Credit for Increasing Research Activities, 29662-29663 [05-10236]

Download as PDF 29662 Federal Register / Vol. 70, No. 99 / Tuesday, May 24, 2005 / Proposed Rules List of Subjects DEPARTMENT OF THE TREASURY 15 CFR Part 738 Internal Revenue Service Administrative practice and procedure, Exports, Foreign trade. 26 CFR Part 1 15 CFR Part 742 [REG–134030–04 and REG–133791–02] Exports, Foreign trade. Accordingly, parts 738 and 742 of the Export Administration Regulations (15 CFR parts 730–799) are amended, as follows: RIN 1545–BD60 and RIN 1545–BA88 PART 738—[AMENDED] 1. The authority citation for part 738 continues to read as follows: Authority: 50 U.S.C. app. 2401 et seq.; 50 U.S.C. 1701 et seq.; 10 U.S.C. 7420; 10 U.S.C. 7430(e); 18 U.S.C. 2510 et seq.; 22 U.S.C. 287c; 22 U.S.C. 3201 et seq.; 22 U.S.C. 6004; 30 U.S.C. 185(s), 185(u); 42 U.S.C. 2139a; 42 U.S.C. 6212; 43 U.S.C. 1354; 46 U.S.C. app. 466c; 50 U.S.C. app. 5; Sec. 901–911, Pub. L. 106–387; Sec. 221, Pub. L. 107–56; E.O. 13026, 61 FR 58767, 3 CFR, 1996 Comp., p. 228; E.O. 13222, 66 FR 44025, 3 CFR, 2001 Comp., p. 783; Notice of August 6, 2004, 69 FR 48763 (August 10, 2004). 2. Supplement No. 1 to part 738 is amended by adding an ‘‘X’’ under ‘‘MT 1’’ in the ‘‘Missile Tech’’ column for ‘‘Canada.’’ PART 742—[AMENDED] 3. The authority citation for part 742 continues to read as follows: Authority: 50 U.S.C. app. 2401 et seq.; 50 U.S.C. 1701 et seq.; 18 U.S.C. 2510 et seq.; 22 U.S.C. 3201 et seq.; 42 U.S.C. 2139a; Sec. 901–911, Pub. L. 106–387; Sec. 221, Pub. L. 107–56; Sec. 1503, Pub. L. 108–11, 117 Stat. 559; E.O. 12058, 43 FR 20947, 3 CFR, 1978 Comp., p. 179; E.O. 12851, 58 FR 33181, 3 CFR, 1993 Comp., p. 608; E.O. 12938, 59 FR 59099, 3 CFR, 1994 Comp., p. 950; E.O. 13026, 61 FR 58767, 3 CFR, 1996 Comp., p. 228; E.O. 13222, 66 FR 44025, 3 CFR, 2001 Comp., p. 783; Presidential Determination 2003–23 of May 7, 2003, 68 FR 26459, May 16, 2003; Notice of October 29, 2003, 68 FR 62209, 3 CFR, 2003 Comp., p. 347; Notice of August 6, 2004, 69 FR 48763 (August 10, 2004). § 742.5 [Amended] 4. Section 742.5 is amended by revising the phrase ‘‘to all destinations, except Canada, as indicated by MT Column 1 of the Country Chart’’ to read ‘‘to all destinations, as indicated by MT Column 1 of the Country Chart’’ in the third sentence of paragraph (a)(1). Dated: May 19, 2005. Matthew S. Borman, Deputy Assistant Secretary for Export Administration. [FR Doc. 05–10356 Filed 5–23–05; 8:45 am] BILLING CODE 3510–33–P VerDate jul<14>2003 15:14 May 23, 2005 Jkt 205001 Credit for Increasing Research Activities Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations; notice of public hearing; and withdrawal of previously proposed regulations. AGENCY: SUMMARY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to the computation and allocation of the credit for increasing research activities for members of a controlled group of corporations, including consolidated groups, or a group of trades or businesses under common control. The text of those regulations also serves as the text of these proposed regulations. This document also provides notice of a public hearing on these proposed regulations and withdraws the proposed regulations published in the Federal Register on July 29, 2003 (68 FR 44499). DATES: Written or electronic comments must be received by September 28, 2005. Requests to speak and outlines of the topics to be discussed at the public hearing scheduled for October 19, 2005, at 10 a.m. must be received by September 28, 2005. