REDUCTION IN RATE OF INTEREST PAID ON CERTAIN CORPORATE OVERPAYMENTS.

SEC. 713. REDUCTION IN RATE OF INTEREST PAID ON CERTAIN CORPORATE OVERPAYMENTS. (a) In General.—Paragraph (1) of section 6621(a) (defining overpayment rate) is amended oy adding at the end the following new flush sentence: “To the extent that an overpayment of tax by a corporation for any taxable period (as defined in subsection (c)(3)) exceeds $10,000, subparagraph (B) shall be applied by substituting ‘0.5 percentage point’ for ‘2 percentage points’.” 108 STAT. 5002 (b) Effective Date.—The amendment made by this section shall apply for purposes of determining interest for periods after December 31, 1994.