Definition of Political Subdivision; Correction, 13305-13306 [2016-05624]

Download as PDF Federal Register / Vol. 81, No. 49 / Monday, March 14, 2016 / Proposed Rules mstockstill on DSK4VPTVN1PROD with PROPOSALS current state and county regulations; and (4) the DEIS did not include adequate analysis of the economic, social, and cultural impacts of the proposal. The State recommended that the HIHWNMS should instead focus on regulatory gaps and avoid duplicating existing regulations. The Sanctuary Advisory Council (SAC) formed a working group to evaluate the Draft Management Plan and DEIS and to provide recommendations to the SAC. At the July 20, 2015, SAC meeting in Honolulu, the council voted to support the full recommendations as formulated by the working group and forward them to sanctuary management. The SAC voted to support the transition to ecosystem-based management, and was supportive of the sanctuary’s proposed work on key issues and geographies, while recognizing the importance of co-management between NOAA and the State. II. Basis for Withdrawing the Proposed Rule Throughout the management plan review process and following the end of public comment period, NOAA and DLNR as co-managers engaged in a dialog to consider how to address the issues raised during the management plan review process, including the concerns from the State agencies. On January 22, 2016, NOAA received a letter from DLNR expressing concerns that expanding the HIHWNMS to an ecosystem-based sanctuary would provide a new definition of sanctuary resources that could restrict the State’s ability to recover damages for violations of state laws and rules governing natural resources within the sanctuary. The State expressed support for the concept of ecosystem-based management but did not support the expanded definition of sanctuary resources in state waters. DLNR requested that HIHWNMS consider adding additional marine mammals, but not their habitat, as sanctuary resources, citing this as a way for the sanctuary to further build on its unique strengths and complement existing state functions. On January 26, 2016, NOAA responded to DLNR’s letter and expressed NOAA’s view that adding marine mammals without including their habitat would be inconsistent with the National Marine Sanctuaries Act. It is NOAA’s view that the definition of ‘‘sanctuary resource’’ (16 U.S.C. 1432) does not allow NOAA to exclude habitat since habitat clearly ‘‘contributes to the value of the sanctuary.’’ This view of the definition is consistent with the March 2015 DEIS which analyzed the proposal to expand the purpose of the national marine sanctuary. VerDate Sep<11>2014 16:03 Mar 11, 2016 Jkt 238001 Under the National Marine Sanctuaries Act (16 U.S.C. 1434(b)(1)), and the terms of the 1998 compact agreement, the Governor of Hawai‘i would have the ability to formally object to the proposed changes to the HIHWNMS before any change were finalized in State waters. Given the respective positions of NOAA and DLNR on the proposal, and NOAA’s desire to continue effective comanagement of the sanctuary with the State, NOAA has decided to withdraw this proposal in light of the Governor’s likely objection. NOAA will continue to co-manage the current humpback whale-focused sanctuary with the State of Hawai‘i. III. Withdrawal In consideration of the foregoing, NOAA hereby withdraws the NPRM for NOAA Docket No. NOAA–NOS–2015– 0028, as published in the Federal Register on March 26, 2015 (80 FR 16223). Dated: March 2, 2016. John Armor, Acting Director, Office of National Marine Sanctuaries. [FR Doc. 2016–05452 Filed 3–11–16; 8:45 am] BILLING CODE 3510–NK–P DEPARTMENT OF THE TREASURY The notice of proposed rulemaking and notice of public hearing that is the subject of this correction is under section 103 of the Internal Revenue Code. 26 CFR Part 1 [REG–129067–15] RIN 1545–BM99 Definition of Political Subdivision; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking. AGENCY: This document contains corrections to a notice of proposed rulemaking and notice of public hearing (REG–129067–15) published in the Federal Register on Tuesday, February 23, 2016, (81 FR 8870) that specifies the elements of a political subdivision for purposes of tax-exempt bonds. The corrections amend the applicability dates of the proposed definition of political subdivision to provide transition rules with respect to bonds issued before the general applicability date and certain refunding bonds. DATES: Written or electronic comments for the notice of proposed rulemaking and notice of public hearing published PO 00000 Frm 00016 Fmt 4702 Sfmt 4702 at 81 FR 8870, February 23, 2016, are still being accepted and must be received by May 23, 2016. Request to speak and outlines of topics to be discussed at the public hearing scheduled for June 6, 2016, at 10:00 a.m., are also still being accepted and must be received by May 23, 2016. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–129067–15), Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand delivered 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– 129067–15), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224 or sent electronically via the Federal eRulemaking Portal at www.regulations.gov (REG–129067–15). The public hearing will be held at the Internal Revenue Building, 1111 Constitution Avenue NW., Washington, DC. FOR FURTHER INFORMATION CONTACT: Concerning the correction to the proposed regulations, Spence Hanemann at (202) 317–6980; concerning submissions of comments and the hearing, Oluwafunmilayo (Funmi) Taylor at (202) 317–6901 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background Internal Revenue Service SUMMARY: 13305 Need for Correction As published in the Federal Register (81 FR 8870, February 23, 2016), § 1.103–1(c) of the notice of proposed rulemaking and notice of public hearing proposes a new definition of political subdivision. Section 1.103–1(d)(1) provides that, except as otherwise provided in §§ 1.103–1(d)(2) through (4), § 1.103–1 (including § 1.103–1(c)) applies to all entities for all purposes of sections 103 and 141 through 150 beginning on the date 90 days after the publication of the Treasury decision adopting the rules as final regulations in the Federal Register. Section 1.103– 1(d)(2) provides that, for purposes of determining whether bonds are obligations of a political subdivision under section 103, the definition of political subdivision in § 1.103–1(c) does not apply to an entity with respect to bonds that are issued before the general applicability date under § 1.103–1(d)(1). Section 1.103–1(d)(3) E:\FR\FM\14MRP1.SGM 14MRP1 mstockstill on DSK4VPTVN1PROD with PROPOSALS 13306 Federal Register / Vol. 81, No. 49 / Monday, March 14, 2016 / Proposed Rules provides that, for purposes of determining whether refunding bonds of an entity are obligations of a political subdivision under section 103, the definition of political subdivision in § 1.103–1(c) does not apply to an entity with respect to refunding bonds that are issued on or after the general applicability date under § 1.103–1(d)(1) to refund bonds with respect to which § 1.103–1(c) otherwise does not apply, provided the weighted average maturity of the refunding bonds is no longer than the remaining weighted average maturity of the refunded bonds. Section 1.103–1(d)(4) provides that, for existing entities that are created or organized before March 24, 2016, the definition of political subdivision in § 1.103–1(c) does not apply for any purpose of sections 103 and 141 to 150 during the three-year period beginning on the general applicability date under § 1.103–1(d)(1). After publication of the notice of proposed rulemaking and notice of public hearing in the Federal Register (81 FR 8870, February 23, 2016), the Treasury Department and the IRS received comments requesting that the transition rule in § 1.103–1(d)(2) be applied not only for purposes of determining whether bonds are the obligations of a political subdivision under section 103 but also for other purposes of sections 103 and 141 through 150. Commenters explained that, without a transition rule for the private activity bond rules under section 141, certain bonds issued before the notice of proposed rulemaking and notice of public hearing was published in the Federal Register may become private activity bonds under section 141 at the expiration of the three-year period provided in § 1.103–1(d)(4). Certain bonds offered after the notice of proposed rulemaking and notice of public hearing was published in the Federal Register but before the general applicability date under § 1.103–1(d)(1) present similar issues. In response to these comments and to ensure that the notice of proposed rulemaking and notice of public hearing is fully prospective in effect, this document amends the transition rules for the definition of political subdivision in §§ 1.103–1(d)(2) and (3) to apply not only for purposes of determining whether bonds are the obligations of a political subdivision under section 103 but also for all other purposes of sections 103 and 141 through 150, including the private activity bond rules. This document also amends the transition rule for refunding bonds in § 1.103–1(d)(3) to provide relief consistent with that provided in VerDate Sep<11>2014 16:03 Mar 11, 2016 Jkt 238001 § 1.103–1(d)(2), as amended. The effect of the amendment to § 1.103–1(d)(2) is that the proposed definition of political subdivision will not apply for any purpose under sections 103 and 141 through 150 to any bond issued prior to the general applicability date under § 1.103–1(d)(1). The effect of the amendment to § 1.103–1(d)(3) is that the proposed definition of political subdivision will not apply for any purpose under sections 103 and 141 through 150 to bonds issued to refund bonds covered by the transition rule in § 1.103–1(d)(2), provided that the weighted average maturity is not extended. Correction to Publication Accordingly, the notice of proposed rulemaking and notice of public hearing published in the Federal Register (81 FR 8870) on February 23, 2016, is corrected as follows: § 1.103–1 [Corrected] 1. On page 8873, third column, the third through twelfth lines of paragraph (d)(2) are corrected to read ‘‘bonds. For all purposes of sections 103 and 141 through 150, the definition of political subdivision in paragraph (c) of this section does not apply with respect to bonds that are issued before the general applicability date under paragraph (d)(1) of this section.’’ ■ 2. On page 8873, third column, the third through eighteenth lines of paragraph (d)(3) are corrected to read ‘‘bonds. For all purposes of sections 103 and 141 through 150, the definition of political subdivision in paragraph (c) of this section does not apply with respect to refunding bonds that are issued on or after the general applicability date under paragraph (d)(1) of this section to refund bonds with respect to which paragraph (c) of this section otherwise does not apply, provided that the weighted average maturity of the refunding bonds is no longer than the remaining weighted average maturity of the refunded bonds.’’ ■ Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2016–05624 Filed 3–9–16; 4:15 pm] BILLING CODE 4830–01–P PO 00000 Frm 00017 Fmt 4702 Sfmt 4702 DEPARTMENT OF LABOR Office of the Secretary 29 CFR Part 13 RIN 1235–AA13 Establishing Paid Sick Leave for Federal Contractors Wage and Hour Division, Department of Labor. ACTION: Proposed rule; extension of comment period. AGENCY: This document extends the period for filing written comments until April 12, 2016 on the proposed rulemaking: Establishing Paid Sick Leave for Federal Contractors. The Notice of Proposed Rulemaking (NPRM) was published in the Federal Register on February 25, 2016. The Department of Labor (Department) is taking this action in order to provide interested parties additional time to submit comments. SUMMARY: The agency must receive comments on or before April 12, 2016. The period for public comments, which was set to close on March 28, 2016, will be extended to April 12, 2016. Comments must be received by 11:59 p.m. on April 12, 2016. ADDRESSES: You may submit comments, identified by Regulatory Information Number (RIN) 1235–AA13, by either one of the following methods: Electronic comments: Through the Federal eRulemaking Portal at http:// www.regulations.gov. Follow the instructions for submitting comments. Written comments: Through mail addressed to Robert Waterman, Compliance Specialist, Division of Regulations, Legislation and Interpretation, Wage and Hour Division, U.S. Department of Labor, Room S– 3510, 200 Constitution Avenue NW., Washington, DC 20210. Instructions: Please submit one copy of your comments by only one method. All submissions received must include the agency name (Wage and Hour Division) and Regulatory Information Number identified above for this rulemaking (1235–AA13). All comments received will be posted without change to http://www.regulations.gov, including any personal information provided. Consequently, prior to including any individual’s personal information such as Social Security Number, home address, telephone number, and email addresses in a comment, the Department urges commenters to carefully consider that their submissions are a matter of public record and will be publicly DATES: E:\FR\FM\14MRP1.SGM 14MRP1

