Income Taxes, 24661 [2018-11690]

Download as PDF Federal Register / Vol. 83, No. 104 / Wednesday, May 30, 2018 / Rules and Regulations for rehearing is denied, as discussed in the body of this order. By the Commission. Issued: May 17, 2018. Nathaniel J. Davis, Sr., Deputy Secretary. [FR Doc. 2018–11537 Filed 5–29–18; 8:45 am] BILLING CODE 6717–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 Income Taxes CFR Correction In Title 26 of the Code of Federal Regulations, Part 1 (§§ 1.140 to 1.169), revised as of April 1, 2018, on page 88, in § 1.148–1, paragraph (e)(3) is reinstated to read as follows: ■ § 1.148–1 Definitions and elections. * * * * * (e) * * * (3) Certain hedges. Investment-type property also includes the investment element of a contract that is a hedge (within the meaning of § 1.148– 4(h)(2)(i)(A)) and that contains a significant investment element because a payment by the issuer relates to a conditional or unconditional obligation by the hedge provider to make a payment on a later date. See § 1.148– 4(h)(2)(ii) relating to hedges with a significant investment element. * * * * * [FR Doc. 2018–11690 Filed 5–29–18; 8:45 am] BILLING CODE 1301–00–D ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 sradovich on DSK3GMQ082PROD with RULES Approval and Promulgation of Air Quality Implementation Plans; New Jersey; Infrastructure Requirements for the 2008 Lead, 2008 Ozone, 2010 Nitrogen Dioxide, 2010 Sulfur Dioxide, 2011 Carbon Monoxide, 2006 PM10, 2012 PM2.5, 1997 Ozone, and the 1997 and 2006 PM2.5 National Ambient Air Quality Standards Environmental Protection Agency (EPA). ACTION: Final rule. AGENCY: The Environmental Protection Agency (EPA) is approving elements of VerDate Sep<11>2014 19:27 May 29, 2018 Jkt 244001 FOR FURTHER INFORMATION CONTACT: Anthony (Ted) Gardella, Environmental Protection Agency, 290 Broadway, New York, New York 10007–1866, at (212) 637–3892, or by email at Gardella.Anthony@epa.gov. SUPPLEMENTARY INFORMATION: The SUPPLEMENTARY INFORMATION section is arranged as follows: Table of Contents [EPA–R02–OAR–2016–0625, FRL–9978– 24—Region 2] SUMMARY: New Jersey’s State Implementation Plan (SIP) revision submittal regarding the infrastructure requirements of section 110(a)(1) and (2) of the Clean Air Act (CAA) for the 2008 lead, 2008 ozone, 2010 nitrogen dioxide, 2010 sulfur dioxide, 2011 carbon monoxide, 2006 particulate matter of 10 microns or less (PM10), and 2012 particulate matter of 2.5 microns or less (PM2.5) National Ambient Air Quality Standards (NAAQS). The EPA is also approving three infrastructure requirements of the 1997 ozone and the 1997 and 2006 PM2.5 NAAQS. The infrastructure requirements are designed to ensure that the structural components of each state’s air quality management program are adequate to meet the state’s responsibilities under the CAA. DATES: This final rule is effective on June 29, 2018. ADDRESSES: The EPA has established a docket for this action under Docket ID Number EPA–R02–OAR–2016–0625. All documents in the docket are listed on the http://www.regulations.gov website. Although listed in the index, some information is not publicly available, e.g., Confidential Business Information (CBI) or other information whose disclosure is restricted by statute. Certain other material, such as copyrighted material, is not placed on the internet and will be publicly available only in hard copy form. Publicly available docket materials are available electronically through http:// www.regulations.gov. I. What is the background for this action? II. What comments were received in response to the EPA’s proposed action? III. What action is the EPA taking? IV. Incororation by Reference V. Statutory and Executive Order Reviews I. What is the background for this action? Under sections 110(a)(1) and (2) of the Clean Air Act (CAA), each state is required to submit a State Implementation