New Markets Tax Credit; Correction, 4012 [05-1552]

Download as PDF 4012 Federal Register / Vol. 70, No. 18 / Friday, January 28, 2005 / Rules and Regulations Agana, Guam, Guam International, RNAV (GPS) RwY 6R, Orig-B Agana, Guam, Guam International, RNAV (GPS) Z RwY 6L, Orig-C Agana, Guam, Guam International, RNAV (GPS) RwY 24L, Orig-B Agana, Guam, Guam International, RNAV (GPS) RwY 24R, Orig-B Elkhart, IN, Elkhart Muni, ILS OR LOC RwY 27, Amdt 2 Elkton, MD, Cecil County, RNAV (GPS) RwY 13, Orig-A Frederick, MD, Frederick Muni, RNAV (GPS) Y RwY 23, Amdt 1 Ocean City, MD, Ocean City Muni, RNAV (GPS) RwY 14, Orig-D Morganton, NC, Morganton-Lenoir, RNAV (GPS) RwY 3, Orig Morganton, NC, Morganton-Lenoir, RNAV (GPS) RwY 21, Orig Morganton, NC, Morganton-Lenoir, NDB RwY 3, Amdt 5 Statesville, NC, Statesville Regional, LOC RwY 10, Orig-A, Cancelled Statesville, NC, Statesville Regional, NDB RwY 10, Orig-A, Cancelled Wilmington, NC, Wilmington Intl, LOC BC RwY 17, Amdt 7C, Cancelled Clayton, NM, Clayton Muni Airpark, RNAV (GPS) RwY 2, Amdt 1 Clayton, NM, Clayton Muni Airpark, RNAV (GPS) RwY 20, Amdt 1 Lovington, NM, Lea County-Zip Franklin Memorial, RNAV (GPS) RwY 3, Orig Lovington, NM, Lea County-Zip Franklin Memorial, RNAV (GPS) RwY 21, Orig Lovington, NM, Lea County-Zip Franklin Memorial, GPS RwY 21, Amdt 1, Cancelled Lovington, NM, Lea County-Zip Franklin Memorial, GPS RwY 3, Amdt 1, Cancelled Athens (Albany), OH, Ohio University Snyder Field, ILS OR LOC RwY 25, Amdt 1A Athens (Albany), OH, Ohio University Snyder Field, RNAV (GPS) RwY 7, Orig Athens (Albany), OH, Ohio University Snyder Field, RNAV (GPS) RwY 25, Orig Athens (Albany), OH, Ohio University Snyder Field, NDB RwY 25, Amdt 9 Athens (Albany), OH, Ohio University , GPS RwY 7, Orig-A, Cancelled Athens (Albany), OH, Ohio University , GPS RwY 25,Orig-A,Cancelled Philadelphia, PA, Philadelphia Intl, NDB RwY 27L, Amdt 5C, Cancelled Washington, PA, Washington County, VORB, Amdt 7 Washington, PA, Washington County, NDB RwY 27, Amdt 1 Washington, PA, Washington County, RNAV (GPS) RwY 9, Orig Washington, PA, Washington County, GPS RwY 9, Orig-B, Cancelled Washington, PA, Washington County, RNAV (GPS) RwY 27, Orig Dallas-Fort Worth, TX, Dallas/Fort Worth International, NDB RwY 35C, Amdt 10B, Cancelled Dallas-Fort Worth, TX, Dallas/Fort Worth International, ILS OR LOC RwY 35C, Orig Dallas-Fort Worth, TX, Dallas/Fort Worth International, CONVERGING ILS RwY 35C, Orig Dallas-Fort Worth, TX, Dallas/Fort Worth International, ILS RwY 35C, Amdt 7, Cancelled VerDate jul<14>2003 14:20 Jan 27, 2005 Jkt 205001 Dallas-Fort Worth, TX, Dallas/Fort Worth International, CONVERGING ILS RwY 35C, Amdt 5A, Cancelled Dallas-Fort Worth, TX, Dallas/Fort Worth International, LOC/DME RwY 17C, Orig Galveston, TX, Scholes Intl at Galveston, ILS OR LOC RwY 13, Amdt 11 Galveston, TX, Scholes Intl at Galveston, RNAV (GPS) RwY 13, Orig Galveston, TX, Scholes Intl at Galveston, GPS RwY 13, Amdt 1, Cancelled Galveston, TX, Scholes Intl at Galveston, RNAV (GPS) RwY 17, Orig Galveston, TX, Scholes Intl at Galveston, GPS RwY 17, Amdt 1, Cancelled Warrenton, VA, Warrenton-Fauquier, VOR RwY 14, Amdt 4 Warrenton, VA, Warrenton-Fauquier, RNAV (GPS) RwY 14, Orig [FR Doc. 05–1411 Filed 1–27–05; 8:45 am] BILLING CODE 4910–13–P PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read in part as follows: I Authority: 26 U.S.C. 7805 * * * § 1.45D–1 [Corrected] I Par. 2. Section 1.45D–1(a), under the ‘‘Table of contents’’, the entry for paragraph (h)(2) ‘‘(2) Exception for certain provisions’’ is removed and the language ‘‘(2) Exception’’ is added in its place. I Par. 3. Section 1.45D–1(d)(4)(i)(E), second sentence, the language, ‘‘For purposes the preceding’’ is removed and the language ‘‘For purposes of the preceding’’ is added in its place. DEPARTMENT OF THE TREASURY I Par. 4. Section 1.45D–1(d)(5)(ii) and (h)(2) are revised to read as follows: Internal Revenue Service § 1.45D–1 26 CFR Part 1 [TD 9171] RIN 1545–AY87; 1545–BC03 New Markets Tax Credit; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: SUMMARY: This document contains corrections to final regulations (TD 9171), that were published in the Federal Register on Tuesday, December 28, 2004 (69 FR 77625) relating to the new markets tax credit under section 45D. DATES: This correction is effective December 28, 2004. FOR FURTHER INFORMATION CONTACT: Paul F. Handleman or Lauren R. Taylor, (202) 622–3040 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations (TD 9171) that are the subject of these corrections are under section 45D of the Internal Revenue Code. Need for Correction As published, TD 9171 contains errors that may prove to be misleading and are in need of clarification. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Correction of Publication Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: I PO 00000 Frm 00010 Fmt 4700 New markets tax credit. * Sfmt 4700 * * * * (d) * * * (5) * * * (ii) Rental of real property. The rental to others of real property located in any low-income community (as defined in section 45D(e)) is a qualified business if and only if the property is not residential rental property (as defined in section 168(e)(2)(A)) and there are substantial improvements located on the real property. However, a CDE’s investment in or loan to a business engaged in the rental of real property is not a qualified low-income community investment under paragraph (d)(1)(i) of this section to the extent a lessee of the real property is described in paragraph (d)(5)(iii)(B) of this section. (h) * * * (2) Exception. Paragraph (d)(5)(ii) of this section as it relates to the restriction on lessees described in paragraph (d)(5)(iii)(B) of this section applies to qualified low-income community investments made on or after June 22, 2005. * * * * * I Par. 5. Section 1.45D–1(d)(8)(ii), Example (ii), first sentence, the language, ‘‘On November 1, 2004, W makes a’’ is removed and the language ‘‘On November 1, 2004, W makes an’’ is added in its place. Cynthia E. Grigsby, Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedures and Administration). [FR Doc. 05–1552 Filed 1–27–05; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\28JAR1.SGM 28JAR1

