Semiannual Agenda and Regulatory Plan, 16946-16948 [2021-04326]
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16946
Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda
DEPARTMENT OF THE TREASURY
31 CFR Subtitles A and B
Semiannual Agenda and Regulatory
Plan
Department of the Treasury.
Semiannual regulatory agenda
and annual regulatory plan.
AGENCY:
ACTION:
This notice is given pursuant
to the requirements of the Regulatory
Flexibility Act and Executive Order
(E.O.) 12866 (‘‘Regulatory Planning and
Review’’), which require the publication
by the Department of a semiannual
agenda of regulations. E.O. 12866 also
requires the publication by the
Department of a regulatory plan for the
upcoming fiscal year. The purpose of
the agenda is to provide advance
information about pending regulatory
activities and encourage public
participation in the regulatory process.
FOR FURTHER INFORMATION CONTACT: The
Agency contact identified in the item
relating to that regulation.
SUPPLEMENTARY INFORMATION: The
semiannual regulatory agenda includes
regulations that the Department has
issued or expects to issue and rules
currently in effect that are under
departmental or bureau review. For this
edition of the regulatory agenda, the
most important significant regulatory
actions and a Statement of Regulatory
SUMMARY:
Priorities are included in the Regulatory
Plan, which appears in both the online
Unified Agenda and in part II of the
Federal Register publication that
includes the Unified Agenda.
The complete Unified Agenda will be
available online at www.reginfo.gov and
www.regulations.gov in a format that
offers users an enhanced ability to
obtain information from the Agenda
database. Because publication in the
Federal Register is mandated for the
regulatory flexibility agenda required by
the Regulatory Flexibility Act (5 U.S.C.
602), Treasury’s printed agenda entries
include only:
(1) Rules that are in the regulatory
flexibility agenda, in accordance with
the Regulatory Flexibility Act, because
they are likely to have a significant
economic impact on a substantial
number of small entities; and
(2) Rules that have been identified for
periodic review under section 610 of the
Regulatory Flexibility Act.
Printing of these entries is limited to
fields that contain information required
by the Regulatory Flexibility Act’s
Agenda requirements. Additional
information on these entries is available
in the Unified Agenda published on the
internet. In addition, for fall editions of
the Agenda, the entire Regulatory Plan
will continue to be printed in the
Federal Register, as in past years.
The Department has listed in this
agenda all regulations and regulatory
reviews pending at the time of
publication, except for technical, minor,
and routine actions. On occasion, a
regulatory matter may be inadvertently
left off of the agenda or an emergency
may arise that requires the Department
to initiate a regulatory action not yet on
the agenda. There is no legal
significance to the omission of an item
from this agenda. For most entries,
Treasury includes a projected date for
the next rulemaking action; however,
the date is an estimate and is not a
commitment to publish on the projected
date. In addition, some agenda entries
are marked as ‘‘withdrawn’’ when there
has been no publication activity.
Withdrawal of a rule from the agenda
does not necessarily mean that a rule
will not be included in a future agenda
but may mean that further consideration
is warranted and that the regulatory
action is unlikely in the next 12 months.
Public participation in the rulemaking
process is the foundation of effective
regulations. For this reason, the
Department invites comments on all
regulatory and deregulatory items
included in the agenda and invites
input on items that should be included
in the semiannual agenda.
Michael Briskin,
Deputy Assistant General Counsel for General
Law and Regulation.
FINANCIAL CRIMES ENFORCEMENT NETWORK—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
310 ....................
Bank Secrecy Act Funds Record-Keeping and Transfer Rule Threshold Update ..........................................
1506–AB41
COMPTROLLER OF THE CURRENCY—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
311 ....................
Community Reinvestment Act Regulations .....................................................................................................
1557–AE34
CUSTOMS REVENUE FUNCTION—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
312 ....................
Enforcement of Copyrights and the Digital Millennium Copyright Act ............................................................
1515–AE26
jbell on DSKJLSW7X2PROD with PROPOSALS13
INTERNAL REVENUE SERVICE—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
313 ....................
314 ....................
Section 42 Low-Income Housing Credit Average Income Test Regulations ..................................................
MEPs and the Unified Plan Rule .....................................................................................................................