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–134030–04), room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG–134030–04), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224. Alternatively, taxpayers may submit electronic comments directly to the IRS Internet site at https://www.irs.gov/regs or via the Federal eRulemaking Portal at https:// www.regulations.gov (IRS and REG– 134030–04). The public hearing will be held in the Auditorium, 7th Floor, Internal Revenue Building, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Concerning these proposed regulations, Nicole R. Cimino at (202) 622–3120; concerning submissions of comments, PO 00000 Frm 00005 Fmt 4702 Sfmt 4702 the hearing, and/or to be placed on the building access list to attend the hearing, Robin R. Jones at (202) 622– 7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background and Explanation of Provisions This document withdraws the notice of proposed rulemaking (REG–133791– 02) published on July 29, 2003 and amends the Income Tax Regulations (26 CFR 1) relating to section 41. The temporary regulations set forth the rules relating to the computation and allocation of the credit for increasing research activities for members of a controlled group of corporations, including consolidated groups, or a group of trades or businesses under common control under section 41(f) for taxable years ending on or after December 31, 2004. The text of those regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the amendments. Special Analyses It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 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) or electronic comments that are submitted timely to the IRS. All comments will be available for public inspection and copying. A public hearing has been scheduled for October 19, 2005, beginning at 10 a.m. in the Auditorium, 7th Floor, of the Internal Revenue Building, 1111 Constitution Avenue, NW., Washington, DC. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In E:\FR\FM\24MYP1.SGM 24MYP1 Federal Register / Vol. 70, No. 99 / Tuesday, May 24, 2005 / Proposed Rules addition, all visitors must present photo identification to enter the building. Because of access restrictions, visitors will not be admitted beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name placed on the building access list to attend the hearing, see the FOR FURTHER INFORMATION CONTACT section of this preamble. The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments at the hearing must submit written comments and an outline of the topics to be discussed and the time to be devoted to each topic (signed original and eight (8) copies) by September 28, 2005. A period of 10 minutes will be allotted to each person for making comments. An agenda showing the scheduling of the speakers will be prepared after the deadline for receiving outlines has passed. Copies of the agenda will be available free of charge at the hearing. Drafting Information The principal author of these regulations is Nicole R. Cimino, Office of the Associate Chief Counsel (Passthroughs and Special Industries). However, other personnel from the IRS and Treasury Department participated in their development. Withdrawal of Proposed Amendments to the Regulations Accordingly, under the authority of 26 U.S.C. 7805, the notice of proposed rulemaking (REG–133791–02) published in the Federal Register on July 29, 2003, (68 FR 44499) is withdrawn. 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 continues to read, in part, as follows: Authority: 26 U.S.C. 7805 * * * Section 1.41–6 also issued under 26 U.S.C. 41(f).* * * Par. 2. In § 1.41–0, the table of contents is amended as follows: Table of contents. [The text of proposed § 1.41–0 is the same as the text of § 1.41–0 published elsewhere in this issue of the Federal Register]. 