[Federal Register Volume 62, Number 17 (Monday, January 27, 1997)]
[Proposed Rules]
[Pages 3848-3849]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1791]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-254394-96]
RIN 1545-AU92
Section 42(d)(5) Federal Grants
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
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SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations with respect
to the low-income housing tax credit relating to the application of
section 42(d)(5) to certain rental assistance programs under section
42(g)(2)(B)(i). The text of those temporary regulations also serves as
the text of these proposed regulations.
DATES: Written comments and requests for a public hearing must be
received by April 28, 1997.
ADDRESSES: Send submissions to: CC:DOM:CORP:R (REG-254394-96), room
5226, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand delivered between the
hours of 8 a.m. and 5 p.m. to: CC:DOM:CORP:R (REG-254394-96), Courier's
Desk, Internal Revenue Service, 1111 Constitution Avenue, NW.,
Washington, DC. Alternatively,
[[Page 3849]]
taxpayers may submit comments electronically via the Internet by
selecting the ``Tax Regs'' option on the IRS Home Page, or by
submitting comments directly to the IRS Internet site at http://
www.irs.ustreas.gov/prod/tax__regs/comments/html.
FOR FURTHER INFORMATION CONTACT: Christopher J. Wilson (202) 622-3040
(not a toll-free call).
SUPPLEMENTARY INFORMATION:
Background
Temporary regulations published in the Rules and Regulations
section of this issue of the Federal Register provide rules with
respect to the low-income housing tax credit relating to the
application of section 42(d)(5) to certain rental assistance programs
under section 42(g)(2)(B)(i). The text of those temporary regulations
also serves as the text of these proposed regulations. The preamble to
the temporary regulations explains the temporary regulations.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in EO 12866. Therefore,
a regulatory assessment is not required. It also has been determined
that section 553(b) of the Administrative Procedure Act (5 U.S.C.
chapter 5) does not apply to these regulations and, because these
regulations do not impose on small entities a collection of information
requirement, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does
not apply. Therefore, a Regulatory Flexibility Analysis is not
required. Pursuant to section 7805(f) of the Internal Revenue Code,
this notice of proposed rulemaking will be submitted to the Chief
Counsel for Advocacy of the Small Business Administration for comment
on its impact on small business.
Comments and Requests for a Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written comments (a signed original
and eight (8) copies) that are submitted timely to the IRS. All
comments will be available for public inspection and copying. A public
hearing may be scheduled if requested in writing by a person that
timely submits written comments. If a public hearing is scheduled, a
notice of the date, time, and place for the hearing will be published
in the Federal Register.
Drafting Information
The principal author of these regulations is Christopher J. Wilson,
Office of Assistant Chief Counsel (Passthroughs and Special
Industries). However, other personnel from the IRS and Treasury
Department participated in their development.
List of Subjects 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 is amended by adding
an entry in numerical order to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.42-16 also issued under 26 U.S.C. 42(n); * * *
Par. 2. Section 1.42-16 is added to read as follows:
Sec. 1.42-16 Eligible basis reduced by federal grants.
[The text of this proposed section is the same as the text of
Sec. 1.42-16T published elsewhere in this issue of the Federal
Register].
Margaret Milner Richardson,
Commissioner of Internal Revenue.
[FR Doc. 97-1791 Filed 1-24-97; 8:45 am]
BILLING CODE 4830-01-U