VerDate Sep<11>2014
21:19 Mar 30, 2021
Jkt 253001
PO 00000
Frm 00002
Fmt 4701
Sfmt 4702
E:\FR\FM\31MRP13.SGM
31MRP13
1545–BO92
1545–BO97
Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda
16947
INTERNAL REVENUE SERVICE—FINAL RULE STAGE
Title
315 ....................
Guidance on the Elimination of Interbank Offered Rates ................................................................................
DEPARTMENT OF THE TREASURY
(TREAS)
Financial Crimes Enforcement Network
(FINCEN)
Proposed Rule Stage
310. Bank Secrecy Act Funds RecordKeeping and Transfer Rule Threshold
Update
E.O. 13771 Designation: Fully or
Partially Exempt.
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1959; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5332
Abstract: On October 27, 2020, the
Board of Governors of the Federal
Reserve System and FinCEN
(collectively, the ‘‘Agencies’’) issued a
proposed rule to modify the threshold
in the rule implementing the Bank
Secrecy Act requiring financial
institutions to collect and retain
information on certain funds transfers
and transmittals of funds. The proposed
modification would reduce this
threshold from $3,000 to $250 for funds
transfers and transmittals of funds that
begin or end outside the United States.
FinCEN likewise proposed to reduce
from $3,000 to $250 the threshold in the
rule requiring financial institutions to
transmit to other financial institutions
in the payment chain information on
funds transfers and transmittals of funds
that begin or end outside the United
States. The Agencies also proposed to
clarify the meaning of ‘‘money’’ as used
in these same rules to ensure that the
rules apply to domestic and crossborder transactions involving
convertible virtual currency, which is a
medium of exchange (such as
cryptocurrency) that either has an
equivalent value as currency, or acts as
a substitute for currency, but lacks legal
tender status. The Agencies further
proposed to clarify that these rules
apply to domestic and cross-border
transactions involving digital assets that
have legal tender status.
Timetable:
jbell on DSKJLSW7X2PROD with PROPOSALS13
Regulation
Identifier No.
Sequence No.
Action
Date
NPRM ..................
NPRM Comment
Period End.
10/27/20
11/27/20
I
21:19 Mar 30, 2021
DEPARTMENT OF THE TREASURY
(TREAS)
Comptroller of the Currency (OCC)
311. Community Reinvestment Act
Regulations
E.O. 13771 Designation: Independent
agency.
Legal Authority: 12 U.S.C. 21; 12
U.S.C. 22; 12 U.S.C. 26; 12 U.S.C. 27; 12
U.S.C. 30; 12 U.S.C. 36; 12 U.S.C. 93(a);
12 U.S.C. 161; 12 U.S.C. 215; 12 U.S.C.
215(a); 12 U.S.C. 481; 12 U.S.C. 1462(a);
12 U.S.C. 1463; 12 U.S.C. 1464; 12
U.S.C. 1814; 12 U.S.C. 1816; 12 U.S.C.
1828(c); 12 U.S.C. 1835(a); 12 U.S.C.
2901 to 2908; 12 U.S.C. 3101 to 3111;
12 U.S.C. 5412(b)(2)(B)
Abstract: The OCC issued a final rule
to encourage banks to provide billions
more each year in Community
Reinvestment Act-qualified lending,
investment, and services by
modernizing the Community
Reinvestment Act (CRA) regulations to
better achieve the law’s underlying
statutory purpose of encouraging banks
to serve their communities by making
the regulatory framework more
objective, transparent, consistent, and
easy to understand. To accomplish these
goals, this rule strengthens the CRA
regulations by clarifying which
activities qualify for CRA credit,
updating where activities count for CRA
credit, creating a more transparent and
objective method for measuring CRA
performance, and providing for more
transparent, consistent, and timely CRArelated data collection, recordkeeping,
and reporting.
Completed:
Reason
85 FR 68005
Final Rule ............
Final Rule Effective.
I
Jkt 253001
Agency Contact: Allison HesterHaddad, Phone: 202 649–7810, Email:
allison.hester-haddad@occ.treas.gov.
Emily Boyes, Phone: 202 649–8647,
Email: emily.boyes@occ.treas.gov.
RIN: 1557–AE34
DEPARTMENT OF THE TREASURY
(TREAS)
Customs Revenue Function (CUSTOMS)
Completed Actions
FR Cite
Regulatory Flexibility Analysis
Required: Yes.
