Proposed Temporary Amendment to the Water Quality Regulations, Water Code and Comprehensive Plan To Extend Designation of the Lower Delaware River as a Special Protection Water, 48923-48924 [05-16526]

Download as PDF Federal Register / Vol. 70, No. 161 / Monday, August 22, 2005 / Proposed Rules for, the affiliate’s fiscal year, unless the nonbank foreign affiliate is selected to be reported on Form BE–11B(EZ). (B) BE–11B(SF)(Short Form) is required to be filed for each majorityowned nonbank foreign affiliate of a nonbank U.S. Reporter for which any one of the three items listed in paragraph (f)(3)(ii)(A) of this section was greater than $40 million (positive or negative), but for which no one of these items was greater than $150 million (positive or negative), at the end of, or for, the affiliate’s fiscal year, unless the nonbank foreign affiliate is selected to be reported on Form BE–11B(EZ). (C) A BE–11B(EZ) is required to be filed for each nonbank foreign affiliate that is selected to be reported on this form in lieu of Form BE–11B(LF) or Form BE–11B(SF). (iii) Form BE–11C (Report for Minority-owned Foreign Affiliate) must be filed for each minority-owned nonbank foreign affiliate that is owned at least 20 percent, but not more than 50 percent, directly and/or indirectly, by all U.S. Reporters of the affiliate combined, and for which any one of the three items listed in paragraph (f)(3)(ii)(A) of this section was greater than $40 million (positive or negative) at the end of, or for, the affiliate’s fiscal year. In addition, for the report covering fiscal year 2007 only, a Form BE–11C must be filed for each minority-owned nonbank foreign affiliate that is owned, directly or indirectly, at least 10 percent by one U.S. Reporter, but less than 20 percent by all U.S. Reporters of the affiliate combined, and for which any one of the three items listed in paragraph (f)(3)(ii)(A) of this section was greater than $100 million (positive or negative) at the end of, or for, the affiliate’s fiscal year. (iv) Based on the preceding, an affiliate is exempt from being reported if it meets any one of the following criteria: (A) None of the three items listed in paragraph (f)(3)(ii)(A) of this section exceeds $40 million (positive or negative). (However, affiliates that were established or acquired during the year and for which at least one of these items was greater than $10 million but not over $40 million must be listed, and key data items reported, on a supplement schedule on Form BE–11A.) (B) For fiscal year 2007 only, it is less than 20 percent owned, directly or indirectly, by all U.S. Reporters of the affiliate combined and none of the three items listed in paragraph (f)(3)(ii)(A) of this section exceeds $100 million (positive or negative). (C) For fiscal years other than 2007, it is less than 20 percent owned, directly VerDate jul<14>2003 16:05 Aug 19, 2005 Jkt 205001 or indirectly, by all U.S. Reporters of the affiliate combined. (D) Its U.S. parent (U.S. Reporter) is a bank. (E) It is itself a bank. (v) Notwithstanding paragraph (f)(3)(iv) of this section, a Form BE– 11B(LF), (SF), (EZ) or BE–11C must be filed for a foreign affiliate of the U.S. Reporter that owns another non-exempt foreign affiliate of that U.S. Reporter, even if the foreign affiliate parent is otherwise exempt. That is, all affiliates upward in the chain of ownership must be reported. * * * * * [FR Doc. 05–16601 Filed 8–19–05; 8:45 am] BILLING CODE 3510–06–P DELAWARE RIVER BASIN COMMISSION Proposed Temporary Amendment to the Water Quality Regulations, Water Code and Comprehensive Plan To Extend Designation of the Lower Delaware River as a Special Protection Water Delaware River Basin Commission. ACTION: Notice of proposed rulemaking and public hearing. AGENCY: SUMMARY: The Delaware River Basin Commission will hold a public hearing to receive comments on a proposed amendment to the Commission’s Water Quality Regulations, Water Code, and Comprehensive Plan to extend the temporary classification of the Lower Delaware River as Significant Resource Waters. The temporary classification was enacted by Commission Resolution No. 2005–2 on January 19, 2005 following notice and comment rulemaking. Its effect was to