Alternative Simplified Credit Election, 31863-31865 [2014-12757]
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Federal Register / Vol. 79, No. 106 / Tuesday, June 3, 2014 / Rules and Regulations
Office of Management and Budget
(OMB).
Regulatory Flexibility Act
The Regulatory Flexibility Act (5
U.S.C. 605(b)) generally requires an
agency to conduct regulatory flexibility
analysis of any rule subject to notice
and comment rulemaking requirements,
unless the agency certifies that the rule
will not have a significant economic
impact on a substantial number of small
entities. Since notice and comment
rulemaking is not necessary for this
final rule, the provisions of the
Regulatory Flexibility Act (Pub. L. 96–
354, 5 U.S.C. 601–612) do not apply.
wreier-aviles on DSK5TPTVN1PROD with RULES
Executive Order 13132, Federalism
Executive Order 13132 (entitled
‘‘Federalism’’) prohibits an agency from
publishing any rule that has federalism
implications if the rule either imposes
substantial direct compliance costs on
state and local governments and is not
required by statute, or the rule preempts
state law, unless the agency meets the
consultation and funding requirements
of section 6 of the Executive order. This
final rule will not have federalism
implications and would not impose
substantial direct compliance costs on
state and local governments or preempt
state law within the meaning of the
Executive order.
Environmental Review
A Finding of No Significant Impact
with respect to the environment was
made at the proposed rule stage (75 FR
39871) in accordance with HUD
regulations at 24 CFR part 50, which
implement section 102(2)(C) of the
National Environmental Policy Act of
1969 (42 U.S.C. 4332(2)(C)). The
Finding of No Significant Impact is
applicable to this final rule and is
available for public inspection between
the hours of 8 a.m. and 5 p.m.,
weekdays, in the Regulations Division,
Office of General Counsel, Department
of Housing and Urban Development,
451 7th Street SW., Room 10276,
Washington, DC 20410–0500. Due to
security measures at the HUD
Headquarters building, please schedule
an appointment to review the finding by
calling the Regulations Division at 202–
402–3055 (this is not a toll-free
number). Individuals with speech or
hearing impairments may access this
number through TTY by calling the
Federal Information Relay Service at
800–877–8339 (this is a toll-free
number).
Unfunded Mandates Reform Act
Title II of the Unfunded Mandates
Reform Act of 1995 (2 U.S.C. 1531–
VerDate Mar<15>2010
15:19 Jun 02, 2014
Jkt 232001
1538) (UMRA) establishes requirements
for Federal agencies to assess the effects
of their regulatory actions on state,
local, and tribal governments, and the
private sector. This final rule does not
impose any Federal mandates on any
state, local, or tribal government, or the
private sector, within the meaning of
UMRA.
List of Subjects in 24 CFR Part 3280
Housing standards, Incorporation by
reference, Manufactured homes.
Catalog of Federal Domestic Assistance
The Catalog of Federal Domestic
Assistance number for Manufactured
Housing Construction and Safety
Standards is 14.171.
Accordingly, for the reasons stated in
the preamble, HUD is amending 24 CFR
part 3280 as follows:
PART 3280—MANUFACTURED HOME
CONSTRUCTION AND SAFETY
STANDARDS
1. The authority citation for part 3280
continues to read as follows:
■
Authority: 42 U.S.C. 3535(d), 5403, and
5424.
2. Amend § 3280.4 by adding
paragraph (o)(15) to read as follows:
■
§ 3280.4
*
*
*
*
(o) * * *
(15) ASSE 1070–2004, Performance
Requirements for Water Temperature
Limiting Devices, IBR approved for
§§ 3280.604(b) and 3280.607(b).
*
*
*
*
*
■ 3. Amend § 3280.604(b)(2) by adding
under the undesignated heading
‘‘Plumbing Fixtures,’’ a reference
standard for ‘‘Performance
Requirements for Water Temperature
Limiting Devices’’ at the end of the list,
to read as follows:
§ 3280.604
Materials.
*
*
(b) * * *
(2) * * *
*
*
*
*
*
*
Performance Requirements for Water
Temperature Limiting Devices,
approved February 2004, ASSE 1070–
2004 (incorporated by reference, see
§ 3280.4).
