Encouraging New Markets Tax Credit Non-Real Estate Investments; Correction, 39341 [2011-16824]

Download as PDF Federal Register / Vol. 76, No. 129 / Wednesday, July 6, 2011 / Proposed Rules Dated: June 30, 2011. Joseph T. Rannazzisi, Deputy Assistant Administrator. if’’ is corrected to read ‘‘nonprofit corporation) or partnership, if’’. LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2011–16847 Filed 7–5–11; 8:45 am] BILLING CODE 4410–09–P [FR Doc. 2011–16824 Filed 7–5–11; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service DEPARTMENT OF THE TREASURY 26 CFR Part 1 Internal Revenue Service [REG–114206–11] 26 CFR Part 1 [REG–118809–11] RIN 1545–BK21 RIN 1545–BK27 Encouraging New Markets Tax Credit Non-Real Estate Investments; Correction Modification of Treasury Regulations Pursuant to Section 939A of the DoddFrank Wall Street Reform and Consumer Protection Act Internal Revenue Service (IRS), Treasury. AGENCY: Correction to advance notice of proposed rulemaking. ACTION: This document contains a correction to advance notice of proposed rulemaking (REG–114206–11) that was published in the Federal Register on Tuesday, June 7, 2011 (76 FR 32880). This document invites comments from the public on how the new markets tax credit program may be amended to encourage non-real estate investments. SUMMARY: Julie Hanlon-Bolton, (202) 622–3040 (not a toll-free number). FOR FURTHER INFORMATION CONTACT: SUPPLEMENTARY INFORMATION: Background The correction notice that is the subject of this document is under section 45D of the Internal Revenue Code. Need for Correction As published, the advance notice of proposed rulemaking (REG–114206–11) contains an error that may prove to be misleading and is in need of clarification. jlentini on DSK4TPTVN1PROD with PROPOSALS Correction of Publication Accordingly, the publication of advance notice of proposed rulemaking (REG–114206–11), which was the subject of FR Doc. 2011–13981, is corrected as follows: On page 32881, column 2, in the preamble, under the paragraph heading ‘‘Background’’, second paragraph of the column, fourth line, the language ‘‘nonprofit corporation) or partnership VerDate Mar<15>2010 16:52 Jul 05, 2011 Jkt 223001 Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. AGENCY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing final and temporary regulations that remove any reference to, or requirement of reliance on, credit ratings in regulations under the Internal Revenue Code (Code) and provide substitute standards of creditworthiness where appropriate. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires each Federal agency to take such actions regarding its regulations. These regulations affect persons subject to various provisions of the Code. The text of the temporary regulations published in the Rules and Regulations section of the Federal Register also serves as the text of the proposed regulations. DATES: Written and electronic comments and requests for a public hearing must be received by August 30, 2011. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–118809–11), Room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be handdelivered to: CC:PA:LPD:PR Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG–118809–11), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC, or sent electronically via the Federal eRulemaking Portal at https:// www.regulations.gov (IRS REG–118809– 11). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, SUMMARY: PO 00000 Frm 00027 Fmt 4702 Sfmt 4702 39341 Arturo Estrada, (202) 622–3900; concerning submissions of comments and requests for a public hearing, Oluwafunmilayo Taylor, (202) 622–7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background Section 939A(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203 (124 Stat. 1376 (2010)), (the ‘‘DoddFrank Act’’), requires each Federal agency to review its regulations that require the use of an assessment of credit-worthiness of a security or money market instrument, and to review any references or requirements in those regulations regarding credit ratings. Section 939A(b) directs each agency to modify any regulation identified in the review required under section 939A(a) by removing any reference to, or requirement of reliance on, credit ratings and substituting a standard of credit-worthiness that the agency deems appropriate. Numerous provisions under the Code are affected. Temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Income Tax Regulations (26 CFR part 1) under sections 150, 171, 197, 249, 475, 860G, and 1001 of the Code. The temporary regulations also amend the Manufacturers and Retailers Excise Tax Regulations (26 CFR part 48) under section 4101 of the Code. The text of the temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations and the proposed regulations. Special Analyses It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 12866, as supplemented by Executive Order 13563. Therefore, a regulatory assessment is not required. It 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 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, this notice of proposed rulemaking has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business. E:\FR\FM\06JYP1.SGM 06JYP1

Agencies

[Federal Register Volume 76, Number 129 (Wednesday, July 6, 2011)]
[Proposed Rules]
[Page 39341]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-16824]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-114206-11]
RIN 1545-BK21


Encouraging New Markets Tax Credit Non-Real Estate Investments; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to advance notice of proposed rulemaking.

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SUMMARY: This document contains a correction to advance notice of 
proposed rulemaking (REG-114206-11) that was published in the Federal 
Register on Tuesday, June 7, 2011 (76 FR 32880). This document invites 
comments from the public on how the new markets tax credit program may 
be amended to encourage non-real estate investments.

FOR FURTHER INFORMATION CONTACT: Julie Hanlon-Bolton, (202) 622-3040 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The correction notice that is the subject of this document is under 
section 45D of the Internal Revenue Code.

Need for Correction

    As published, the advance notice of proposed rulemaking (REG-
114206-11) contains an error that may prove to be misleading and is in 
need of clarification.

Correction of Publication

    Accordingly, the publication of advance notice of proposed 
rulemaking (REG-114206-11), which was the subject of FR Doc. 2011-
13981, is corrected as follows:
    On page 32881, column 2, in the preamble, under the paragraph 
heading ``Background'', second paragraph of the column, fourth line, 
the language ``nonprofit corporation) or partnership if'' is corrected 
to read ``nonprofit corporation) or partnership, if''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2011-16824 Filed 7-5-11; 8:45 am]
BILLING CODE 4830-01-P

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