Transfer of Certain Credits; Correction, 67859-67860 [2024-18576]
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Federal Register / Vol. 89, No. 163 / Thursday, August 22, 2024 / Rules and Regulations
delayed effective date requirements of 5
U.S.C. 553 per subsection (a)(1).
B. Regulatory Flexibility Act
As this rulemaking is not required to
be published for notice and comment
under 5 U.S.C. 553, it is exempt from
the regulatory flexibility analysis
requirements set forth by the Regulatory
Flexibility Act. Nonetheless, as this rule
only directly impacts visa applicants,
the Department certifies that this rule
will not have a significant economic
impact on a substantial number of small
entities.
C. Congressional Review Act
This rule is not a major rule as
defined by the Congressional Review
Act (5 U.S.C. 801 et seq.). This rule will
not result in an annual effect on the
economy of $100 million or more; a
major increase in costs or prices; or
significant adverse effects on
competition, employment, investment,
productivity, innovation, or on the
ability of United States-based
companies to compete with foreignbased companies in domestic and
import markets.
D. Executive Orders 12866, 13563, and
14094
Executive Orders (E.O.) 12866, 13563,
and 14094 do not apply to this rule, as
it pertains to a foreign affairs function.5
Notwithstanding the above, the
Department has submitted this rule to
OIRA for review and OIRA has deemed
this rule not to be a significant
regulatory action. For the reasons stated
above, as this rule affects only visa
applicants, the Department is confident
this rule will not result in significant
impacts to U.S. persons, including U.S.
citizens or lawful permanent residents.
ddrumheller on DSK120RN23PROD with RULES1
E. Executive Order 13175
The Department has determined that
this rulemaking will not have tribal
implications, will not impose
substantial direct compliance costs on
Indian tribal governments, and will not
pre-empt tribal law. Accordingly, the
requirements of Executive Order 13175
do not apply to this rulemaking.
F. Paperwork Reduction Act
This rule does not impose any new
reporting or record-keeping
requirements subject to the Paperwork
Reduction Act, 44 U.S.C. Chapter 35.
G. Other
The Department has also considered
this rule under the Unfunded Mandates
5 See E.O. 12866 Sec. 3(d)(2) (excepting from the
definition of regulation those rules ‘‘that pertain to
a . . . foreign affairs function of the United States’’).
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Reform Act of 1995 and Executive
Orders 12372, 13132, and 13272 and
affirms this rule is consistent with the
applicable mandates or guidance
therein.
List of Subjects in 22 CFR Part 40
Administrative practice and
procedure, Aliens, Foreign relations,
Immigration, Passports and visas.
67859
a ground of ineligibility under INA
212(a)(2)(B).
*
*
*
*
*
Julie M. Stufft,
Deputy Assistant Secretary for Visa Services,
Consular Affairs, Department of State.
[FR Doc. 2024–18659 Filed 8–21–24; 8:45 am]
BILLING CODE 4710–13–P
Accordingly, for the reasons set forth
in the preamble, 22 CFR 40 is amended
as follows:
DEPARTMENT OF THE TREASURY
PART 40—REGULATIONS
PERTAINING TO BOTH
NONIMMIGRANTS AND IMMIGRANTS
UNDER THE IMMIGRATION AND
NATIONALITY ACT, AS AMENDED
26 CFR Part 1
1. The authority citation for part 40
continues to read as follows:
AGENCY:
■
Authority: 8 U.S.C. 1104, 1182, 1183a,
1641
2. Revise § 40.21(a)(5) to read as
follows.
■
§ 40.21 Crimes involving moral turpitude
and controlled substance violators.
(a) * * *
(5) Effect of pardon by appropriate
U.S. authorities/foreign states. An alien
shall not be considered ineligible under
INA 212(a)(2)(A)(i)(I) by reason of a
conviction of a crime involving moral
turpitude for which a full and
unconditional pardon has been granted
by the President of the United States. A
legislative pardon, a pardon by the
Governor of a State of the United States,
or a pardon, amnesty, expungement of
penal record or any other act of
clemency granted by a foreign state shall
not serve to remove a ground of
ineligibility under INA 212(a)(2)(A)(i)(I).
*
*
*
*
*
§ 40.22
■
[Amended]
3. Revise § 40.22(c) to read as follows.
§ 40.22
Multiple criminal convictions.