make the Lower Delaware subject to all applicable provisions of the Commission’s Special Protection Waters regulations, except those that depend for implementation upon the use of numeric values for existing water quality. Absent further amendment to extend the classification, it will expire on September 30, 2005. The Commission today proposes to extend that date by up to twelve months. The classification would thus expire on September 30, 2006 unless the Commission should either permanently classify the Lower Delaware River or once again extend the temporary classification by rule amendment prior to that date. The proposed extension is needed because before deciding whether or not Frm 00025 Fmt 4702 Sfmt 4702 to classify certain sections of the Lower Delaware River as Outstanding Basin Waters as originally proposed, and whether to make the temporary Special Protection Waters designation permanent for some or all of the Lower Delaware River, the Commission wishes to fully evaluate implementation options and establish numeric values for existing water quality based upon analysis of a five-year (2000–2004) data set, for which the final year of data only became available late in 2004. Extension of the temporary designation will protect the exceptional value of the Lower Delaware from degradation during the period required to complete this evaluation and conduct a notice and comment rulemaking process on the numeric values and permanent classification. The public hearing will be held on Monday, September 26, 2005 at the Commission’s regular business meeting, which will begin at 1:30 p.m. Persons wishing to testify are asked to register in advance with the Commission Secretary, at (609) 883–9500 ext. 203. Written comments will be accepted through the close of the public hearing; however earlier submittals would be appreciated. DATES: 18 CFR Part 410 PO 00000 48923 The public hearing will take place at the Commission’s office building, located at 25 State Police Drive, West Trenton, NJ. Directions are posted on the Commission’s Web site, http://www.drbc.net. The complete text of Resolution No. 2005–2, temporarily amending the Water Quality Regulations, Water Code, and Comprehensive Plan by classifying the Lower Delaware River as Special Protection Waters, is available on the Commission’s Web site at http:// www.drbc.net or upon request from the Delaware River Basin Commission, PO Box 7360, West Trenton, NJ 08628– 0360. ADDRESSES: For further information, contact Pamela M. Bush, Commission Secretary and Assistant General Counsel, Delaware River Basin Commission, at 609–883– 9500 ext. 203. SUPPLEMENTARY INFORMATION: On September 22, 2004, the Delaware River Basin Commission published on its Web site a Notice of Proposed Rulemaking to amend the Water Quality Regulations, Water Code and Comprehensive Plan to designate the Lower Delaware River— the reach between River Mile 209.5, which is the downstream boundary of the Delaware Water Gap National Recreation Area, and River Mile 133.4, which is the head of tide at Trenton, FOR FURTHER INFORMATION CONTACT: E:\FR\FM\22AUP1.SGM 22AUP1 48924 Federal Register / Vol. 70, No. 161 / Monday, August 22, 2005 / Proposed Rules NJ—a Special Protection Water. Notice was published in the Federal Register on September 23, 2004 (69 FR 57008), the Delaware Register of Regulations on October 1, 2004, the New Jersey Register on October 4, 2004, the Pennsylvania Code and Bulletin on October 9, 2004, and the New York Register on October 20, 2004. A public hearing was held on October 27, 2004, and the public was invited to comment, either in person at the hearing or in writing through November 30, 2004. When by Resolution No. 2005–2, the Commission amended its regulations by temporarily designating the Lower Delaware a Special Protection Water, the Commission modified its proposed rule in part based upon comments received on the proposed designation and in part based upon the need for additional analysis before all provisions of the Special Protection Waters regulations could be put into effect in the Lower Delaware. Dated: August 16, 2005. Pamela M. Bush, Commission Secretary. [FR Doc. 05–16526 Filed 8–19–05; 8:45 am] BILLING CODE 