Plan (SIP) that provides for the implementation, maintenance, and enforcement of a revised primary or secondary National Ambient Air Quality Standards (NAAQS or standard). CAA sections 110(a)(1) and (2) require each PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 24661 state to make a new SIP submission within three years after the EPA promulgates a new or revised NAAQS for approval into the existing federallyapproved SIP to assure that the SIP meets the applicable requirements for such new and revised NAAQS. On March 1, 2018 (83 FR 8818), the EPA published a Notice of Proposed Rulemaking (NPR) in the Federal Register for the State of New Jersey. The NPR proposed to approve elements of the State of New Jersey’s Infrastructure SIP submission, dated October 17, 2014, and as supplemented on March 15, 2017, as meeting the CAA section 110(a) infrastructure requirements for the following NAAQS: 2008 ozone, 2008 lead, 2010 nitrogen dioxide (NO2), 2010 sulfur dioxide (SO2), 2011 carbon monoxide (CO), 2006 particulate matter of 10 microns or less (PM10), and 2012 particulate matter of 2.5 microns or less (PM2.5). Although not specifically required by 110(a)(1) since neither NAAQS was new or revised,1 the SIP submission included infrastructure requirements for the 2006 PM10 and 2011 CO NAAQS. As explained in the NPR, the State has the necessary infrastructure, resources and general authority to implement the 2008 ozone, 2008 lead, 2010 NO2, 2010 SO2, 2011 CO, 2006 PM10, and 2012 PM2.5 NAAQS, except where specifically noted. The EPA also proposed to approve three CAA section 110(a) infrastructure requirements for the 1997 ozone and the 1997 and 2006 PM2.5 NAAQS that were conditionally approved by the EPA on June 14, 2013 (78 FR 35764). New Jersey’s response to the conditional approval was not submitted to EPA within one year, but was submitted approximately three months late, and supplemented on March 15, 2017, so the conditional approval is treated as a disapproval. The EPA also proposed to approve New Jersey’s October 17, 2014 submittal, as supplemented on March 15, 2017, for the 1997 ozone and the 1997 and 2006 PM2.5 NAAQS. Other detailed information relevant to this action on New Jersey’s infrastructure SIP submission, the requirements of infrastructure SIPs and the rationale for the EPA’s proposed action are explained in the NPR and the associated Technical Support Document (TSD) in the docket and are not restated here. 1 EPA notes that, when promulgated, the 2006 24 hour PM10 NAAQS and the 2011 primary CO NAAQS were neither ‘‘new’’ nor ‘‘revised’’ NAAQS—they merely retained, without revision, prior NAAQS for those pollutants. Accordingly, promulgation of these NAAQS did not trigger a new obligation for New Jersey to make infrastructure SIP submissions. E:\FR\FM\30MYR1.SGM 30MYR1

Agencies

[Federal Register Volume 83, Number 104 (Wednesday, May 30, 2018)]
[Rules and Regulations]
[Page 24661]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-11690]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1


Income Taxes

CFR Correction

0
In Title 26 of the Code of Federal Regulations, Part 1 (Sec. Sec.  
1.140 to 1.169), revised as of April 1, 2018, on page 88, in Sec.  
1.148-1, paragraph (e)(3) is reinstated to read as follows:


Sec.  1.148-1  Definitions and elections.

* * * * *
    (e) * * *
    (3) Certain hedges. Investment-type property also includes the 
investment element of a contract that is a hedge (within the meaning of 
Sec.  1.148-4(h)(2)(i)(A)) and that contains a significant investment 
element because a payment by the issuer relates to a conditional or 
unconditional obligation by the hedge provider to make a payment on a 
later date. See Sec.  1.148-4(h)(2)(ii) relating to hedges with a 
significant investment element.
* * * * *
[FR Doc. 2018-11690 Filed 5-29-18; 8:45 am]
BILLING CODE 1301-00-D