*
*
*
*
*
■ 4. In § 3280.607, revise paragraph
(b)(3)(v) to read as follows:
§ 3280.607
PO 00000
Dated: May 28, 2014.
Carol Galante,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. 2014–12731 Filed 6–2–14; 8:45 am]
BILLING CODE 4210–67–P
Plumbing fixtures.
*
*
(b) * * *
Frm 00021
*
Fmt 4700
*
Sfmt 4700
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9666]
RIN 1545–BL79
Alternative Simplified Credit Election
Internal Revenue Service (IRS),
Treasury.
ACTION: Final and temporary
regulations.
AGENCY:
This document contains final
and temporary regulations relating to
the election of the alternative simplified
credit. The final and temporary
regulations will affect certain taxpayers
claiming the credit. The text of these
temporary regulations also serves as the
text of the proposed regulations (REG–
133495–13) published in the Proposed
Rules section in this issue of the Federal
Register.
DATES: Effective Date: These regulations
are effective on June 3, 2014.
Applicability Date: For dates of
applicability, see § 1.41–9T(d).
FOR FURTHER INFORMATION CONTACT:
David Selig (202) 317–4137 (not a tollfree number).
SUMMARY:
*
Plumbing Fixtures
*
(3) * * *
(v) Shower and tub-shower
combination valves must be balanced
pressure, thermostatic, or combination
mixing valves that conform to the
requirements of ASSE 1016–2005,
Performance Requirements for
Automatic Compensating Valves for
Individual Shower and Tub/Shower
Combinations (incorporated by
reference, see § 3280.4). Such valves
must be equipped with handle position
stops that are adjustable in accordance
with the valve manufacturer’s
instructions and to a maximum setting
of 120 °F. Hot water supplied to
bathtubs and whirlpool bathtubs are to
be limited to a temperature of not
greater than 120 °F by a water
temperature limiting device that
conforms to the requirements of ASSE
1070–2004, Performance Requirements
for Water Temperature Limiting Devices
(incorporated by reference, see
§ 3280.4).
*
*
*
*
*
Incorporation by reference.
*
*
31863
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Federal Register / Vol. 79, No. 106 / Tuesday, June 3, 2014 / Rules and Regulations
SUPPLEMENTARY INFORMATION:
wreier-aviles on DSK5TPTVN1PROD with RULES
Background
This document amends 26 CFR part 1
to provide rules relating to the election
of the alternative simplified credit
(ASC) under section 41(c)(5) of the
Internal Revenue Code (Code).
Section 41(a) provides an incremental
tax credit for increasing research
activities (research credit) based on a
percentage of a taxpayer’s qualified
research expenses (QREs) above a base
amount. A taxpayer can apply the rules
and credit rate percentages under
section 41(a)(1) to calculate the credit
(commonly referred to as the regular
credit) or a taxpayer can make an
election to apply the ASC rules and
credit rate percentages under section
41(c)(5) to calculate the credit. Section
41(c)(5)(C) provides that an ASC
election under section 41(c)(5) applies
to the taxable year for which made and
all succeeding taxable years unless
revoked with the consent of the
Secretary.
On June 10, 2011, the Treasury
Department and the IRS published final
regulations (TD 9528) in the Federal
Register (76 FR 33994) relating to the
election and calculation of the ASC.
Section 1.41–9(b)(2) provides that a
taxpayer makes an election under
section 41(c)(5) by completing the
portion of Form 6765, ‘‘Credit for
Increasing Research Activities,’’ (or
successor form) relating to the ASC
election, and attaching the completed
form to the taxpayer’s timely filed
(including extensions) original return
for the taxable year to which the
election applies. Section 1.41–9(b)(2)
also provides that a taxpayer may not
make an election under section 41(c)(5)
on an amended return and that an
extension of time to make an election
under section 41(c)(5) will not be
granted under § 301.9100–3.
Explanation of Provisions
Following the publication of TD 9528,
the Treasury Department and the IRS
received requests to amend the
regulations to allow taxpayers to make
an ASC election on an amended return.
The requests explained that the burden
of substantiating expenditures and costs
for the base period under the regular
credit can be costly, time-consuming,
and difficult, and suggested that
taxpayers often need additional time to
determine whether to claim the regular
credit or the ASC.