*
*
*
*
*
(c) Effect of pardon by appropriate
U.S. authorities/foreign states. An alien
shall not be considered ineligible under
INA 212(a)(2)(B) by reason in part of
having been convicted of an offense for
which a full and unconditional pardon
has been granted by the President of the
United States. A legislative pardon, a
pardon by the Governor of a State of the
United States, or a pardon, amnesty,
expungement of penal record or any
other act of clemency granted by a
foreign state shall not serve to remove
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Internal Revenue Service
[TD 9993]
RIN 1545–BQ64
Transfer of Certain Credits; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Final rule; correction and
correcting amendment.
This document includes
corrections to the final regulations
(Treasury Decision 9993) published in
the Federal Register on Tuesday, April
30, 2024. Treasury Decision 9993
contains final regulations concerning
the election under the Inflation
Reduction Act of 2022 to transfer certain
tax credits.
DATES: These corrections are effective
on August 22, 2024 and for dates of
applicability, see §§ 1.6418–1(r),
1.6418–2(g), 1.6418–3(f), 1.6418–4(d),
and 1.6418–5(j).
FOR FURTHER INFORMATION CONTACT:
Concerning the regulations, James
Holmes at (202) 317–5114 and Jeremy
Milton at (202) 317–5665 (not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
The final regulations (TD 9993)
subject to these corrections are issued
under section 6418 of the Internal
Revenue Code.
Corrections of Publication
Accordingly, FR Doc. 2024–08926 (TD
9993), appearing on page 34770 in the
Federal Register of Tuesday, April 30,
2024, is corrected as follows:
1. On page 34772, in the first column,
in the fourth line from the top of the
first partial paragraph, the language
‘‘apples’’ is corrected to read ‘‘applies’’.
2. On page 34774, in the first column,
the seventeenth line from the top of the
second full paragraph, is corrected to
read ‘‘the IRS confirm that the
proposed’’.
3. On page 34781, in the first column,
the fourth line from the top of the
E:\FR\FM\22AUR1.SGM
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67860
Federal Register / Vol. 89, No. 163 / Thursday, August 22, 2024 / Rules and Regulations
second partial paragraph, is corrected to
read ‘‘that referred to the ‘‘average
transfer’’.
4. On page 34793, in the third
column, the second line from the top of
the second full paragraph, is corrected
to read ‘‘defined an excessive credit
transfer’’.
5. On page 34798, in the second
column, in the second line from the
bottom of the third full paragraph, the
language ‘‘credit’’ is corrected to read
‘‘credits’’.
6. On page 34799, in the third
column, the first line of the first full
paragraph is corrected to read, ‘‘The
Treasury Department and the IRS
solicited’’.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Correction to the Regulations
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendments:
Par. 4. Section 1.6418–3 is amended:
1. In paragraph (d)(2), by removing the
language ‘‘specific’’ from the second
sentence and adding ‘‘specified’’ in its
place.
■ 2. Revising the second sentence of
paragraph (e)(3)(ii).
The revision reads as follows:
■
§ 1.6418–3 Additional rules for partnership
and S corporations.
*
*
*
*
*
(e) * * *
(3) * * *
(ii) * * * Under § 1.704–1(b)(4)(ii),
for an eligible credit that is not an
investment tax credit and that arises
from receipts of a partnership,
allocations of credit are deemed to be in
accordance with the partners’ interests
in the partnership if the credit is
allocated in the same proportion as the
partners’ distributive shares of the
receipts that give rise to the credit.
* * *
*
*
*
*
*
§ 1.6418–4
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
Authority: 26 U.S.C. 7805 * * *
§ 1.6418–1
[Corrected]
Par. 5. Section 1.6418–4 is amended
in paragraph (c)(4), by removing the
language ‘‘applicable’’ in the first
sentence and adding the language
‘‘eligible’’ in its place.
§ 1.6418–5
[Corrected]
Par. 2. Section 1.6418–1 is amended
in paragraph (b) by removing the
language ‘‘§ 1.6417–1(b)’’ and adding
the language ‘‘§ 1.6417–1(c)’’ in its
place.
Par. 3. Section 1.6418–2 is amended:
■ 1. In the introductory text of
paragraph (b)(4)(iii), by removing the
language ‘‘((b)(6)(i)’’ and adding the
language ‘‘(b)(6)(i)’’ in its place.
■ 2. By revising the sixth sentence of
paragraph (b)(4)(iii)(C).
