Section 42, Low-Income Housing Credit Average Income Test Regulations; Correction, 68048 [2022-24636]
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Federal Register / Vol. 87, No. 218 / Monday, November 14, 2022 / Rules and Regulations
administrative action such as Executive
Order (E.O.) 13175 (Consultation and
Coordination with Indian Tribal
Governments)—by adhering to the
consultation framework described in its
Consultation Policy published July 15,
2013. The NIGC’s consultation policy
specifies that it will consult with tribes
on Commission Action with Tribal
Implications, which is defined as: Any
Commission regulation, rulemaking,
policy, guidance, legislative proposal, or
operational activity that may have a
substantial direct effect on an Indian
tribe on matters including, but not
limited to, the ability of an Indian tribe
to regulate its Indian gaming; an Indian
Tribe’s formal relationship with the
Commission; or the consideration of the
Commission’s trust responsibilities to
Indian tribes.
Pursuant to this policy, on June 9,
2021, the National Indian Gaming
Commission sent a Notice of
Consultation announcing that the
Agency intended to consult on a
number of topics, including proposed
changes to the management contract
process. On July 27, 2021, and July 28,
2021, the Commission held two virtual
consultations on the proposed changes
to the management contract process.
List of Subjects in 25 CFR Part 537
Gambling, Indian—lands, Indian—
tribal government, Reporting and
recordkeeping requirements.
For the reasons set forth in the
preamble, the Commission amends 25
CFR part 537 as follows:
Authority: 25 U.S.C. 81, 2706(b)(10),
2710(d)(9), 2711.
2. Amend § 537.1 by revising
paragraphs (a)(1) through (3) and adding
paragraph (d) to read as follows:
■
khammond on DSKJM1Z7X2PROD with RULES
Applications for approval.
(a) * * *
(1) All persons who have 10 percent
or more or indirect financial interest in
a management contract;
(2) All entities with 10 percent or
more financial interest in a management
contract; and
(3) Any other person or entity with a
direct or indirect financial interest in a
management contract otherwise
designated by the Commission.
*
*
*
*
*
Jkt 259001
*
[FR Doc. 2022–24135 Filed 11–10–22; 8:45 am]
BILLING CODE 7565–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9967]
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
1. The authority citation for part 537
continues to read:
17:07 Nov 10, 2022
Edward Simermeyer,
Chairman.
Jean Hovland,
Vice Chair.
Section 42, Low-Income Housing
Credit Average Income Test
Regulations; Correction
■
VerDate Sep<11>2014
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendments:
RIN 1545–BO92
PART 537—BACKGROUND
INVESTIGATIONS FOR PERSONS OR
ENTITIES WITH A FINANCIAL
INTEREST IN, OR HAVING
MANAGEMENT RESPONSIBILITY FOR,
A MANAGEMENT CONTRACT
§ 537.1
(d) For any of the following entities,
or individuals associated with the
following entities, the Chair may, upon
request or unilaterally, exercise
discretion to reduce the scope of the
information to be furnished and
background investigation to be
conducted:
(1) Tribe as defined at 25 CFR 502.13;
(2) Wholly owned Tribal entity;
(3) National bank; or
(4) Institutional investor that is
federally regulated or is required to
undergo a background investigation and
licensure by a State or Tribe pursuant to
a Tribal-State compact.
This document contains
corrections to the final regulations
(Treasury Decision 9967) published in
the Federal Register on Wednesday,
October 12, 2022. This correction
includes final and temporary
regulations setting forth guidance on the
average income test for purposes of the
low-income housing credit.
DATES: These corrections are effective
on November 14, 2022 and applicable
on or after October 12, 2022.
FOR FURTHER INFORMATION CONTACT:
Concerning the regulations, Dillon
Taylor at (202) 317–4137.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Frm 00028
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.42–19 is amended by
revising the first sentence of paragraph
(d)(1)(v) to read as follows:
■
§ 1.42–19
Average income test.
*
*
*
*
(d) * * *
(1) * * *
(v) * * * If one or more units lose
low-income status or if there is a change
in the imputed income limitation of
some unit and if either event would
cause a previously qualifying group of
units to cease to be described in
paragraph (b)(2)(ii) of this section, then
the taxpayer may designate an imputed
income limitation for a market-rate unit
or may reduce the existing imputed
income limitations of one or more other
units in the project in order to restore
compliance with the average income
requirement. * * *
*
*
*
*
*
Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division,
Associate Chief Counsel, (Procedure and
Administration).
[FR Doc. 2022–24636 Filed 11–10–22; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9967]
RIN 1545–BO92
Section 42, Low-Income Housing
Credit Average Income Test
Regulations; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Final and temporary
regulations; correction.
AGENCY:
This document contains
corrections to the final regulations
(Treasury Decision 9967) published in
the Federal Register on Wednesday,
October 12, 2022. This correction
includes final and temporary
regulations setting forth guidance on the
average income test for purposes of the
low-income housing credit.
SUMMARY:
The final regulations (TD 9967)
subject to this correction are issued
under section 42 of the Internal Revenue
Code.
PO 00000
PART 1—INCOME TAXES
Fmt 4700
Sfmt 4700
E:\FR\FM\14NOR1.SGM
14NOR1
]]>Agencies
[Federal Register Volume 87, Number 218 (Monday, November 14, 2022)]
[Rules and Regulations]
[Page 68048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24636]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9967]
RIN 1545-BO92
Section 42, Low-Income Housing Credit Average Income Test
Regulations; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to the final regulations
(Treasury Decision 9967) published in the Federal Register on
Wednesday, October 12, 2022. This correction includes final and
temporary regulations setting forth guidance on the average income test
for purposes of the low-income housing credit.
DATES: These corrections are effective on November 14, 2022 and
applicable on or after October 12, 2022.
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Dillon
Taylor at (202) 317-4137.
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9967) subject to this correction are
issued under section 42 of the Internal Revenue Code.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following
correcting amendments:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
0
Par. 2. Section 1.42-19 is amended by revising the first sentence of
paragraph (d)(1)(v) to read as follows:
Sec. 1.42-19 Average income test.
* * * * *
(d) * * *
(1) * * *
(v) * * * If one or more units lose low-income status or if there
is a change in the imputed income limitation of some unit and if either
event would cause a previously qualifying group of units to cease to be
described in paragraph (b)(2)(ii) of this section, then the taxpayer
may designate an imputed income limitation for a market-rate unit or
may reduce the existing imputed income limitations of one or more other
units in the project in order to restore compliance with the average
income requirement. * * *
* * * * *
Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division, Associate Chief Counsel,
(Procedure and Administration).
[FR Doc. 2022-24636 Filed 11-10-22; 8:45 am]
BILLING CODE 4830-01-P