VerDate Sep<11>2014
Agency Contact: FinCEN Resource
Center, Department of the Treasury,
Financial Crimes Enforcement Network,
P.O. Box 39, Vienna, VA 22183, Phone:
800 767–2825, Email: frc@fincen.gov.
RIN: 1506–AB41
Date
FR Cite
06/05/20
10/01/20
I
85 FR 34734
Final Rule Stage
312. Enforcement of Copyrights and the
Digital Millennium Copyright Act
E.O. 13771 Designation: Not subject
to, not significant.
Legal Authority: Not Yet Determined
Abstract: This rule amends the U.S.
Customs and Border Protection (CBP)
regulations pertaining to importations of
merchandise that violate or are
suspected of violating the copyright
laws in accordance with title III of the
Trade Facilitation and Trade
Enforcement Act of 2015 (TFTEA) and
certain provisions of the Digital
Millennium Copyright Act (DMCA).
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Rule ............
Frm 00003
Fmt 4701
I
Sfmt 4702
Date
10/16/19
12/16/19
FR Cite
84 FR 55251
08/00/21
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Charles Steuart,
Chief, Intellectual Property Rights
Branch, Department of the Treasury,
Customs Revenue Function, Regulations
and Rulings, Office of International
Trade, U.S. Customs and Border
Protection, 90 K Street NE, 10th Floor,
Washington, DC 20229–1177, Phone:
202 325–0093, Fax: 202 325–0120,
Email: charles.r.steuart@cbp.dhs.gov.
RIN: 1515–AE26
Regulatory Flexibility Analysis
Required: Yes.
PO 00000
1545–BO91
E:\FR\FM\31MRP13.SGM
31MRP13
16948
Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda
DEPARTMENT OF THE TREASURY
(TREAS)
Internal Revenue Service (IRS)
Proposed Rule Stage
313. Section 42 Low-Income Housing
Credit Average Income Test
Regulations
E.O. 13771 Designation: Not subject
to, not significant.
Legal Authority: 26 U.S.C. 7805; 26
U.S.C. 42
Abstract: The Consolidated
Appropriations Act of 2018 added a
new applicable minimum set-aside test
under section 42(g) of the Internal
Revenue Code known as the average
income test. This proposed regulation
will implement requirements related to
the average income test.
Timetable:
Action
Date
NPRM ..................
FR Cite
07/00/21
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Dillon J. Taylor,
Attorney, Department of the Treasury,
Internal Revenue Service, 1111
Constitution Avenue NW, Room 5107,
Washington, DC 20224, Phone: 202 317–
4137, Fax: 855 591–7867, Email:
dillon.j.taylor@irscounsel.treas.gov.
RIN: 1545–BO92
jbell on DSKJLSW7X2PROD with PROPOSALS13
314. MEPs and the Unified Plan Rule
E.O. 13771 Designation: Regulatory.
Legal Authority: 26 U.S.C. 7805; 26
U.S.C. 413
Abstract: These proposed regulations
provide guidance relating to the tax
qualification of multiple employer plans
VerDate Sep<11>2014
21:19 Mar 30, 2021
Jkt 253001
(MEPs) described in section 413(e) of
the Internal Revenue Code (Code). The
proposed regulations would provide an
exception, if certain requirements are
met, to the application of the ‘‘unified
plan rule’’ for section 413(e) MEPs in
the event of a failure by one or more
participating employers to take actions
required of them to satisfy the
requirements of section 401(a) or 408 of
the Code. The regulations affect
participants in MEPs, MEP sponsors and
administrators, and employers
maintaining MEPs.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
FR Cite
07/03/19
10/01/19
I
12/00/20
84 FR 31777
I
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jamie Dvoretzky,
Attorney, Department of the Treasury,
Internal Revenue Service, 1111
Constitution Avenue NW, Washington,
DC 20224, Phone: 202 317–4102, Fax:
855 604–6087, Email:
jamie.l.dvoretzky@irscounsel.treas.gov.
