Section 42, Low-Income Housing Credit Average Income Test Regulations; Hearing, 7986-7987 [2021-02146]

Download as PDF jbell on DSKJLSW7X2PROD with PROPOSALS 7986 Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Proposed Rules jointly held with one or more other businesses. (2) Shared employees. When sharing space with other businesses as described in paragraph (e)(1) of this section, a national bank or Federal savings association may provide, under one or more written agreements between the national bank or Federal savings association, the other business, and their employees, that: (i) A national bank or Federal savings association employee may act as agent for the other business; or (ii) An employee of the other business may act as agent for the national bank or Federal savings association. (3) Supervisory conditions. When a national bank or Federal savings association engages in arrangements of the types listed in paragraphs (e)(1) and (2) of this section, the national bank or Federal savings association must ensure: (i) The other business is conspicuously, accurately, and separately identified; (ii) Shared employees clearly and fully disclose the nature of their agency relationship to customers of the national bank or Federal savings association and of the other businesses so that customers will know the identity of the national bank, Federal savings association, or other business that is providing the product or service; (iii) The arrangement does not constitute a joint venture or partnership with the other business under applicable state law; (iv) All aspects of the relationship between the national bank or Federal savings association and the other business are conducted at arm’s length, unless a special arrangement is warranted because the other business is a subsidiary of the national bank or Federal savings association; (v) Security issues arising from the activities of the other business on the premises are addressed; (vi) The activities of the other business do not adversely affect the safety and soundness of the national bank or Federal savings association; (vii) The shared employees or the entity for which they perform services are duly licensed or meet qualification requirements of applicable statutes and regulations pertaining to agents or employees of such other business; and (viii) The assets and records of the parties are segregated. (4) Other legal requirements. When entering into arrangements of the types described in paragraphs (e)(1) and (2) of this section, and in conducting operations pursuant to those arrangements, a national bank or Federal savings association must ensure VerDate Sep<11>2014 15:58 Feb 02, 2021 Jkt 253001 that each arrangement complies with all applicable laws and regulations. If the arrangement involves an affiliate or a shareholder, director, officer, or employee of the national bank or Federal savings association: (i) The national bank or Federal savings association must ensure compliance with all applicable statutory and regulatory provisions governing national bank or Federal savings association transactions with these persons or entities; (ii) The parties must comply with all applicable fiduciary duties; and (iii) The parties, if they are in competition with each other, must consider limitations, if any, imposed by applicable antitrust laws. (f) Permissible means of holding real estate and fixed assets. (1) Permissible means of holding. A national bank or Federal savings association may acquire and hold real estate under paragraph (b) of this section by any reasonable and prudent means, including ownership in fee, a leasehold estate, or in an interest in a cooperative. A national bank or Federal savings association may hold this real estate directly or through one or more subsidiaries. A national bank or Federal savings association may organize a bank occupied premises subsidiary as a corporation, partnership, limited liability company, or any other similar entity. (2) Fixed assets. A national bank or Federal savings association may own fixed assets necessary for the transaction of its business, such as fixtures, furniture, and data processing equipment. (3) Investment in banking premises. (i) Premises investment and approval. A national bank or Federal savings association must comply with the investment and approval requirements for investment in banking premises in 12 CFR 5.37(d). (ii) Option to purchase. An unexercised option to purchase banking premises or stock in a corporation holding banking premises is not an investment in banking premises. However, a national bank or Federal savings association seeking to exercise such an option must comply with the requirements in 12 CFR 5.37(d). (g) Transition. If, on XX, 20XX, a national bank or Federal savings association holds an investment in real estate, fixed assets, banking premises, or other real property that complies with the legal requirements in effect prior to XX, 20XX, but would violate any provision of this section, the national bank or Federal savings association may continue to hold such investment in PO 00000 Frm 00008 Fmt 4702 Sfmt 4702 accordance with the prior legal requirements. However, a national bank or Federal savings association that holds such an investment may not modify, expand, or improve this investment, except for routine maintenance, without the prior approval of the appropriate OCC supervisory office. § 7.3001 ■ [Removed] 3. Remove § 7.3001. Brian P. Brooks, Acting Comptroller of the Currency. Editorial Note: This document was received at the Office of the Federal Register on December 31, 2020. [FR Doc. 2020–29277 Filed 2–2–21; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–119890–18] RIN 1545–BP92 Section 42, Low-Income Housing Credit Average Income Test Regulations; Hearing Internal Revenue Service (IRS), Treasury. ACTION: Proposed rule; notice of hearing. AGENCY: This document provides a notice of public hearing on proposed regulations setting forth guidance on the average income test for purposes of the low-income housing credit. DATES: The public hearing is being held on Wednesday, March 24, 2021 at 12 p.m. The IRS must receive speakers’ outlines of the topics to be discussed at the public hearing by Friday, March 5, 2021. If no outlines are received by March 5, 2021, the public hearing will be cancelled. ADDRESSES: The public hearing is being held by teleconference. Individuals who want to testify (by telephone) at the public hearing must send an email to publichearings@irs.gov to receive the telephone number and access code for the hearing. The subject line of the email must contain the regulation number [REG–119890–18] and the word TESTIFY. For example, the subject line may say: Request to TESTIFY at Hearing for REG–119890–18. The email must include the name(s) of the speaker(s) and title(s). Send outline submissions electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG–119890– 18). The email must be received by March 5, 2021. SUMMARY: E:\FR\FM\03FEP1.SGM 03FEP1 Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Proposed Rules FOR FURTHER INFORMATION CONTACT: Concerning these proposed regulations, Dillon Taylor or Michael J. Torruella Costa at (202) 317–4137; concerning submissions of comments, the hearing, and the access code to attend the hearing by teleconferencing, Regina Johnson at (202) 317–5177 (not toll-free numbers) or publichearings@irs.gov. If emailing please put Attend, Testify, or Agenda Request and [REG–119890–18] in the email subject line. The subject of the public hearing is the notice of proposed rulemaking REG– 119890–18 that was published in the Federal Register on Friday, October 30, 2020, 85 FR 68816. The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments telephonically at the hearing that previously submitted written comments by December 29, 2020, must submit an outline on the topics to be addressed and the amount of time to be devoted to each topic by March 5, 2021. A period of 10 minutes is allotted to each person for presenting oral comments. After the deadline for receiving outlines has passed, the IRS will prepare an agenda containing the schedule of speakers. Copies of the agenda will be made available by emailing your request to publichearings@irs.gov. Please put ‘‘REG–119890–18 Agenda Request’’ in the subject line of the email. Individuals who want to attend (by telephone) the public hearing must also send an email to publichearings@irs.gov to receive the telephone number and access code for the hearing. The subject line of the email must contain the regulation number [REG–119890–18] and the word ATTEND. For example, the subject line may say: Request to ATTEND Hearing for REG–119890–18. The email requesting to attend the public hearing must be received by 5:00 p.m. two (2) business days before the date that the hearing is scheduled. The telephonic hearing will be made accessible to people with disabilities. To request special assistance during the telephonic hearing please contact the Publications and Regulations Branch of the Office of Associate Chief Counsel (Procedure and Administration) by sending an email to publichearings@ irs.gov (preferred) or by telephone at (202) 317–5177 (not a toll-free number) at least three (3) days prior to the date that the telephonic hearing is scheduled. jbell on DSKJLSW7X2PROD with PROPOSALS SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 15:58 Feb 02, 2021 Jkt 253001 Any questions regarding speaking at or attending a public hearing may also be emailed to publichearings@irs.gov. Crystal Pemberton, Senior Federal Register Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2021–02146 Filed 2–2–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–115057–20] RIN 1545–BP98 Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster; Hearing Internal Revenue Service (IRS), Treasury. ACTION: Proposed rule; notice of hearing. AGENCY: This document provides a notice of public hearing on proposed regulations relating to the new mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a Federally declared disaster. DATES: The public hearing is being held on Tuesday, March 23, 2021 at 10:00 a.m. The IRS must receive speakers’ outlines of the topics to be discussed at the public hearing by Monday, March 15, 2021. If no outlines are received by March 15, 2021, the public hearing will be cancelled. ADDRESSES: The public hearing is being held by teleconference. Individuals who want to testify (by telephone) at the public hearing must send an email to publichearings@irs.gov to receive the telephone number and access code for the hearing. The subject line of the email must contain the regulation number [REG–115057–20] and the word TESTIFY. For example, the subject line may say: Request to TESTIFY at Hearing for REG–115057–20. The email must include the name(s) of the speaker(s) and title(s). Send outline submissions electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG–115057– 20). The email must be received by March 15, 2021. FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, William V. Spatz at (202) 317–5461; concerning submissions of comments, SUMMARY: PO 00000 Frm 00009 Fmt 4702 Sfmt 4702 7987 the hearing, and the access code to attend the hearing by teleconferencing, Regina Johnson at (202) 317–5177 (not toll-free numbers) or publichearings@ irs.gov. If emailing please put Attend, Testify, or Agenda Request and [REG– 115057–20] in the email subject line. The subject of the public hearing is the notice of proposed rulemaking REG– 115057–20 that was published in the Federal Register on Wednesday, January 13, 2021, 86 FR 2607. The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments telephonically at the hearing that previously submitted written comments by March 15, 2021, must submit an outline on the topics to be addressed and the amount of time to be devoted to each topic by March 15, 2021. A period of 10 minutes is allotted to each person for presenting oral comments. After the deadline for receiving outlines has passed, the IRS will prepare an agenda containing the schedule of speakers. Copies of the agenda will be made available by emailing your request to publichearings@irs.gov. Please put ‘‘REG–115057–20’’ Agenda Request’’ in the subject line of the email. Individuals who want to attend (by telephone) the public hearing must also send an email to publichearings@irs.gov to receive the telephone number and access code for the hearing. The subject line of the email must contain the regulation number [REG–115057–20] and the word ATTEND. For example, the subject line may say: Request to ATTEND Hearing for REG–115057–20. The email requesting to attend the public hearing must be received by 5:00 p.m. two (2) business days before the date that the hearing is scheduled. The telephonic hearing will be made accessible to people with disabilities. To request special assistance during the telephonic hearing please contact the Publications and Regulations Branch of the Office of Associate Chief Counsel (Procedure and Administration) by sending an email to publichearings@ irs.gov (preferred) or by telephone at (202) 317–5177 (not a toll-free number) at least three (3) days prior to the date that the telephonic hearing is scheduled. SUPPLEMENTARY INFORMATION: E:\FR\FM\03FEP1.SGM 03FEP1

