315_PROMPT PAYMENT--Table of Contents
 
Sec. 1315.8  Rebates.

    Agencies shall determine governmentwide commercial purchase card 
payment dates based on an analysis of the total costs and total benefits 
to the Federal government as a whole, unless specified in a contract. 
When calculating costs and benefits, agencies are expected to include 
the cost to the government of paying early. This cost is the interest 
the government would have earned, at the Current Value of Funds rate, 
for each day that payment was not made. Agencies may factor in benefits 
gained from paying early due to, for example, streamlining the payment 
process or other efficiencies. A rebate formula is provided in Sec. 
1315.17 and at the Prompt Payment website at www.fms.treas.gov/prompt/
index.html.