Regulations Under Section 2642(g); Hearing, 43904 [E8-17291]
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Federal Register / Vol. 73, No. 146 / Tuesday, July 29, 2008 / Proposed Rules
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under section 6675 will not be imposed
with respect to the claim. If a person
claims an income tax credit under
section 34 in lieu of a payment under
section 6427(e) with respect to sales and
uses of mixtures during a calendar
quarter and the aggregate amount
claimed as an income tax credit with
respect to such sales and uses exceeds
the amount allowed under § 48.6426–
7(a)(2), the income tax rules related to
assessing an underpayment of income
tax liability apply. The section 6675
penalty for excessive claims with
respect to fuels does not apply in the
case of section 34 income tax credits.
Similar rules apply to excessive claims
under sections 34 or 6427 with respect
to sales and uses of alternative fuel.
(c) Payment computation for certain
blenders—(1) In general. This paragraph
(c) applies to a blender for any calendar
quarter in which the blender’s entire tax
liability under section 4081 is based
solely on the volume of alcohol in
alcohol fuel mixtures, biodiesel in
biodiesel mixtures, renewable diesel in
renewable diesel mixtures, or
alternative fuel in alternative fuel
mixtures. If this paragraph (c) applies
for a calendar quarter, the blender may
use the following procedure to
determine the amount it may claim as
an income tax credit under section 34 or
a payment under section 6427(e) with
respect to each mixture that it sells or
uses during the quarter:
(i) First, determine the amount
allowed under section 6426 as a credit
on Form 720 by multiplying the volume
of untaxed liquid used to produce the
mixture by the tax imposed per gallon
on the untaxed liquid.
(ii) Then, determine the total credit
and payment allowable by multiplying
the volume of untaxed liquid used to
produce the mixture by the tax credit
rate per gallon.
(iii) Then, subtract the amount
determined in paragraph (c)(1)(i) of this
section (the section 6426 credit amount)
from the amount determined in
paragraph (c)(1)(ii) of this section. This
difference is the amount of the payment
or income tax credit that may be
claimed with respect to that mixture.
(2) Example. The following example
illustrates the provisions of this
paragraph (c):
(i) P is a biodiesel mixture producer.
P produces blended taxable fuel outside of
the bulk transfer/terminal system by adding
biodiesel that is agri-biodiesel to taxed diesel
fuel. See §§ 48.4081–1(c)(1) and 48.4081–
3(g). P has no § 4081 liability other than its
liability as a blender on its sale of the
biodiesel mixture. During the period August
1 through August 10 (at which time the tax
rate on diesel fuel is $0.244 per gallon and
VerDate Aug<31>2005
16:41 Jul 28, 2008
Jkt 214001
the claim amount on agri-biodiesel is $1.00
per gallon), P uses 5,000 gallons of agribiodiesel to produce a biodiesel mixture. P
determines that it may claim $3,780 as a
payment under section 6427(e) with respect
to this mixture. P computes this amount by—
(A) Multiplying 5,000 (gallons of agribiodiesel) × $0.244 (tax imposed per gallon)
= $1,220;
(B) Multiplying 5,000 (gallons of agribiodiesel) × $1.00 (tax credit rate per gallon)
= $5,000; and
(C) Subtracting $1,220 from $5,000 =
$3,780.
(ii) On August 11, P files Form 8849 for the
period August 1–August 10. To avoid an
excessive claim, P limits the claim on Form
8849 to $3,780 reporting 3,780 gallons of
agri-biodiesel.
(iii) On Form 720 P reports liability for IRS
No. 60(c) of $1,220 (5,000 gallons × $.244)
and claims a credit on Schedule C for $1,220
for period August 1–August 10, reporting on
Schedule C 1,220 gallons of agri-biodiesel.
(d) Effective/applicability date. This
section is applicable on and after the
date these regulations are published as
final regulations in the Federal Register.
Kevin M. Brown,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. E8–17270 Filed 7–28–08; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
FOR FURTHER INFORMATION CONTACT:
Richard A. Hurst of the Publications and
Regulations Branch, Legal Processing
Division, Associate Chief Counsel
(Procedure and Administration), at
Richard.A.Hurst@irscounsel.treas.gov.