6360–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–122857–05] RIN 1545–BE65 Converting an IRA Annuity to a Roth IRA Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. AGENCY: SUMMARY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations under section 408A of the Internal Revenue Code (Code). The temporary regulations provide guidance concerning the tax consequences of converting a non-Roth IRA annuity to a Roth IRA. The temporary regulations affect individuals establishing Roth IRAs, beneficiaries under Roth IRAs, and trustees, custodians and issuers of Roth IRAs. The text of those temporary regulations also serves as the text of these proposed regulations. DATES: Written or electronic comments and requests for a public hearing must be received by November 21, 2005. VerDate jul<14>2003 16:05 Aug 19, 2005 Jkt 205001 Send submissions to: CC:PA:LPD:PR (REG–122857–05), room 5203, Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be handdelivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG–122857–05), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC. Alternatively, taxpayers may submit comments electronically via the IRS Internet site at http://www.irs.gov/regs or the Federal eRulemaking Portal at http:// www.regulations.gov (IRS–REG– 122857–05). FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Cathy A. Vohs, 202–622–6060; concerning submissions and requests for a public hearing, contact Treena Garrett, 202– 622–7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: ADDRESSES: Background Temporary regulations in the Rules and Regulations portion of this issue of the Federal Register amend the Income Tax Regulations (26 CFR part 1) relating to section 408A. The temporary regulations (§ 1.408A–4T) contain rules concerning the tax consequences of converting a traditional IRA annuity to a Roth IRA. The text of those temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary and proposed regulations. Applicability Date These regulations are proposed to be applicable to any Roth IRA conversion where an annuity contract is distributed or treated as distributed from a traditional IRA on or after August 19, 2005. No implication is intended concerning whether or not a rule to be adopted in these regulations is applicable law for taxable years ending before that date. 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 proposed regulations, and, because these regulations do not impose a collection of information on small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Pursuant to section 7805(f) of the Code, these proposed regulations will be PO 00000 Frm 00026 Fmt 4702 Sfmt 4702 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 (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The IRS and Treasury Department request comments on the clarity of the proposed rules and how they can be made easier to understand. Comments are specifically requested regarding the proposed additional guidance discussed in the preamble to the Temporary Regulations under section 408A (i.e., § 1.408A–4T). The IRS and Treasury Department also request comments regarding whether the method used to calculate the fair market value of an annuity contract that is converted to a Roth IRA should also apply for purposes of determining the fair market value of an annuity contact under sections 408(e) and 401(a)(9). All comments will be available for public inspection and copying. A public hearing will be scheduled if requested in writing by any person that timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place for the public hearing will be published in the Federal Register. Drafting Information The principal author of these proposed regulations is Cathy A. Vohs of the Office of the Division Counsel/ Associate Chief Counsel (Tax Exempt and Government Entities). However, other personnel from the IRS and Treasury Department participated in the development of these regulations. List of Subjects in 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 continues to read, in part, as follows: Authority: 26 U.S.C. 7805 * * * § 1.408A–4 also issued under 26 U.S.C. 408A * * * Par. 2. Section 1.408A–4 is amended by adding, in numerical order, Q–14 and A–14, to read as follows: E:\FR\FM\22AUP1.SGM 22AUP1

