03-13735. Excise Tax Relating to Structured Settlement Factoring Transactions; Hearing Cancellation

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Cancellation of notice of public hearing on proposed rulemaking.

SUMMARY:

This document cancels a public hearing on proposed regulations under section 5891 of the Internal Revenue Code relating to the manner and method of reporting and paying the 40-percent excise tax imposed on any person who acquires structured settlement payment rights in a structured settlement factoring transaction.

DATES:

The public hearing originally scheduled for June 12, 2003, at 10 a.m., is cancelled.

FOR FURTHER INFORMATION CONTACT:

Sonya M. Cruse of the Regulations Unit, Associate Chief Counsel (Procedure and Administration), at [phone] (not a toll-free number).

SUPPLEMENTARY INFORMATION:

A notice of proposed rulemaking and notice of public hearing that appeared in the Federal Register on Wednesday, February 19, 2003, (68 FR 7956), announced that a public hearing was scheduled for June 12, 2003, at 10 a.m., in room 6718, Internal Revenue Service Building, 1111 Constitution Avenue, NW., Washington, DC. The subject of the public hearing is proposed regulations under section 5891 of the Internal Revenue Code.

The public comment period for these regulations expired on May 20, 2003. The outlines of oral testimony were due on May 22, 2003. The notice of proposed rulemaking and notice of public hearing, instructed those interested in testifying at the public hearing to submit a request to speak and an outline of the topics to be addressed. As of Wednesday, May 28, 2003, no one has requested to speak. Therefore, the public hearing scheduled for June 12, 2003, is cancelled.

Cynthia E. Grigsby,

Chief, Regulations Unit, Associate Chief Counsel, (Procedure and Administration).