Proposed Collection; Comment Request for Notice 97-34, 28698 [2020-10236]
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Federal Register / Vol. 85, No. 93 / Wednesday, May 13, 2020 / Notices
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
Approved: May 4, 2020.
Martha Brinson,
Tax Analyst.
[FR Doc. 2020–10237 Filed 5–12–20; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Notice 97–34
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service
(IRS), as part of its continuing effort to
reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to take this
opportunity to comment on information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
Information Reporting on Transactions
With Foreign Trusts and on Large
Foreign Gifts.
DATES: Written comments should be
received on or before July 13, 2020 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Kinna Brewington, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of this notice should be directed
to Martha R. Brinson, at (202)317–5753,
or at Internal Revenue Service, Room
6526, 1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet at Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Information Reporting on
Transactions With Foreign Trusts and
on Large Foreign Gifts.
OMB Number: 1545–1538.
Notice Number: Notice 97–34.
Abstract: This notice provides
guidance on the foreign trust and
foreign gift information reporting
provisions contained in the Small
Business Job Protection Act of 1996.
Current Actions: There is no change to
the paperwork burden previously
approved by OMB.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households, business or other for-profit
jbell on DSKJLSW7X2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
19:53 May 12, 2020
Jkt 250001
organizations, and not-for-profit
institutions.
Estimated Number of Responses:
5,000.
Estimated Time per Response: 45
mins.
Estimated Total Annual Burden
Hours: 3,750.
The following paragraph applies to all
of the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. Comments
will be of public record. Comments are
invited on: (a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information has practical utility; (b) the
accuracy of the agency’s estimate of the
burden of the collection of information;
(c) ways to enhance the quality, utility,
and clarity of the information to be
collected; (d) ways to minimize the
burden of the collection of information
on or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
Approved: May 4, 2020.
Martha Brinson,
Tax Analyst.
[FR Doc. 2020–10236 Filed 5–12–20; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Credit for Renewable Electricity
Production, Refined Coal Production,
and Indian Coal Production, and
Publication of Inflation Adjustment
Factors and Reference Prices for
Calendar Year 2020
Internal Revenue Service (IRS),
Treasury.
ACTION: Publication of inflation
adjustment factors and reference prices
for calendar year 2020 under sections
45(e)(2)(A) (26 U.S.C. 45(e)(2)(A)),
45(e)(8)(C) (26 U.S.C. 45(e)(8)(C)), and
AGENCY:
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
45(e)(10)(B) (26 U.S.C. 45(e)(10)(B)) of
the Internal Revenue Code.
The 2020 inflation adjustment
factors and reference prices are used in
determining the availability of the credit
for renewable electricity production,
refined coal production, and Indian coal
production under section 45.
DATES: The 2020 inflation adjustment
factors and reference prices apply to
calendar year 2020 sales of kilowatt
hours of electricity produced in the
United States or a possession thereof
from qualified energy resources, and to
2020 sales of refined coal and Indian
coal produced in the United States or a
possession thereof.
Inflation Adjustment Factors: The
inflation adjustment factor for calendar
year 2020 for qualified energy resources
and refined coal is 1.6687. The inflation
adjustment factor for calendar year 2020
for Indian coal is 1.2851.
Reference Prices: The reference price
for calendar year 2020 for facilities
producing electricity from wind is 4.16
cents per kilowatt hour. The reference
prices for fuel used as feedstock within
the meaning of section 45(c)(7)(A)
(relating to refined coal production) are
$31.90 per ton for calendar year 2002
and $48.58 per ton for calendar year
2020. The reference prices for facilities
producing electricity from closed-loop
biomass, open-loop biomass, geothermal
energy, municipal solid waste, qualified
hydropower production, and marine
and hydrokinetic renewable energy have
not been determined for calendar year
2020.
Phaseout Calculation: Because the
2020 reference price for electricity
produced from wind (4.16 cents per
kilowatt hour) does not exceed 8 cents
multiplied by the inflation adjustment
factor (1.6687), the phaseout of the
credit provided in section 45(b)(1) does
not apply to such electricity sold during
calendar year 2020. Because the 2020
reference price of fuel used as feedstock
for refined coal ($48.58) does not exceed
$90.49 (which is the $31.90 reference
price of such fuel in 2002 multiplied by
the inflation adjustment factor (1.6687)
and 1.7), the phaseout of the credit
provided in section 45(e)(8)(B) does not
apply to refined coal sold during
calendar year 2020. Further, for
electricity produced from closed-loop
biomass, open-loop biomass, geothermal
energy, municipal solid waste, qualified
hydropower production, and marine
and hydrokinetic renewable energy, the
phaseout of the credit provided in
section 45(b)(1) does not apply to such
electricity sold during calendar year
2020.
SUMMARY:
E:\FR\FM\13MYN1.SGM
13MYN1
]]>Agencies
[Federal Register Volume 85, Number 93 (Wednesday, May 13, 2020)]
[Notices]
[Page 28698]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10236]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Notice 97-34
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Internal Revenue Service (IRS), as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning Information
Reporting on Transactions With Foreign Trusts and on Large Foreign
Gifts.
DATES: Written comments should be received on or before July 13, 2020
to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this notice should be directed to Martha R. Brinson, at
(202)317-5753, or at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Information Reporting on Transactions With Foreign Trusts
and on Large Foreign Gifts.
OMB Number: 1545-1538.
Notice Number: Notice 97-34.
Abstract: This notice provides guidance on the foreign trust and
foreign gift information reporting provisions contained in the Small
Business Job Protection Act of 1996.
Current Actions: There is no change to the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, and not-for-profit institutions.
Estimated Number of Responses: 5,000.
Estimated Time per Response: 45 mins.
Estimated Total Annual Burden Hours: 3,750.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval.
Comments will be of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information has
practical utility; (b) the accuracy of the agency's estimate of the
burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
ways to minimize the burden of the collection of information on or
other forms of information technology; and (e) estimates of capital or
start-up costs and costs of operation, maintenance, and purchase of
services to provide information.
Approved: May 4, 2020.
Martha Brinson,
Tax Analyst.
[FR Doc. 2020-10236 Filed 5-12-20; 8:45 am]
BILLING CODE 4830-01-P
