Any portion of an internal revenue tax (or any interest, assessable penalty, additional amount, or addition to tax) which has been erroneously refunded, and which is recoverable by suit pursuant to section 7405, shall bear interest at the underpayment rate established under section 6621 from the date of the payment of the refund.
Aug. 16, 1954, ch. 73668A Stat. 818Pub. L. 93–625, § 7(a)(2)(B)88 Stat. 2115Pub. L. 99–514, title XV, § 1511(c)(12)100 Stat. 2745(, ; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 99–5141986— substituted “the underpayment rate established under section 6621” for “an annual rate established under section 6621”.
Pub. L. 93–6251975— substituted “an annual rate established under section 6621” for “the rate of 6 percent per annum”.
Statutory Notes and Related Subsidiaries
Effective Date of 1986 Amendment
Pub. L. 99–514section 1511(d) of Pub. L. 99–514section 47 of this titleAmendment by applicable for purposes of determining interest for periods after , see , set out as a note under .
Effective Date of 1975 Amendment
Pub. L. 93–625section 7(e) of Pub. L. 93–625section 6621 of this titleAmendment by effective , and applicable to amounts outstanding on such date or arising thereafter, see , set out as an Effective Date note under .