RIN: 1545–BO97
DEPARTMENT OF THE TREASURY
(TREAS)
Internal Revenue Service (IRS)
Legal Authority: 26 U.S.C. 1001b and
7805; 26 U.S.C. 7805
Abstract: The final regulations will
provide guidance on the tax
consequences of the phased elimination
of interbank offered rates (IBORs) that is
underway in the United States and
many foreign countries. Taxpayers have
requested guidance that addresses
whether a modification to a debt
instrument or other financial contract to
accommodate the elimination of the
relevant IBOR will be treated as a
realization event for federal income tax
purposes.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Fmt 4701
Sfmt 9990
84 FR 54068
11/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Caitlin Holzem,
Attorney, Department of the Treasury,
Internal Revenue Service, 1111
Constitution Avenue NW, Room 3547,
Washington, DC 20224, Phone: 202 317–
7036, Fax: 855 574–9023, Email:
caitlin.i.holzem@irscounsel.treas.gov.
RIN: 1545–BO91
[FR Doc. 2021–04326 Filed 3–30–21; 8:45 am]
315. Guidance on the Elimination of
Interbank Offered Rates
E.O. 13771 Designation: Regulatory.
Frm 00004
10/09/19
11/25/19
FR Cite
BILLING CODE 4810–02–P; 4810–33–P; 9111–14–P 4810–
01–P
Final Rule Stage
PO 00000
Date
E:\FR\FM\31MRP13.SGM
31MRP13
]]>Agencies
[Federal Register Volume 86, Number 60 (Wednesday, March 31, 2021)]
[Unknown Section]
[Pages 16946-16948]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04326]
[[Page 16945]]
Vol. 86
Wednesday,
No. 60
March 31, 2021
Part XIII
Department of the Treasury
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 86 , No. 60 / Wednesday, March 31, 2021 / UA:
Reg Flex Agenda
[[Page 16946]]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
31 CFR Subtitles A and B
Semiannual Agenda and Regulatory Plan
AGENCY: Department of the Treasury.
ACTION: Semiannual regulatory agenda and annual regulatory plan.
-----------------------------------------------------------------------
SUMMARY: This notice is given pursuant to the requirements of the
Regulatory Flexibility Act and Executive Order (E.O.) 12866
(``Regulatory Planning and Review''), which require the publication by
the Department of a semiannual agenda of regulations. E.O. 12866 also
requires the publication by the Department of a regulatory plan for the
upcoming fiscal year. The purpose of the agenda is to provide advance
information about pending regulatory activities and encourage public
participation in the regulatory process.
FOR FURTHER INFORMATION CONTACT: The Agency contact identified in the
item relating to that regulation.
SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda includes
regulations that the Department has issued or expects to issue and
rules currently in effect that are under departmental or bureau review.
For this edition of the regulatory agenda, the most important
significant regulatory actions and a Statement of Regulatory Priorities
are included in the Regulatory Plan, which appears in both the online
Unified Agenda and in part II of the Federal Register publication that
includes the Unified Agenda.
The complete Unified Agenda will be available online at
www.reginfo.gov and www.regulations.gov in a format that offers users
an enhanced ability to obtain information from the Agenda database.
Because publication in the Federal Register is mandated for the
regulatory flexibility agenda required by the Regulatory Flexibility
Act (5 U.S.C. 602), Treasury's printed agenda entries include only:
(1) Rules that are in the regulatory flexibility agenda, in
accordance with the Regulatory Flexibility Act, because they are likely
to have a significant economic impact on a substantial number of small
entities; and
(2) Rules that have been identified for periodic review under
section 610 of the Regulatory Flexibility Act.
Printing of these entries is limited to fields that contain
information required by the Regulatory Flexibility Act's Agenda
requirements. Additional information on these entries is available in
the Unified Agenda published on the internet. In addition, for fall
editions of the Agenda, the entire Regulatory Plan will continue to be
printed in the Federal Register, as in past years.
The Department has listed in this agenda all regulations and
regulatory reviews pending at the time of publication, except for
technical, minor, and routine actions. On occasion, a regulatory matter
may be inadvertently left off of the agenda or an emergency may arise
that requires the Department to initiate a regulatory action not yet on
the agenda. There is no legal significance to the omission of an item
from this agenda. For most entries, Treasury includes a projected date
for the next rulemaking action; however, the date is an estimate and is
not a commitment to publish on the projected date. In addition, some
agenda entries are marked as ``withdrawn'' when there has been no
publication activity. Withdrawal of a rule from the agenda does not
necessarily mean that a rule will not be included in a future agenda
but may mean that further consideration is warranted and that the
regulatory action is unlikely in the next 12 months.