Agencies

[Federal Register Volume 81, Number 49 (Monday, March 14, 2016)]
[Proposed Rules]
[Pages 13305-13306]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05624]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-129067-15]
RIN 1545-BM99


Definition of Political Subdivision; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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

SUMMARY: This document contains corrections to a notice of proposed 
rulemaking and notice of public hearing (REG-129067-15) published in 
the Federal Register on Tuesday, February 23, 2016, (81 FR 8870) that 
specifies the elements of a political subdivision for purposes of tax-
exempt bonds. The corrections amend the applicability dates of the 
proposed definition of political subdivision to provide transition 
rules with respect to bonds issued before the general applicability 
date and certain refunding bonds.

DATES: Written or electronic comments for the notice of proposed 
rulemaking and notice of public hearing published at 81 FR 8870, 
February 23, 2016, are still being accepted and must be received by May 
23, 2016. Request to speak and outlines of topics to be discussed at 
the public hearing scheduled for June 6, 2016, at 10:00 a.m., are also 
still being accepted and must be received by May 23, 2016.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-129067-15), Internal 
Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 
20044. Submissions may be hand delivered 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-129067-15), Courier's Desk, Internal Revenue Service, 1111 
Constitution Avenue NW., Washington, DC 20224 or sent electronically 
via the Federal eRulemaking Portal at www.regulations.gov (REG-129067-
15). The public hearing will be held at the Internal Revenue Building, 
1111 Constitution Avenue NW., Washington, DC.

FOR FURTHER INFORMATION CONTACT: Concerning the correction to the 
proposed regulations, Spence Hanemann at (202) 317-6980; concerning 
submissions of comments and the hearing, Oluwafunmilayo (Funmi) Taylor 
at (202) 317-6901 (not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking and notice of public hearing that 
is the subject of this correction is under section 103 of the Internal 
Revenue Code.