15:14 May 23, 2005 Jkt 205001 Aggregation of expenditures. [The text of proposed § 1.41–6 is the same as the text of § 1.41–6T published elsewhere in this issue of the Federal Register]. Par. 4. Section 1.41–8 is revised to read as follows: § 1.41–8. Special rules for taxable years ending on or after January 3, 2001. [The text of proposed § 1.41–8 is the same as the text of § 1.41–8T published elsewhere in this issue of the Federal Register]. Mark E. Matthews, Deputy Commissioner for Services and Enforcement. [FR Doc. 05–10236 Filed 5–23–05; 8:45 am] Washington, DC 20044. Submissions may be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG–100420– 03), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC, or sent electronically, via the IRS Internet site at https:// www.irs.gov/regs or via the Federal eRulemaking Portal at https:// www.regulations.gov (IRS–REG– 100420–03). FOR FURTHER INFORMATION CONTACT: Concerning submissions of comments, the hearing or to be placed on the building access list to attend the hearing, Treena Garrett at (202) 622– 7180; concerning the proposals, Marsha A. Sabin or John W. Rogers III (202) 622–3950 (not toll-free numbers). SUPPLEMENTARY INFORMATION: BILLING CODE 4830–01–P Paperwork Reduction Act DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–100420–03] RIN 1545–BB90 Safe Harbor for Valuation Under Section 475 Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking and notice of public hearing. Income taxes, Reporting and recordkeeping requirements. VerDate jul<14>2003 § 1.41–6 AGENCY: List of Subjects in 26 CFR Part 1 § 1.41–0 Par. 3. Section 1.41–6 is revised to read as follows: 29663 SUMMARY: This document sets forth an elective safe harbor for dealers in securities, dealers in commodities, and traders in securities and commodities that permits these taxpayers to make an election pursuant to which the values of positions reported on certain financial statements are the fair market values of those positions for purposes of section 475 of the Internal Revenue Code. This safe harbor attempts to reduce the compliance burden upon taxpayers and to improve the administrability of the valuation aspect of section 475 for the Internal Revenue Service. This document also provides a notice of a public hearing on these proposed regulations. Written or electronic comments must be received by August 22, 2005. Outlines of topics to be discussed at the public hearing scheduled for September 15, 2005 at 10 a.m. must be received by August, 23, 2005. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–100420–03), room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, DATES: PO 00000 Frm 00006 Fmt 4702 Sfmt 4702 The collection of information contained in this notice of proposed rulemaking has been submitted to the Office of Management and Budget for review in accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)). Comments on the collection of information should be sent to the Office of Management and Budget, Attn: Desk Officer of the Department of Treasury, Office of Information and Regulatory Affairs, Washington, DC 20503, with copies to the Internal Revenue Service, Attn: IRS Reports Clearance Officer, SE:W:CAR:MP:T:T:SP, Washington, DC 20224. Comments on the collection of information should be received by July 25, 2005. Comments are specifically requested concerning: Whether the proposed collection of information is necessary for the proper performance of the functions of the IRS, including whether the information will have practical utility; The accuracy of the estimated burden associated with the proposed collection of information (see below); How the quality, utility, and clarity of the information to be collected may be enhanced; How the burden of complying with the proposed collection of the information may be minimized, including through the application of automated collection techniques or other forms of information technology; and Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. The collection of information in these proposed regulations is in § 1.475(a)– 4(f)(1)and § 1.475(a)–4(k). This E:\FR\FM\24MYP1.SGM 24MYP1