■ 3. In paragraph (b)(5)(ii)(C) by
removing the language ‘‘707(b)(1))’’ and
adding the language ‘‘707(b)(1)’’ in its
place.
The revision reads as follows:
[Corrected]
Par. 6. Section 1.6418–5 is amended:
■ 1. In paragraph (b)(3)(ii), by removing
the language ‘‘payments’’ in the last
sentence and adding the language
‘‘payment’’ in its place.
■ 2. In paragraph (d)(3)(i), by removing
the language ‘‘eligible transferee’’ in the
last sentence and adding the language
‘‘transferee taxpayer’’ in its place.
■ 3. In paragraph (d)(3)(iii), by removing
the language ‘‘be’’ in the first sentence
and adding the language ‘‘been’’ in its
place.
Oluwafunmilayo A. Taylor,
Section Chief, Publications and Regulations
Section, Associate Chief Counsel, (Procedure
and Administration).
[FR Doc. 2024–18576 Filed 8–21–24; 8:45 am]
§ 1.6418–2
elections
Rules for making transfer
BILLING CODE 4830–01–P
ddrumheller on DSK120RN23PROD with RULES1
*
*
*
*
*
(b) * * *
(4) * * *
(iii) * * *
(C) * * * As a result of the $40X
decrease in the credit determined, C
reduces the $20X of section 45Y credit
retained by C to $0X, and reduces the
amount of section 45Y credit transferred
to D, E, and F to $30X, $24X, and $6X,
respectively (their respective pro rata
shares of the reduced amount). * * *
*
*
*
*
*
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 587
Publication of Russian Harmful
Foreign Activities Sanctions
Regulations Web General Licenses 13J
and 55B
Office of Foreign Assets
Control, Treasury.
AGENCY:
PO 00000
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Fmt 4700
Sfmt 4700
Publication of web general
licenses.
ACTION:
The Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing two
general licenses (GLs) issued pursuant
to the Russian Harmful Foreign
Activities Sanctions Regulations: GLs
13J and 55B, each of which was
previously made available on OFAC’s
website.
DATES: GL 55B was issued on June 26,
2024. See SUPPLEMENTARY INFORMATION
for additional relevant dates.
FOR FURTHER INFORMATION CONTACT:
OFAC: Assistant Director for Licensing,
202–622–2480; Assistant Director for
Regulatory Affairs, 202–622–4855; or
Assistant Director for Compliance, 202–
622–2490.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Electronic Availability
This document and additional
information concerning OFAC are
available on OFAC’s website: https://
ofac.treasury.gov.
Background
On June 26, 2024, OFAC issued GL
55B to authorize certain transactions
otherwise prohibited by the Russian
Harmful Foreign Activities Sanctions
Regulations, 31 CFR part 587 (the
‘‘Regulations’’). GL 55B has an
expiration date of June 28, 2025. On July
10, 2024, OFAC issued GL 13J, also
authorizing transactions otherwise
prohibited by the Regulations. Each GL
was made available on OFAC’s website
(www.treas.gov/ofac) when it was
issued. The text of these GLs is provided
below.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities
Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 13J
Authorizing Certain Administrative
Transactions Prohibited by Directive 4
Under Executive Order 14024
(a) Except as provided in paragraph (b) of
this general license, U.S. persons, or entities
owned or controlled, directly or indirectly,
by a U.S. person, are authorized to pay taxes,
fees, or import duties, and purchase or
receive permits, licenses, registrations,
certifications, or tax refunds to the extent
such transactions are prohibited by Directive
4 under Executive Order 14024, Prohibitions
Related to Transactions Involving the Central
Bank of the Russian Federation, the National
Wealth Fund of the Russian Federation, and
the Ministry of Finance of the Russian
Federation, provided such transactions are
ordinarily incident and necessary to the dayto-day operations in the Russian Federation
E:\FR\FM\22AUR1.SGM
22AUR1
]]>Agencies
[Federal Register Volume 89, Number 163 (Thursday, August 22, 2024)]
[Rules and Regulations]
[Pages 67859-67860]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18576]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9993]
RIN 1545-BQ64
Transfer of Certain Credits; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final rule; correction and correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document includes corrections to the final regulations
(Treasury Decision 9993) published in the Federal Register on Tuesday,
April 30, 2024. Treasury Decision 9993 contains final regulations
concerning the election under the Inflation Reduction Act of 2022 to
transfer certain tax credits.