In response to these requests, this
Treasury Decision provides final and
temporary regulations. The final
regulations remove the rule in § 1.41–
9(b)(2) that prohibits a taxpayer from
VerDate Mar<15>2010
15:19 Jun 02, 2014
Jkt 232001
making an ASC election for a tax year
on an amended return. In its place,
these temporary regulations provide a
rule that allows a taxpayer to make an
ASC election for a tax year on an
amended return. However, permitting
changes from the regular credit to the
ASC on amended returns could result in
more than one audit of a taxpayer’s
research credit for a tax year.
Accordingly, the temporary regulations
provide that a taxpayer that previously
claimed, on an original or amended
return, a section 41 credit for a tax year
may not make an ASC election for that
tax year on an amended return. In
addition, the temporary regulations
provide that a taxpayer that is a member
of a controlled group in a tax year may
not make an election under section
41(c)(5) for that tax year on an amended
return if any member of the controlled
group for that year previously claimed
the research credit using a method other
than the ASC on an original or amended
return for that tax year. As with all
claims under section 41, taxpayers must
maintain sufficient books and records to
substantiate the credit on the amended
returns.
Effective/Applicability Date
These regulations apply to elections
with respect to taxable years ending on
or after June 3, 2014. In addition, a
taxpayer may rely on § 1.41–9T(b)(2) to
make an election under section 41(c)(5)
for a tax year ending prior to June 3,
2014 if the taxpayer makes the election
before the period of limitations for
assessment of tax has expired for that
year.
These regulations expire on June 2,
2017.
Special Analyses
It has been determined that this
Treasury decision 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 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. For the applicability of the
Regulatory Flexibility Act, refer to the
Special Analyses section of the
preamble to the cross-referenced notice
of proposed rulemaking published in
the Proposed Rules section in this issue
of the Federal Register. Pursuant to
section 7805(f) of the Code, these
regulations have been submitted to the
Chief Counsel for Advocacy of the Small
Business Administration for comment
on their impact on small business.
PO 00000
Frm 00022
Fmt 4700
Sfmt 4700
Drafting Information
The principal author of these
regulations is David Selig, Office of the
Associate Chief Counsel (Passthroughs
and Special Industries). However, other
personnel from the IRS and the Treasury
Department participated in their
development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Amendments to the Regulations
Accordingly, 26 CFR part 1 is
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 1.41–9T also issued under 26
U.S.C. 41(c)(5)(C). * * *
§ 1.41–9
Alternative simplified credit.
Par. 2. Section 1.41–9 is amended by
revising paragraph (b)(2) to read as
follows:
*
*
*
*
*
(b) * * *
(2) [Reserved]. For further guidance,
see § 1.41–9T(b)(2).
*
*
*
*
*
■ Par. 3. Section 1.41–9T is added to
read as follows:
■
§ 1.41–9T Alternative simplified credit
(temporary).
(a) through (b)(1) [Reserved]. For
further guidance, see § 1.41–9(a)
through (b)(1).
(2) Time and manner of election. A
taxpayer makes an election under
section 41(c)(5) by completing the
portion of Form 6765, ‘‘Credit for
Increasing Research Activities,’’ (or
successor form) relating to the election
of the ASC, and attaching the completed
form to the taxpayer’s timely filed
(including extensions) original return
for the taxable year to which the
election applies. A taxpayer may make
an election under section 41(c)(5) for a
tax year on an amended return, but only
if the taxpayer has not previously
claimed the section 41 credit on its
original return or an amended return for
that tax year. An extension of time to
make an election under section 41(c)(5)
will not be granted under § 301.9100–3
of this chapter. A taxpayer that is a
member of a controlled group in a tax
year may not make an election under
section 41(c)(5) for that tax year on an
amended return if any member of the
controlled group for that tax year
E:\FR\FM\03JNR1.SGM
03JNR1
Federal Register / Vol. 79, No. 106 / Tuesday, June 3, 2014 / Rules and Regulations
previously claimed the research credit
using a method other than the ASC on
an original or amended return for that
tax year. See paragraph (b)(4) of this
section for additional rules concerning
controlled groups. See also 1.41–6(b)(1)
requiring that all members of the
controlled group use the same method
of computation.