Agencies

[Federal Register Volume 70, Number 18 (Friday, January 28, 2005)]
[Rules and Regulations]
[Page 4012]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-1552]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9171]
RIN 1545-AY87; 1545-BC03


New Markets Tax Credit; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains corrections to final regulations (TD 
9171), that were published in the Federal Register on Tuesday, December 
28, 2004 (69 FR 77625) relating to the new markets tax credit under 
section 45D.

DATES: This correction is effective December 28, 2004.

FOR FURTHER INFORMATION CONTACT: Paul F. Handleman or Lauren R. Taylor, 
(202) 622-3040 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9171) that are the subject of these 
corrections are under section 45D of the Internal Revenue Code.

Need for Correction

    As published, TD 9171 contains errors that may prove to be 
misleading and are in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendments:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


Sec.  1.45D-1  [Corrected]

0
Par. 2. Section 1.45D-1(a), under the ``Table of contents'', the entry 
for paragraph (h)(2) ``(2) Exception for certain provisions'' is 
removed and the language ``(2) Exception'' is added in its place.

0
Par. 3. Section 1.45D-1(d)(4)(i)(E), second sentence, the language, 
``For purposes the preceding'' is removed and the language ``For 
purposes of the preceding'' is added in its place.

0
Par. 4. Section 1.45D-1(d)(5)(ii) and (h)(2) are revised to read as 
follows:


Sec.  1.45D-1  New markets tax credit.

* * * * *
    (d) * * *
    (5) * * *
    (ii) Rental of real property. The rental to others of real property 
located in any low-income community (as defined in section 45D(e)) is a 
qualified business if and only if the property is not residential 
rental property (as defined in section 168(e)(2)(A)) and there are 
substantial improvements located on the real property. However, a CDE's 
investment in or loan to a business engaged in the rental of real 
property is not a qualified low-income community investment under 
paragraph (d)(1)(i) of this section to the extent a lessee of the real 
property is described in paragraph (d)(5)(iii)(B) of this section.
    (h) * * *
    (2) Exception. Paragraph (d)(5)(ii) of this section as it relates 
to the restriction on lessees described in paragraph (d)(5)(iii)(B) of 
this section applies to qualified low-income community investments made 
on or after June 22, 2005.
* * * * *

0
Par. 5. Section 1.45D-1(d)(8)(ii), Example (ii), first sentence, the 
language, ``On November 1, 2004, W makes a'' is removed and the 
language ``On November 1, 2004, W makes an'' is added in its place.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedures and Administration).
[FR Doc. 05-1552 Filed 1-27-05; 8:45 am]
BILLING CODE 4830-01-P