Public participation in the rulemaking process is the foundation of
effective regulations. For this reason, the Department invites comments
on all regulatory and deregulatory items included in the agenda and
invites input on items that should be included in the semiannual
agenda.
Michael Briskin,
Deputy Assistant General Counsel for General Law and Regulation.
Financial Crimes Enforcement Network--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
310....................... Bank Secrecy Act Funds 1506-AB41
Record-Keeping and
Transfer Rule Threshold
Update.
------------------------------------------------------------------------
Comptroller of the Currency--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
311....................... Community Reinvestment Act 1557-AE34
Regulations.
------------------------------------------------------------------------
Customs Revenue Function--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
312....................... Enforcement of Copyrights 1515-AE26
and the Digital
Millennium Copyright Act.
------------------------------------------------------------------------
Internal Revenue Service--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
313....................... Section 42 Low-Income 1545-BO92
Housing Credit Average
Income Test Regulations.
314....................... MEPs and the Unified Plan 1545-BO97
Rule.
------------------------------------------------------------------------
[[Page 16947]]
Internal Revenue Service--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
315....................... Guidance on the 1545-BO91
Elimination of Interbank
Offered Rates.
------------------------------------------------------------------------
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Proposed Rule Stage
310. Bank Secrecy Act Funds Record-Keeping and Transfer Rule Threshold
Update
E.O. 13771 Designation: Fully or Partially Exempt.
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5332
Abstract: On October 27, 2020, the Board of Governors of the
Federal Reserve System and FinCEN (collectively, the ``Agencies'')
issued a proposed rule to modify the threshold in the rule implementing
the Bank Secrecy Act requiring financial institutions to collect and
retain information on certain funds transfers and transmittals of
funds. The proposed modification would reduce this threshold from
$3,000 to $250 for funds transfers and transmittals of funds that begin
or end outside the United States. FinCEN likewise proposed to reduce
from $3,000 to $250 the threshold in the rule requiring financial
institutions to transmit to other financial institutions in the payment
chain information on funds transfers and transmittals of funds that
begin or end outside the United States. The Agencies also proposed to
clarify the meaning of ``money'' as used in these same rules to ensure
that the rules apply to domestic and cross-border transactions
involving convertible virtual currency, which is a medium of exchange
(such as cryptocurrency) that either has an equivalent value as
currency, or acts as a substitute for currency, but lacks legal tender
status. The Agencies further proposed to clarify that these rules apply
to domestic and cross-border transactions involving digital assets that
have legal tender status.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/27/20 85 FR 68005
NPRM Comment Period End............. 11/27/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Resource Center, Department of the Treasury,
Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183,
Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB41
DEPARTMENT OF THE TREASURY (TREAS)
Comptroller of the Currency (OCC)
Completed Actions
311. Community Reinvestment Act Regulations
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 21; 12 U.S.C. 22; 12 U.S.C. 26; 12
U.S.C. 27; 12 U.S.C. 30; 12 U.S.C. 36; 12 U.S.C. 93(a); 12 U.S.C. 161;
12 U.S.C. 215; 12 U.S.C. 215(a); 12 U.S.C. 481; 12 U.S.C. 1462(a); 12
U.S.C. 1463; 12 U.S.C. 1464; 12 U.S.C. 1814; 12 U.S.C. 1816; 12 U.S.C.
1828(c); 12 U.S.C. 1835(a); 12 U.S.C. 2901 to 2908; 12 U.S.C. 3101 to
3111; 12 U.S.C. 5412(b)(2)(B)
Abstract: The OCC issued a final rule to encourage banks to provide
billions more each year in Community Reinvestment Act-qualified
lending, investment, and services by modernizing the Community
Reinvestment Act (CRA) regulations to better achieve the law's
underlying statutory purpose of encouraging banks to serve their
communities by making the regulatory framework more objective,
transparent, consistent, and easy to understand. To accomplish these
goals, this rule strengthens the CRA regulations by clarifying which
activities qualify for CRA credit, updating where activities count for
CRA credit, creating a more transparent and objective method for
measuring CRA performance, and providing for more transparent,
consistent, and timely CRA-related data collection, recordkeeping, and
reporting.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Rule.......................... 06/05/20 85 FR 34734
Final Rule Effective................ 10/01/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Allison Hester-Haddad, Phone: 202 649-7810, Email:
[email protected].