(b)(3) through (c) [Reserved]. For
further guidance, see § 1.41–9(b)(3)
through (c).
(d) Effective/applicability date.
Paragraph (b)(2) of this section applies
to elections with respect to taxable years
ending on or after June 3, 2014. In
addition, a taxpayer may rely on
paragraph (b)(2) of this section to make
an election under section 41(c)(5) for a
tax year ending prior to June 3, 2014 if
the taxpayer makes the election before
the period of limitations for assessment
of tax has expired for that year.
Otherwise, for elections with respect to
taxable years ending before June 3,
2014, see § 1.41–9(b)(2) as contained in
26 CFR part 1, revised April 1, 2014.
(e) Expiration date. This section
expires on June 2, 2017.
DATES:
John Dalrymple,
Deputy Commissioner for Services and
Enforcement.
Approved: May 2, 2014.
Mark J. Mazur,
Assistant Secretary of the Treasury (Tax
Policy).
SUPPLEMENTARY INFORMATION:
[FR Doc. 2014–12757 Filed 6–2–14; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2014–0401]
Drawbridge Operation Regulation;
Tennessee River, Decatur, AL
Coast Guard, DHS.
Notice of deviation from
drawbridge regulations.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Southern
Railroad Drawbridge across the
Tennessee River, mile 304.4, at Decatur,
Alabama. The deviation is necessary to
allow the bridge owner time to replace
and adjust the down haul operating
ropes that are essential to the continued
safe operation of the drawbridge. This
deviation allows the bridge to remain in
the closed-to-navigation position and
not open to vessel traffic.
wreier-aviles on DSK5TPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
15:19 Jun 02, 2014
Jkt 232001
This deviation is effective from
8 a.m. to 10 p.m., June 17, 2014.
The docket for this
deviation, (USCG–2014–0401) is
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation. You may
also visit the Docket Management
Facility in Room W12–140 on the
ground floor of the Department of
Transportation West Building, 1200
New Jersey Avenue SE., Washington,
DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal
Holidays.
ADDRESSES:
If
you have questions on this temporary
deviation, call or email Eric A.
Washburn, Bridge Administrator,
Western Rivers, Coast Guard; telephone
314–269–2378, email Eric.Washburn@
uscg.mil. If you have questions on
viewing the docket, call Cheryl F.
Collins, Program Manager, Docket
Operations, telephone 202–366–9826.
FOR FURTHER INFORMATION CONTACT:
The
Norfolk Southern Railroad requested a
temporary deviation for the Southern
Railroad Drawbridge, across the
Tennessee River, mile 304.4, at Decatur,
Alabama to remain in the closed-tonavigation position for 14 hours from 8
a.m. to 10 p.m. on June 17, 2014, in
order to replace and adjust the down
haul operation ropes.
The Southern Railroad Drawbridge
currently operates in accordance with
33 CFR 117.5, which states the general
requirement that drawbridge shall open
promptly and fully for the passage of
vessels when a request to open is given
in accordance with the subpart.
There are no alternate routes for
vessels transiting this section of the
Tennessee River.
The Southern Railroad Drawbridge, in
the closed-to-navigation position,
provides a vertical clearance of 10.52
feet above normal pool. Navigation on
the waterway consists primarily of
commercial tows and recreational
watercraft and will not be significantly
impacted. This temporary deviation has
been coordinated with waterway users.
No objections were received.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
PO 00000
Frm 00023
Fmt 4700
Sfmt 4700
31865
Dated: May 22, 2014.
Eric A. Washburn,
Bridge Administrator, Western Rivers.
[FR Doc. 2014–12812 Filed 6–2–14; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2014–0238]
RIN 1625–AA00
Safety Zone; Cincinnati Symphony
Orchestra Fireworks Displays Ohio
River, Mile 460.9–461.3; Cincinnati, OH
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone for
all waters of the Ohio River, surface to
bottom, extending from Ohio River mile
460.9 to mile 461.3, extending 300 ft.
from the state of Ohio shoreline at
Cincinnati, Ohio. This temporary safety
zone is necessary to protect persons and
property from potential damage and
safety hazards during the Cincinnati
Symphony Orchestra fireworks
displays. During the period of
enforcement, no vessels may be located
within this Coast Guard safety zone.