SUPPLEMENTARY INFORMATION: A notice
of public hearing that appeared in the
Federal Register on Thursday, April 17,
2008 (73 FR 20870), announced that a
public hearing was scheduled for
August 5, 2008, at 10 a.m., in the
auditorium, Internal Revenue Building,
1111 ConstitutionAvenue, NW.,
Washington, DC. The subject of the
public hearing is under sections 2642
and 9100 of the Internal Revenue Code.
The public comment period for these
regulations expired on July 16, 2008.
Outlines of topics to be discussed at the
hearing were due on July 15, 2008. The
notice of proposed rulemaking and
notice of public hearing instructed those
interested in testifying at the public
hearing to submit an outline of the
topics to be addressed. As of Friday,
July 18, 2008, no one has requested to
speak. Therefore, the public hearing
scheduled for August 5, 2008, is
cancelled.
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. E8–17291 Filed 7–28–08; 8:45 am]
BILLING CODE 4830–01–P
26 CFR Parts 26 and 301
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
[REG–147775–06]
RIN 1545–BH63
Regulations Under Section 2642(g);
Hearing
Internal Revenue Service (IRS),
Treasury.
ACTION: Cancellation of notice of public
hearing on proposed rulemaking.
45 CFR Parts 1385, 1386, 1387, and
1388
RIN 0970–AB11
AGENCY:
SUMMARY: This document cancels a
public hearing on proposed rulemaking
providing guidance under section
2642(g)(1). The proposed regulations
describe the circumstances and
procedures under which an extension of
time will be granted under section
2642(g)(1). The proposed guidance
affects individuals (or their estates) who
failed to make a timely allocation of
generation-skipping transfer (GST)
exemption to a transfer, and individuals
(or their estates) who failed to make a
timely election under section 2632(b)(3)
or (c)(5).
DATES: The public hearing, originally
scheduled for August 5, 2008, at 10
a.m., is cancelled.
PO 00000
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Developmental Disabilities Program
Administration on
Developmental Disabilities,
Administration for Children and
Families, HHS.
ACTION: Proposed rule; reopening of
comment period.
AGENCY:
SUMMARY: The Administration on
Developmental Disabilities (ADD)
reopens the public comment period on
the proposed rule published in the
Federal Register on April 10, 2008 (73
FR19708) to propose clarifications and
new requirements to implement the
Developmental Disabilities Assistance
and Bill of Rights Act of 2000 (DD Act
of 2000). During the comment period
there were instances when the
electronic system was not available and
individuals were having difficulties
using the system. ADD is reopening the
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[Federal Register Volume 73, Number 146 (Tuesday, July 29, 2008)]
[Proposed Rules]
[Page 43904]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-17291]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 26 and 301
[REG-147775-06]
RIN 1545-BH63
Regulations Under Section 2642(g); Hearing
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 rulemaking
providing guidance under section 2642(g)(1). The proposed regulations
describe the circumstances and procedures under which an extension of
time will be granted under section 2642(g)(1). The proposed guidance
affects individuals (or their estates) who failed to make a timely
allocation of generation-skipping transfer (GST) exemption to a
transfer, and individuals (or their estates) who failed to make a
timely election under section 2632(b)(3) or (c)(5).
DATES: The public hearing, originally scheduled for August 5, 2008, at
10 a.m., is cancelled.
FOR FURTHER INFORMATION CONTACT: Richard A. Hurst of the Publications
and Regulations Branch, Legal Processing Division, Associate Chief
Counsel (Procedure and Administration), at
Richard.A.Hurst@irscounsel.treas.gov.
SUPPLEMENTARY INFORMATION: A notice of public hearing that appeared in
the Federal Register on Thursday, April 17, 2008 (73 FR 20870),
announced that a public hearing was scheduled for August 5, 2008, at 10
a.m., in the auditorium, Internal Revenue Building, 1111
ConstitutionAvenue, NW., Washington, DC. The subject of the public
hearing is under sections 2642 and 9100 of the Internal Revenue Code.
The public comment period for these regulations expired on July 16,
2008. Outlines of topics to be discussed at the hearing were due on
July 15, 2008. The notice of proposed rulemaking and notice of public
hearing instructed those interested in testifying at the public hearing
to submit an outline of the topics to be addressed. As of Friday, July
18, 2008, no one has requested to speak. Therefore, the public hearing
scheduled for August 5, 2008, is cancelled.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E8-17291 Filed 7-28-08; 8:45 am]
BILLING CODE 4830-01-P
