§1218.55. Interest payments to Indians.
30 C.F.R. § 1218.55
All interest collected from unpaid or underpayments on Indian tribal or allotted leases will be paid to the tribe or allottee.
Any disbursement of Indian mineral revenues not made by the due date as required in § 1219.103 of this chapter shall accrue interest.
Interest shall be computed at the underpayment rate established by the Internal Revenue Code, 26 U.S.C. 6621(a)(2) (Supp. 1987).
The interest shall be payable only for the number of days the disbursement is late.
Notes, amendments, and revision history
Amendments
[49 FR 37346, Sept. 21, 1984, as amended at 55 FR 37230, Sept. 10, 1990]
Source
Source: 49 FR 37346, Sept. 21, 1984, unless otherwise noted.
Authority
Authority: 5 U.S.C. 301 et seq.; 25 U.S.C. 396 et seq., 396a et seq., 2101 et seq.; 30 U.S.C. 181 et seq., 351 et seq., 1001 et seq., 1701 et seq.; 31 U.S.C. 3335, 3711, 3716-18, 3720A, 9701; 43 U.S.C. 1301 et seq., 1331 et seq., and 1801 et seq.
Source
Source: 48 FR 35641, Aug. 5, 1983, unless otherwise noted. Redesignated at 75 FR 61084, Oct. 4, 2010.
Amendments
[49 FR 37346, Sept. 21, 1984, as amended at 55 FR 37230, Sept. 10, 1990]