Entry into this Coast Guard safety zone
is prohibited unless specifically
authorized by the Captain of the Port
Ohio Valley or other designated
representative.
SUMMARY:
This rule is effective from 9:45
p.m. on June 7, 2014 until 10:30 p.m. on
July 4, 2014.
ADDRESSES: Documents mentioned in
this preamble are part of docket USCG–
2014–0238. To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type the docket
number in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rulemaking. You may also visit the
Docket Management Facility in Room
W12–140 on the ground floor of the
Department of Transportation West
Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m.
and 5 p.m., Monday through Friday,
except Federal holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email Petty Officer Denise Davidson,
Marine Safety Detachment Cincinnati,
U.S. Coast Guard; telephone 513–921–
DATES:
E:\FR\FM\03JNR1.SGM
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]]>Agencies
[Federal Register Volume 79, Number 106 (Tuesday, June 3, 2014)]
[Rules and Regulations]
[Pages 31863-31865]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-12757]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9666]
RIN 1545-BL79
Alternative Simplified Credit Election
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final and temporary regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains final and temporary regulations
relating to the election of the alternative simplified credit. The
final and temporary regulations will affect certain taxpayers claiming
the credit. The text of these temporary regulations also serves as the
text of the proposed regulations (REG-133495-13) published in the
Proposed Rules section in this issue of the Federal Register.
DATES: Effective Date: These regulations are effective on June 3, 2014.
Applicability Date: For dates of applicability, see Sec. 1.41-
9T(d).
FOR FURTHER INFORMATION CONTACT: David Selig (202) 317-4137 (not a
toll-free number).
[[Page 31864]]
SUPPLEMENTARY INFORMATION:
Background
This document amends 26 CFR part 1 to provide rules relating to the
election of the alternative simplified credit (ASC) under section
41(c)(5) of the Internal Revenue Code (Code).
Section 41(a) provides an incremental tax credit for increasing
research activities (research credit) based on a percentage of a
taxpayer's qualified research expenses (QREs) above a base amount. A
taxpayer can apply the rules and credit rate percentages under section
41(a)(1) to calculate the credit (commonly referred to as the regular
credit) or a taxpayer can make an election to apply the ASC rules and
credit rate percentages under section 41(c)(5) to calculate the credit.
Section 41(c)(5)(C) provides that an ASC election under section
41(c)(5) applies to the taxable year for which made and all succeeding
taxable years unless revoked with the consent of the Secretary.
On June 10, 2011, the Treasury Department and the IRS published
final regulations (TD 9528) in the Federal Register (76 FR 33994)
relating to the election and calculation of the ASC. Section 1.41-
9(b)(2) provides that a taxpayer makes an election under section
41(c)(5) by completing the portion of Form 6765, ``Credit for
Increasing Research Activities,'' (or successor form) relating to the
ASC election, and attaching the completed form to the taxpayer's timely
filed (including extensions) original return for the taxable year to
which the election applies. Section 1.41-9(b)(2) also provides that a
taxpayer may not make an election under section 41(c)(5) on an amended
return and that an extension of time to make an election under section
41(c)(5) will not be granted under Sec. 301.9100-3.
Explanation of Provisions
Following the publication of TD 9528, the Treasury Department and
the IRS received requests to amend the regulations to allow taxpayers
to make an ASC election on an amended return. The requests explained
that the burden of substantiating expenditures and costs for the base
period under the regular credit can be costly, time-consuming, and
difficult, and suggested that taxpayers often need additional time to
determine whether to claim the regular credit or the ASC.
In response to these requests, this Treasury Decision provides
final and temporary regulations. The final regulations remove the rule
in Sec. 1.41-9(b)(2) that prohibits a taxpayer from making an ASC
election for a tax year on an amended return. In its place, these
temporary regulations provide a rule that allows a taxpayer to make an
ASC election for a tax year on an amended return. However, permitting
changes from the regular credit to the ASC on amended returns could
result in more than one audit of a taxpayer's research credit for a tax
year. Accordingly, the temporary regulations provide that a taxpayer
that previously claimed, on an original or amended return, a section 41
credit for a tax year may not make an ASC election for that tax year on
an amended return. In addition, the temporary regulations provide that
a taxpayer that is a member of a controlled group in a tax year may not
make an election under section 41(c)(5) for that tax year on an amended
return if any member of the controlled group for that year previously
claimed the research credit using a method other than the ASC on an
original or amended return for that tax year. As with all claims under
section 41, taxpayers must maintain sufficient books and records to
substantiate the credit on the amended returns.
