[Federal Register Volume 60, Number 104 (Wednesday, May 31, 1995)]
[Rules and Regulations]
[Pages 28321-28322]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-13242]
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DEPARTMENT OF AGRICULTURE
7 CFR Part 1956
Reporting Discharged Debts to the Internal Revenue Service
AGENCIES: Rural Housing and Community Development Service, Rural
Business and Cooperative Development Service, Rural Utilities Service,
and Consolidated Farm Service Agency, USDA.
ACTION: Final rule.
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SUMMARY: The Rural Housing and Community Development Service (RHCDS),
Rural Business and Cooperative Development Service (RBCDS), Rural
Utilities Service (RUS), and Consolidated Farm Service Agency (CFSA),
amends their debt settlement regulations. The intended effect is to
remove debt settlement regulations concerning the Internal Revenue
Service (IRS) requirement that certain agency discharges of
indebtedness be reported to the IRS. This action is necessary to remove
strictly internal procedural requirements from the debt settlement
regulation.
EFFECTIVE DATE: May 31, 1995.
FOR FURTHER INFORMATION CONTACT: Debra A. Deters, Accountant,
Operations Division, Rural Housing and Community Development Service,
USDA, Finance Office, Room 3529, 1520 Market Street, St. Louis,
Missouri 63103, Telephone (314) 539-2492.
SUPPLEMENTARY INFORMATION:
Classification
This final rule has been determined to be not-significant for
purposes of Executive Order 12866 because it has no adverse impact on
borrowers or other members of the public and involves only internal
Agency management. Since this rule relates only to internal agency
procedures, notice of proposed rulemaking and opportunity for comment
are not required. For the same reason, this rule is exempt from the
provisions of Executive Order No. 12778, 56 FR 55195 (1991), and the
Regulatory Flexibility Act, Pub. L. No. 96-354. This rule is being made
effective immediately upon publication in the Federal Register since it
concerns internal management and public loans, grants, benefits, or
contracts. These subjects are exempted from 5 U.S.C. 553 requirements.
The Agencies are amending their debt settlement regulations to remove
internal procedures for reporting discharges of indebtedness to the
Internal Revenue Service (IRS). These procedures will be covered by
internal instructions consistent with IRS policy.
Paperwork Reduction Act
The information collection requirements contained in these
regulations have been previously approved by the Office of Management
and Budget (OMB) under the provisions of 44 U.S.C. Chapter 35 and have
been assigned OMB control numbers 0575-0118 and 0575-0124 in accordance
with the Paperwork Reduction Act of 1980 (44 U.S.C. 3507). This rule
does not revise or impose any new information collection requirement
from those approved by OMB.
Environmental Impact Statement
This document has been reviewed in accordance with 7 CFR part 1940,
subpart G, ``Environmental Program.'' It is the determination of RHCDS,
RBCDS, RUS, and CFSA that this action does not constitute a major
Federal action significantly affecting the quality of the human
environment, and in accordance with the National Environmental Policy
Act of 1969, Pub. L. 91-190, an Environmental Impact Statement is not
required.
Intergovernmental Consultation
1. This activity is not subject to Executive Order (EO) 12372 which
requires intergovernmental consultation with State and local officials
and is not listed in the Catalog of Federal Domestic Assistance,
however, affected programs 10.411, 10.416, and 10.437 are subject to
the provisions of EO 12372.
Program Affected
These changes affect the following USDA programs listed in the
Catalog of Federal Domestic Assistance under numbers:
10.404 Emergency Loans
10.406 Farm Operating Loans
10.407 Farm Ownership Loans
10.411 Rural Housing Site [[Page 28322]]
10.416 Soil and Water Loans
10.417 Very Low-Income Housing Repair Loans and Grants
10.421 Indian Tribes and Tribal Corporation Loans
10.435 Agricultural Loan Mediation Program
10.437 Interest Assistance Program
List of Subjects in 7 CFR Part 1956
Accounting, Loan programs--Agriculture, Rural areas. Therefore,
chapter XVIII, title 7, Code of Federal Regulations is amended as
follows:
PART 1956--DEBT SETTLEMENT
1. The authority citation for part 1956 continues to read as
follows:
Authority: 7 U.S.C. 1989; 42 U.S.C. 1480; 5 U.S.C. 301; 31
U.S.C. 3711; 7 CFR 2.23; 7 CFR 2.70
Subpart B--Debt Settlement--Farmer Programs and Housing
Sec. 1956.86 [Removed]
2. Section 1956.86 is removed and reserved.
Subpart C--Debt Settlement--Community and Business Programs
Sec. 1956.146 [Removed]
3. Section 1956.146 is removed and reserved.
Dated: April 20, 1995.
Dallas R. Smith,
Acting Under Secretary for Farm and Foreign Agricultural Services.
Dated: April 6, 1995.
Michael V. Dunn,
Acting, Under Secretary for Rural Economic and Community Development.
[FR Doc. 95-13242 Filed 5-30-95; 8:45 am]
BILLING CODE 3410-07-U
