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(A) the Federal short-term rate determined under
subsection (b), plus
(B) 3 percentage points (2 percentage points in the
case of a corporation).
To the extent that an overpayment of tax by a
corporation for any taxable period * * * exceeds
$10,000, subparagraph (B) shall be applied by
substituting “0.5 percentage point” for “2 percentage
points”.[3]
The flush language of section 6621(a)(1), reflecting the
reduced overpayment interest rate for large corporate
overpayments for periods after December 31, 1994, was added to
the Code in 1994 as part of the Uruguay Round Agreements Act
(GATT), Pub. L. 103-465, sec. 713(a), 108 Stat. 5001-5002 (1994).
In accordance with the terminology used in Gen. Elec. Co. v.
United States, 384 F.3d at 1309, we refer to the amendment of
section 6621(a)(1) as the GATT amendment.
The effective date of the GATT amendment was provided in
section 713(b), as follows:
(b) Effective Date.–-The amendment made by this
section shall apply for purposes of determining interest for
periods after December 31, 1994.
3 The version of the statute quoted in the text is the
current version, reflecting changes not relevant herein made by
the Taxpayer Relief Act of 1997 (TRA 1997), Pub. L. 105-34, sec.
1463(a), 111 Stat. 1057; TRA 1997, sec. 1604(b)(1), 111 Stat.
1097; Internal Revenue Service Restructuring and Reform Act of
1998, Pub. L. 105-206, sec. 3302(a), 112 Stat. 741.
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