Effective/Applicability Date
These regulations apply to elections with respect to taxable years
ending on or after June 3, 2014. In addition, a taxpayer may rely on
Sec. 1.41-9T(b)(2) to make an election under section 41(c)(5) for a
tax year ending prior to June 3, 2014 if the taxpayer makes the
election before the period of limitations for assessment of tax has
expired for that year.
These regulations expire on June 2, 2017.
Special Analyses
It has been determined that this Treasury decision 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 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. For the applicability of the Regulatory
Flexibility Act, refer to the Special Analyses section of the preamble
to the cross-referenced notice of proposed rulemaking published in the
Proposed Rules section in this issue of the Federal Register. Pursuant
to section 7805(f) of the Code, these regulations have been submitted
to the Chief Counsel for Advocacy of the Small Business Administration
for comment on their impact on small business.
Drafting Information
The principal author of these regulations is David Selig, Office of
the Associate Chief Counsel (Passthroughs and Special Industries).
However, other personnel from the IRS and the Treasury Department
participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Amendments to the Regulations
Accordingly, 26 CFR part 1 is amended as follows:
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 * * *
Section 1.41-9T also issued under 26 U.S.C. 41(c)(5)(C). * * *
Sec. 1.41-9 Alternative simplified credit.
0
Par. 2. Section 1.41-9 is amended by revising paragraph (b)(2) to read
as follows:
* * * * *
(b) * * *
(2) [Reserved]. For further guidance, see Sec. 1.41-9T(b)(2).
* * * * *
0
Par. 3. Section 1.41-9T is added to read as follows:
Sec. 1.41-9T Alternative simplified credit (temporary).
(a) through (b)(1) [Reserved]. For further guidance, see Sec.
1.41-9(a) through (b)(1).
(2) Time and manner of election. A taxpayer makes an election under
section 41(c)(5) by completing the portion of Form 6765, ``Credit for
Increasing Research Activities,'' (or successor form) relating to the
election of the ASC, and attaching the completed form to the taxpayer's
timely filed (including extensions) original return for the taxable
year to which the election applies. A taxpayer may make an election
under section 41(c)(5) for a tax year on an amended return, but only if
the taxpayer has not previously claimed the section 41 credit on its
original return or an amended return for that tax year. An extension of
time to make an election under section 41(c)(5) will not be granted
under Sec. 301.9100-3 of this chapter. A taxpayer that is a member of
a controlled group in a tax year may not make an election under section
41(c)(5) for that tax year on an amended return if any member of the
controlled group for that tax year
[[Page 31865]]
previously claimed the research credit using a method other than the
ASC on an original or amended return for that tax year. See paragraph
(b)(4) of this section for additional rules concerning controlled
groups. See also 1.41-6(b)(1) requiring that all members of the
controlled group use the same method of computation.
(b)(3) through (c) [Reserved]. For further guidance, see Sec.
1.41-9(b)(3) through (c).
(d) Effective/applicability date. Paragraph (b)(2) of this section
applies to elections with respect to taxable years ending on or after
June 3, 2014. In addition, a taxpayer may rely on paragraph (b)(2) of
this section to make an election under section 41(c)(5) for a tax year
ending prior to June 3, 2014 if the taxpayer makes the election before
the period of limitations for assessment of tax has expired for that
year. Otherwise, for elections with respect to taxable years ending
before June 3, 2014, see Sec. 1.41-9(b)(2) as contained in 26 CFR part
1, revised April 1, 2014.
(e) Expiration date. This section expires on June 2, 2017.
John Dalrymple,
Deputy Commissioner for Services and Enforcement.
Approved: May 2, 2014.
Mark J. Mazur,
Assistant Secretary of the Treasury (Tax Policy).
[FR Doc. 2014-12757 Filed 6-2-14; 8:45 am]
BILLING CODE 4830-01-P