Agencies

[Federal Register Volume 86, Number 21 (Wednesday, February 3, 2021)]
[Proposed Rules]
[Pages 7986-7987]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02146]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-119890-18]
RIN 1545-BP92


Section 42, Low-Income Housing Credit Average Income Test 
Regulations; Hearing

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Proposed rule; notice of hearing.

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

SUMMARY: This document provides a notice of public hearing on proposed 
regulations setting forth guidance on the average income test for 
purposes of the low-income housing credit.

DATES: The public hearing is being held on Wednesday, March 24, 2021 at 
12 p.m. The IRS must receive speakers' outlines of the topics to be 
discussed at the public hearing by Friday, March 5, 2021. If no 
outlines are received by March 5, 2021, the public hearing will be 
cancelled.

ADDRESSES: The public hearing is being held by teleconference. 
Individuals who want to testify (by telephone) at the public hearing 
must send an email to [email protected] to receive the telephone 
number and access code for the hearing. The subject line of the email 
must contain the regulation number [REG-119890-18] and the word 
TESTIFY. For example, the subject line may say: Request to TESTIFY at 
Hearing for REG-119890-18. The email must include the name(s) of the 
speaker(s) and title(s). Send outline submissions electronically via 
the Federal eRulemaking Portal at www.regulations.gov (IRS REG-119890-
18). The email must be received by March 5, 2021.

[[Page 7987]]


FOR FURTHER INFORMATION CONTACT: Concerning these proposed regulations, 
Dillon Taylor or Michael J. Torruella Costa at (202) 317-4137; 
concerning submissions of comments, the hearing, and the access code to 
attend the hearing by teleconferencing, Regina Johnson at (202) 317-
5177 (not toll-free numbers) or [email protected]. If emailing 
please put Attend, Testify, or Agenda Request and [REG-119890-18] in 
the email subject line.

SUPPLEMENTARY INFORMATION: The subject of the public hearing is the 
notice of proposed rulemaking REG-119890-18 that was published in the 
Federal Register on Friday, October 30, 2020, 85 FR 68816.
    The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who 
wish to present oral comments telephonically at the hearing that 
previously submitted written comments by December 29, 2020, must submit 
an outline on the topics to be addressed and the amount of time to be 
devoted to each topic by March 5, 2021.
    A period of 10 minutes is allotted to each person for presenting 
oral comments. After the deadline for receiving outlines has passed, 
the IRS will prepare an agenda containing the schedule of speakers. 
Copies of the agenda will be made available by emailing your request to 
[email protected]. Please put ``REG-119890-18 Agenda Request'' in 
the subject line of the email.
    Individuals who want to attend (by telephone) the public hearing 
must also send an email to [email protected] to receive the 
telephone number and access code for the hearing. The subject line of 
the email must contain the regulation number [REG-119890-18] and the 
word ATTEND. For example, the subject line may say: Request to ATTEND 
Hearing for REG-119890-18. The email requesting to attend the public 
hearing must be received by 5:00 p.m. two (2) business days before the 
date that the hearing is scheduled.
    The telephonic hearing will be made accessible to people with 
disabilities. To request special assistance during the telephonic 
hearing please contact the Publications and Regulations Branch of the 
Office of Associate Chief Counsel (Procedure and Administration) by 
sending an email to [email protected] (preferred) or by telephone 
at (202) 317-5177 (not a toll-free number) at least three (3) days 
prior to the date that the telephonic hearing is scheduled.
    Any questions regarding speaking at or attending a public hearing 
may also be emailed to [email protected].

Crystal Pemberton,
Senior Federal Register Liaison, Publications and Regulations Branch, 
Legal Processing Division, Associate Chief Counsel, (Procedure and 
Administration).
[FR Doc. 2021-02146 Filed 2-2-21; 8:45 am]
BILLING CODE 4830-01-P