IRS News Release  
February 24, 1989

Interest Rates for the Quarter
to Remain at Eleven Percent

The Internal Revenue Service today announced that interest rates for the calendar quarter beginning April 1, 1989, will increase to eleven percent for overpayments and twelve percent for underpayments.

Under the Tax Reform Act of 1986, the rate of interest is determined quarterly and the rate on underpayments is one percent higher than the rate on overpayments. The rate announced today is computed from the federal short-term rate based on daily compounding determined during January 1989.

Revenue ruling 89-36, announcing the new rates of interest will appear in Internal Revenue Bulletin No. 1989-11, dated March 13, 1989.

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