Par. 5. Section 31.3134-1 is amended by: a. Redesignating paragraph (d) as paragraph (e) and adding new paragraph (d); and b. Revising the newly redesignated paragraph (e). The addition and revision read as follows:
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(d) Recapture of interest on erroneously refunded credits. For purposes of this section, any overpayment interest paid under section 6611 to an employer, or any third party payor as described in paragraph (c) of this section, with respect to an erroneous refund amount described in paragraph (a) of this section shall also be treated as an underpayment of the taxes imposed under section 3111(b) and so much of the taxes imposed under section 3221(a) as are attributable to the rate in effect under section 3111(b), as applicable, and may be assessed and collected by the Secretary in the same manner as the taxes.
(e) Applicability date. This section applies to all credit refunds under section 3134 advanced or paid on or after September 8, 2021, except that paragraph (d) of this section applies to all interest amounts paid under section 6611 on or after July 2, 2024 for any erroneous refund described in paragraph (a) of this section.