- (a) An interest charge shall be assessed on unpaid and underpaid amounts from the date the amounts are due.
- (b) The interest charge on late payments shall be at the underpayment rate established by the Internal Revenue Code, 26 U.S.C. 6621(a)(2) (Supp. 1987).
- (c) Interest will be charged only on the amount of the payment not received. Interest will be charged only for the number of days the payment is late.
- (d) A portion of the interest collected will be paid to a State where the State shares in mineral revenues from Federal leases.
- (e) An overpayment on a lease or leases may be offset against an underpayment on a different lease or leases to determine a net underpayment on which interest is due pursuant to conditions specified in § 1218.42.
[49 FR 37346, Sept. 21, 1984, as amended at 55 FR 37230, Sept. 10, 1990; 57 FR 62206, Dec. 30, 1992]