DATES: These corrections are effective on August 22, 2024 and for dates
of applicability, see Sec. Sec. 1.6418-1(r), 1.6418-2(g), 1.6418-3(f),
1.6418-4(d), and 1.6418-5(j).
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, James
Holmes at (202) 317-5114 and Jeremy Milton at (202) 317-5665 (not toll-
free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9993) subject to these corrections are
issued under section 6418 of the Internal Revenue Code.
Corrections of Publication
Accordingly, FR Doc. 2024-08926 (TD 9993), appearing on page 34770
in the Federal Register of Tuesday, April 30, 2024, is corrected as
follows:
1. On page 34772, in the first column, in the fourth line from the
top of the first partial paragraph, the language ``apples'' is
corrected to read ``applies''.
2. On page 34774, in the first column, the seventeenth line from
the top of the second full paragraph, is corrected to read ``the IRS
confirm that the proposed''.
3. On page 34781, in the first column, the fourth line from the top
of the
[[Page 67860]]
second partial paragraph, is corrected to read ``that referred to the
``average transfer''.
4. On page 34793, in the third column, the second line from the top
of the second full paragraph, is corrected to read ``defined an
excessive credit transfer''.
5. On page 34798, in the second column, in the second line from the
bottom of the third full paragraph, the language ``credit'' is
corrected to read ``credits''.
6. On page 34799, in the third column, the first line of the first
full paragraph is corrected to read, ``The Treasury Department and the
IRS solicited''.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction to the Regulations
Accordingly, 26 CFR part 1 is corrected by making the following
correcting amendments:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Sec. 1.6418-1 [Corrected]
Par. 2. Section 1.6418-1 is amended in paragraph (b) by removing
the language ``Sec. 1.6417-1(b)'' and adding the language ``Sec.
1.6417-1(c)'' in its place.
Par. 3. Section 1.6418-2 is amended:
0
1. In the introductory text of paragraph (b)(4)(iii), by removing the
language ``((b)(6)(i)'' and adding the language ``(b)(6)(i)'' in its
place.
0
2. By revising the sixth sentence of paragraph (b)(4)(iii)(C).
0
3. In paragraph (b)(5)(ii)(C) by removing the language ``707(b)(1))''
and adding the language ``707(b)(1)'' in its place.
The revision reads as follows:
Sec. 1.6418-2 Rules for making transfer elections
* * * * *
(b) * * *
(4) * * *
(iii) * * *
(C) * * * As a result of the $40X decrease in the credit
determined, C reduces the $20X of section 45Y credit retained by C to
$0X, and reduces the amount of section 45Y credit transferred to D, E,
and F to $30X, $24X, and $6X, respectively (their respective pro rata
shares of the reduced amount). * * *
* * * * *
Par. 4. Section 1.6418-3 is amended:
0
1. In paragraph (d)(2), by removing the language ``specific'' from the
second sentence and adding ``specified'' in its place.
0
2. Revising the second sentence of paragraph (e)(3)(ii).
The revision reads as follows:
Sec. 1.6418-3 Additional rules for partnership and S corporations.
* * * * *
(e) * * *
(3) * * *
(ii) * * * Under Sec. 1.704-1(b)(4)(ii), for an eligible credit
that is not an investment tax credit and that arises from receipts of a
partnership, allocations of credit are deemed to be in accordance with
the partners' interests in the partnership if the credit is allocated
in the same proportion as the partners' distributive shares of the
receipts that give rise to the credit. * * *
* * * * *
Sec. 1.6418-4 [Corrected]
Par. 5. Section 1.6418-4 is amended in paragraph (c)(4), by
removing the language ``applicable'' in the first sentence and adding
the language ``eligible'' in its place.
Sec. 1.6418-5 [Corrected]
Par. 6. Section 1.6418-5 is amended:
0
1. In paragraph (b)(3)(ii), by removing the language ``payments'' in
the last sentence and adding the language ``payment'' in its place.
0
2. In paragraph (d)(3)(i), by removing the language ``eligible
transferee'' in the last sentence and adding the language ``transferee
taxpayer'' in its place.
0
3. In paragraph (d)(3)(iii), by removing the language ``be'' in the
first sentence and adding the language ``been'' in its place.
Oluwafunmilayo A. Taylor,
Section Chief, Publications and Regulations Section, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. 2024-18576 Filed 8-21-24; 8:45 am]
BILLING CODE 4830-01-P