Agencies

[Federal Register Volume 70, Number 99 (Tuesday, May 24, 2005)]
[Proposed Rules]
[Pages 29662-29663]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-10236]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-134030-04 and REG-133791-02]
RIN 1545-BD60 and RIN 1545-BA88


Credit for Increasing Research Activities

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulations; notice of public hearing; and withdrawal of previously 
proposed regulations.

-----------------------------------------------------------------------

SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing temporary regulations relating to 
the computation and allocation of the credit for increasing research 
activities for members of a controlled group of corporations, including 
consolidated groups, or a group of trades or businesses under common 
control. The text of those regulations also serves as the text of these 
proposed regulations. This document also provides notice of a public 
hearing on these proposed regulations and withdraws the proposed 
regulations published in the Federal Register on July 29, 2003 (68 FR 
44499).

DATES: Written or electronic comments must be received by September 28, 
2005. Requests to speak and outlines of the topics to be discussed at 
the public hearing scheduled for October 19, 2005, at 10 a.m. must be 
received by September 28, 2005.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-134030-04), room 
5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-
134030-04), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue NW., Washington, DC 20224. Alternatively, taxpayers may submit 
electronic comments directly to the IRS Internet site at https://
www.irs.gov/regs or via the Federal eRulemaking Portal at https://
www.regulations.gov (IRS and REG-134030-04). The public hearing will be 
held in the Auditorium, 7th Floor, Internal Revenue Building, 1111 
Constitution Avenue, NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Concerning these proposed regulations, 
Nicole R. Cimino at (202) 622-3120; concerning submissions of comments, 
the hearing, and/or to be placed on the building access list to attend 
the hearing, Robin R. Jones at (202) 622-7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background and Explanation of Provisions

    This document withdraws the notice of proposed rulemaking (REG-
133791-02) published on July 29, 2003 and amends the Income Tax 
Regulations (26 CFR 1) relating to section 41. The temporary 
regulations set forth the rules relating to the computation and 
allocation of the credit for increasing research activities for members 
of a controlled group of corporations, including consolidated groups, 
or a group of trades or businesses under common control under section 
41(f) for taxable years ending on or after December 31, 2004. The text 
of those regulations also serves as the text of these proposed 
regulations. The preamble to the temporary regulations explains the 
amendments.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
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) or electronic comments that are submitted timely 
to the IRS. All comments will be available for public inspection and 
copying.
    A public hearing has been scheduled for October 19, 2005, beginning 
at 10 a.m. in the Auditorium, 7th Floor, of the Internal Revenue 
Building, 1111 Constitution Avenue, NW., Washington, DC. Due to 
building security procedures, visitors must enter at the Constitution 
Avenue entrance. In

[[Page 29663]]

addition, all visitors must present photo identification to enter the 
building. Because of access restrictions, visitors will not be admitted 
beyond the immediate entrance area more than 30 minutes before the 
hearing starts. For information about having your name placed on the 
building access list to attend the hearing, see the FOR FURTHER 
INFORMATION CONTACT section of this preamble.
    The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who 
wish to present oral comments at the hearing must submit written 
comments and an outline of the topics to be discussed and the time to 
be devoted to each topic (signed original and eight (8) copies) by 
September 28, 2005. A period of 10 minutes will be allotted to each 
person for making comments. An agenda showing the scheduling of the 
speakers will be prepared after the deadline for receiving outlines has 
passed. Copies of the agenda will be available free of charge at the 
hearing.

Drafting Information

    The principal author of these regulations is Nicole R. Cimino, 
Office of the Associate Chief Counsel (Passthroughs and Special 
Industries). However, other personnel from the IRS and Treasury 
Department participated in their development.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Withdrawal of Proposed Amendments to the Regulations

    Accordingly, under the authority of 26 U.S.C. 7805, the notice of 
proposed rulemaking (REG-133791-02) published in the Federal Register 
on July 29, 2003, (68 FR 44499) is withdrawn.

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 continues to read, 
in part, as follows:

    Authority: 26 U.S.C. 7805 * * *
    Section 1.41-6 also issued under 26 U.S.C. 41(f).* * *

    Par. 2. In Sec.  1.41-0, the table of contents is amended as 
follows:


Sec.  1.41-0  Table of contents.

    [The text of proposed Sec.  1.41-0 is the same as the text of Sec.  
1.41-0 published elsewhere in this issue of the Federal Register].
    Par. 3. Section 1.41-6 is revised to read as follows:


Sec.  1.41-6  Aggregation of expenditures.

    [The text of proposed Sec.  1.41-6 is the same as the text of Sec.  
1.41-6T published elsewhere in this issue of the Federal Register].
    Par. 4. Section 1.41-8 is revised to read as follows:


Sec.  1.41-8.  Special rules for taxable years ending on or after 
January 3, 2001.

    [The text of proposed Sec.  1.41-8 is the same as the text of Sec.  
1.41-8T published elsewhere in this issue of the Federal Register].

Mark E. Matthews,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 05-10236 Filed 5-23-05; 8:45 am]
BILLING CODE 4830-01-P
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