Agencies

[Federal Register Volume 70, Number 161 (Monday, August 22, 2005)]
[Proposed Rules]
[Pages 48923-48924]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-16526]


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DELAWARE RIVER BASIN COMMISSION

18 CFR Part 410


Proposed Temporary Amendment to the Water Quality Regulations, 
Water Code and Comprehensive Plan To Extend Designation of the Lower 
Delaware River as a Special Protection Water

AGENCY: Delaware River Basin Commission.

ACTION: Notice of proposed rulemaking and public hearing.

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SUMMARY: The Delaware River Basin Commission will hold a public hearing 
to receive comments on a proposed amendment to the Commission's Water 
Quality Regulations, Water Code, and Comprehensive Plan to extend the 
temporary classification of the Lower Delaware River as Significant 
Resource Waters. The temporary classification was enacted by Commission 
Resolution No. 2005-2 on January 19, 2005 following notice and comment 
rulemaking. Its effect was to make the Lower Delaware subject to all 
applicable provisions of the Commission's Special Protection Waters 
regulations, except those that depend for implementation upon the use 
of numeric values for existing water quality. Absent further amendment 
to extend the classification, it will expire on September 30, 2005. The 
Commission today proposes to extend that date by up to twelve months. 
The classification would thus expire on September 30, 2006 unless the 
Commission should either permanently classify the Lower Delaware River 
or once again extend the temporary classification by rule amendment 
prior to that date.
    The proposed extension is needed because before deciding whether or 
not to classify certain sections of the Lower Delaware River as 
Outstanding Basin Waters as originally proposed, and whether to make 
the temporary Special Protection Waters designation permanent for some 
or all of the Lower Delaware River, the Commission wishes to fully 
evaluate implementation options and establish numeric values for 
existing water quality based upon analysis of a five-year (2000-2004) 
data set, for which the final year of data only became available late 
in 2004. Extension of the temporary designation will protect the 
exceptional value of the Lower Delaware from degradation during the 
period required to complete this evaluation and conduct a notice and 
comment rulemaking process on the numeric values and permanent 
classification.

DATES: The public hearing will be held on Monday, September 26, 2005 at 
the Commission's regular business meeting, which will begin at 1:30 
p.m. Persons wishing to testify are asked to register in advance with 
the Commission Secretary, at (609) 883-9500 ext. 203. Written comments 
will be accepted through the close of the public hearing; however 
earlier submittals would be appreciated.

ADDRESSES: The public hearing will take place at the Commission's 
office building, located at 25 State Police Drive, West Trenton, NJ. 
Directions are posted on the Commission's Web site, http://
www.drbc.net. The complete text of Resolution No. 2005-2, temporarily 
amending the Water Quality Regulations, Water Code, and Comprehensive 
Plan by classifying the Lower Delaware River as Special Protection 
Waters, is available on the Commission's Web site at http://
www.drbc.net or upon request from the Delaware River Basin Commission, 
PO Box 7360, West Trenton, NJ 08628-0360.

FOR FURTHER INFORMATION CONTACT: For further information, contact 
Pamela M. Bush, Commission Secretary and Assistant General Counsel, 
Delaware River Basin Commission, at 609-883-9500 ext. 203.

SUPPLEMENTARY INFORMATION: On September 22, 2004, the Delaware River 
Basin Commission published on its Web site a Notice of Proposed 
Rulemaking to amend the Water Quality Regulations, Water Code and 
Comprehensive Plan to designate the Lower Delaware River--the reach 
between River Mile 209.5, which is the downstream boundary of the 
Delaware Water Gap National Recreation Area, and River Mile 133.4, 
which is the head of tide at Trenton,

[[Page 48924]]

NJ--a Special Protection Water. Notice was published in the Federal 
Register on September 23, 2004 (69 FR 57008), the Delaware Register of 
Regulations on October 1, 2004, the New Jersey Register on October 4, 
2004, the Pennsylvania Code and Bulletin on October 9, 2004, and the 
New York Register on October 20, 2004. A public hearing was held on 
October 27, 2004, and the public was invited to comment, either in 
person at the hearing or in writing through November 30, 2004. When by 
Resolution No. 2005-2, the Commission amended its regulations by 
temporarily designating the Lower Delaware a Special Protection Water, 
the Commission modified its proposed rule in part based upon comments 
received on the proposed designation and in part based upon the need 
for additional analysis before all provisions of the Special Protection 
Waters regulations could be put into effect in the Lower Delaware.

    Dated: August 16, 2005.
Pamela M. Bush,
Commission Secretary.
[FR Doc. 05-16526 Filed 8-19-05; 8:45 am]
BILLING CODE 6360-01-P