Semiannual Agenda and Regulatory Plan, 16946-16948 [2021-04326]

Download as PDF 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





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Semiannual Regulatory Agenda

Federal Register / Vol. 86 , No. 60 / Wednesday, March 31, 2021 / UA: 
Reg Flex Agenda

[[Page 16946]]


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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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/09/19  84 FR 54068
NPRM Comment Period End.............   11/25/19  .......................
Final Action........................   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: [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