Need for Correction

    As published in the Federal Register (81 FR 8870, February 23, 
2016), Sec.  1.103-1(c) of the notice of proposed rulemaking and notice 
of public hearing proposes a new definition of political subdivision. 
Section 1.103-1(d)(1) provides that, except as otherwise provided in 
Sec. Sec.  1.103-1(d)(2) through (4), Sec.  1.103-1 (including Sec.  
1.103-1(c)) applies to all entities for all purposes of sections 103 
and 141 through 150 beginning on the date 90 days after the publication 
of the Treasury decision adopting the rules as final regulations in the 
Federal Register. Section 1.103-1(d)(2) provides that, for purposes of 
determining whether bonds are obligations of a political subdivision 
under section 103, the definition of political subdivision in Sec.  
1.103-1(c) does not apply to an entity with respect to bonds that are 
issued before the general applicability date under Sec.  1.103-1(d)(1). 
Section 1.103-1(d)(3)

[[Page 13306]]

provides that, for purposes of determining whether refunding bonds of 
an entity are obligations of a political subdivision under section 103, 
the definition of political subdivision in Sec.  1.103-1(c) does not 
apply to an entity with respect to refunding bonds that are issued on 
or after the general applicability date under Sec.  1.103-1(d)(1) to 
refund bonds with respect to which Sec.  1.103-1(c) otherwise does not 
apply, provided the weighted average maturity of the refunding bonds is 
no longer than the remaining weighted average maturity of the refunded 
bonds. Section 1.103-1(d)(4) provides that, for existing entities that 
are created or organized before March 24, 2016, the definition of 
political subdivision in Sec.  1.103-1(c) does not apply for any 
purpose of sections 103 and 141 to 150 during the three-year period 
beginning on the general applicability date under Sec.  1.103-1(d)(1).
    After publication of the notice of proposed rulemaking and notice 
of public hearing in the Federal Register (81 FR 8870, February 23, 
2016), the Treasury Department and the IRS received comments requesting 
that the transition rule in Sec.  1.103-1(d)(2) be applied not only for 
purposes of determining whether bonds are the obligations of a 
political subdivision under section 103 but also for other purposes of 
sections 103 and 141 through 150. Commenters explained that, without a 
transition rule for the private activity bond rules under section 141, 
certain bonds issued before the notice of proposed rulemaking and 
notice of public hearing was published in the Federal Register may 
become private activity bonds under section 141 at the expiration of 
the three-year period provided in Sec.  1.103-1(d)(4). Certain bonds 
offered after the notice of proposed rulemaking and notice of public 
hearing was published in the Federal Register but before the general 
applicability date under Sec.  1.103-1(d)(1) present similar issues.
    In response to these comments and to ensure that the notice of 
proposed rulemaking and notice of public hearing is fully prospective 
in effect, this document amends the transition rules for the definition 
of political subdivision in Sec. Sec.  1.103-1(d)(2) and (3) to apply 
not only for purposes of determining whether bonds are the obligations 
of a political subdivision under section 103 but also for all other 
purposes of sections 103 and 141 through 150, including the private 
activity bond rules. This document also amends the transition rule for 
refunding bonds in Sec.  1.103-1(d)(3) to provide relief consistent 
with that provided in Sec.  1.103-1(d)(2), as amended. The effect of 
the amendment to Sec.  1.103-1(d)(2) is that the proposed definition of 
political subdivision will not apply for any purpose under sections 103 
and 141 through 150 to any bond issued prior to the general 
applicability date under Sec.  1.103-1(d)(1). The effect of the 
amendment to Sec.  1.103-1(d)(3) is that the proposed definition of 
political subdivision will not apply for any purpose under sections 103 
and 141 through 150 to bonds issued to refund bonds covered by the 
transition rule in Sec.  1.103-1(d)(2), provided that the weighted 
average maturity is not extended.

Correction to Publication

    Accordingly, the notice of proposed rulemaking and notice of public 
hearing published in the Federal Register (81 FR 8870) on February 23, 
2016, is corrected as follows:


Sec.  1.103-1  [Corrected]

0
1. On page 8873, third column, the third through twelfth lines of 
paragraph (d)(2) are corrected to read ``bonds. For all purposes of 
sections 103 and 141 through 150, the definition of political 
subdivision in paragraph (c) of this section does not apply with 
respect to bonds that are issued before the general applicability date 
under paragraph (d)(1) of this section.''

0
2. On page 8873, third column, the third through eighteenth lines of 
paragraph (d)(3) are corrected to read ``bonds. For all purposes of 
sections 103 and 141 through 150, the definition of political 
subdivision in paragraph (c) of this section does not apply with 
respect to refunding bonds that are issued on or after the general 
applicability date under paragraph (d)(1) of this section to refund 
bonds with respect to which paragraph (c) of this section otherwise 
does not apply, provided that the weighted average maturity of the 
refunding bonds is no longer than the remaining weighted average 
maturity of the refunded bonds.''

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-05624 Filed 3-9-16; 4:15 pm]
BILLING CODE 4830-01-P