Exxon Mobil Corporation and Affilliated Companies, f.k.a. Exxon Corporation and Affiliated Companies - Page 12

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          States, 384 F.3d 1307 (Fed Cir. 2004), affg. on this issue and              
          remanding in part 56 Fed. Cl. 488 (2003).                                   
               As explained in State Farm Mut. Auto. Ins. Co. v.                      
          Commissioner, supra (slip op. at 9), with regard to the language            
          of section 6621(a)(1):                                                      

                    The role of the phrase “overpayment of tax” is central            
               to this dispute.  We find the phrase in question is a device           
               to describe the occasion when the GATT rate is triggered for           
               all interest computational purposes including compounding              
               under section 6622.  We do not read the phrase “overpayment            
               of tax” as a limitation on the scope of the applicability of           
               the changed rate once triggered. * * *                                 

               The legislative history of the GATT rate change and the                
          effective date language, set forth above, discuss only a change             
          in the rate of interest “without distinguishing between the rate            
          paid on an overpayment and the rate compounded.”  State Farm Mut.           
          Auto. Ins. Co. v. Commissioner, supra (slip op. at 10).  A                  
          bifurcation in the interest to be paid on the tax overpayment               
          itself, and the interest to be paid on interest is not found in             
          the statute.                                                                
               In Gen. Elec. Co. v. United States, 384 F.3d at 1311, the              
          Court of Appeals for the Federal Circuit explained its holding,             
          in part, as follows:                                                        

               We think it highly unlikely that Congress intended the                 
               exception to the GATT rate for small overpayments to have              
               such dramatic potential consequences for overpayments vastly           
               larger than the modest overpayments of $10,000 or less that            
               are eligible for the regular rate. * * * While the statutory           

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