Us Code § 6622 - Interest compounded daily
Full text of Us Code United States Code § 6622 — Interest compounded daily, with citation guidance and answers to common questions.
§ 6622. Interest compounded daily
(a) General rule
In computing the amount of any interest required to be paid under this title or sections 1961(c)(1) or 2411 of title 28, United States Code, by the Secretary or by the taxpayer, or any other amount determined by reference to such amount of interest, such interest and such amount shall be compounded daily.
(b) Exception for penalty for failure to file estimated tax
Subsection (a) shall not apply for purposes of computing the amount of any addition to tax under section 6654 or 6655.
(Added Pub. L. 97–248, title III, §344(a), Sept. 3, 1982, 96 Stat. 635.)
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 97–248, title III, §344(c), Sept. 3, 1982, 96 Stat. 636, provided that: "The amendments made by this section [enacting this section and amending section 6601 of this title] shall apply to interest accruing after December 31, 1982."
Subchapter D—Notice Requirements
Editorial Notes
Amendments
2000—Pub. L. 106–554, §1(a)(7) [title III, §319(22)], Dec. 21, 2000, 114 Stat. 2763, 2763A–647, substituted "Requirements" for "requirements" in subchapter heading.
About This Section
26 U.S.C. § 6622 is part of Title 26 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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