Emily Boyes, Phone: 202 649-8647, Email: [email protected].
RIN: 1557-AE34
DEPARTMENT OF THE TREASURY (TREAS)
Customs Revenue Function (CUSTOMS)
Final Rule Stage
312. Enforcement of Copyrights and the Digital Millennium Copyright Act
E.O. 13771 Designation: Not subject to, not significant.
Legal Authority: Not Yet Determined
Abstract: This rule amends the U.S. Customs and Border Protection
(CBP) regulations pertaining to importations of merchandise that
violate or are suspected of violating the copyright laws in accordance
with title III of the Trade Facilitation and Trade Enforcement Act of
2015 (TFTEA) and certain provisions of the Digital Millennium Copyright
Act (DMCA).
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/16/19 84 FR 55251
NPRM Comment Period End............. 12/16/19 .......................
Final Rule.......................... 08/00/21 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Charles Steuart, Chief, Intellectual Property
Rights Branch, Department of the Treasury, Customs Revenue Function,
Regulations and Rulings, Office of International Trade, U.S. Customs
and Border Protection, 90 K Street NE, 10th Floor, Washington, DC
20229-1177, Phone: 202 325-0093, Fax: 202 325-0120, Email:
[email protected].
RIN: 1515-AE26
[[Page 16948]]
DEPARTMENT OF THE TREASURY (TREAS)
Internal Revenue Service (IRS)
Proposed Rule Stage
313. Section 42 Low-Income Housing Credit Average Income Test
Regulations
E.O. 13771 Designation: Not subject to, not significant.
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 42
Abstract: The Consolidated Appropriations Act of 2018 added a new
applicable minimum set-aside test under section 42(g) of the Internal
Revenue Code known as the average income test. This proposed regulation
will implement requirements related to the average income test.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/00/21 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dillon J. Taylor, Attorney, Department of the
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, Room
5107, Washington, DC 20224, Phone: 202 317-4137, Fax: 855 591-7867,
Email: [email protected].
RIN: 1545-BO92
314. MEPs and the Unified Plan Rule
E.O. 13771 Designation: Regulatory.
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 413
Abstract: These proposed regulations provide guidance relating to
the tax qualification of multiple employer plans (MEPs) described in
section 413(e) of the Internal Revenue Code (Code). The proposed
regulations would provide an exception, if certain requirements are
met, to the application of the ``unified plan rule'' for section 413(e)
MEPs in the event of a failure by one or more participating employers
to take actions required of them to satisfy the requirements of section
401(a) or 408 of the Code. The regulations affect participants in MEPs,
MEP sponsors and administrators, and employers maintaining MEPs.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/03/19 84 FR 31777
NPRM Comment Period End............. 10/01/19 .......................
Second NPRM......................... 12/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jamie Dvoretzky, Attorney, Department of the
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW,
Washington, DC 20224, Phone: 202 317-4102, Fax: 855 604-6087, Email:
[email protected].
RIN: 1545-BO97
DEPARTMENT OF THE TREASURY (TREAS)
Internal Revenue Service (IRS)
Final Rule Stage
315. Guidance on the Elimination of Interbank Offered Rates
E.O. 13771 Designation: Regulatory.
Legal Authority: 26 U.S.C. 1001b and 7805; 26 U.S.C. 7805
Abstract: The final regulations will provide guidance on the tax
consequences of the phased elimination of interbank offered rates
(IBORs) that is underway in the United States and many foreign
countries. Taxpayers have requested guidance that addresses whether a
modification to a debt instrument or other financial contract to
accommodate the elimination of the relevant IBOR will be treated as a
realization event for federal income tax purposes.
Timetable:
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Action Date FR Cite
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NPRM................................ 10/09/19 84 FR 54068
NPRM Comment Period End............. 11/25/19 .......................
Final Action........................ 11/00/20 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Caitlin Holzem, Attorney, Department of the
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, Room
3547, Washington, DC 20224, Phone: 202 317-7036, Fax: 855 574-9023,
Email: [email protected].
RIN: 1545-BO91
[FR Doc. 2021-04326 Filed 3-30-21; 8:45 am]
BILLING CODE 4810-02-P; 4810-33-P; 9111-14-P 4810-01-P
