Superfund Tax on Chemical Substances; Request To Modify List of Taxable Substances; Notice of Filing for Propylene Glycol Methyl Ether, 71784-71785 [2024-19607]
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tkelley on LAP7H3WLY3PROD with NOTICES2
71784
Federal Register / Vol. 89, No. 170 / Tuesday, September 3, 2024 / Notices
that neither the bank’s decision whether
to approve the loan nor the terms and
conditions of the loan are conditioned
on the purchase of a DCC or DSA.
• Explanation of debt suspension
agreement (long form)—A bank must
disclose that if a customer activates the
agreement, the customer’s duty to pay
the loan principal and interest is only
suspended and the customer must fully
repay the loan after the period of
suspension has expired.
• Amount of the fee (long form)—A
bank must make disclosures regarding
the amount of the fee. The content of the
disclosure depends on whether the
credit is open-end or closed-end. In the
case of closed-end credit, the bank must
disclose the total fee. In the case of
open-end credit, the bank must either:
(i) disclose that the periodic fee is based
on the account balance multiplied by a
unit cost and provide the unit cost; or
(ii) disclose the formula used to
compute the fee.
• Lump sum payment of fee (short
and long form)—A bank must disclose,
where appropriate, that a customer has
the option to pay the fee in a single
payment or in periodic payments and
that adding the fee to the amount
borrowed will increase the cost of the
contract. This disclosure is not
appropriate in the case of a DCC or DSA
provided in connection with a home
mortgage loan where the option to pay
the fee in a single payment is not
available.
• Lump sum payment of fee with no
refund (short and long form)—A bank
must disclose that the customer has the
option to choose a contract with or
without a refund provision. This
disclosure must also state that the prices
of refund and no-refund products are
likely to differ.
• Refund of fee paid in lump sum
(short and long form)—If a bank permits
a customer to pay the fee in a single
payment and add the fee to the amount
borrowed, the bank must disclose its
cancellation policy. The disclosure
informs the customer of the bank’s
refund policy, as applicable, i.e., that
the DCC or DSA may be: (i) cancelled
at any time for a refund; (ii) cancelled
within a specified number of days for a
full refund; or (iii) cancelled at any time
with no refund.
• Whether use of a card or credit line
is restricted (long form)—A bank must
inform a customer if the customer’s
activation of the contract would prohibit
the customer from incurring additional
charges on the credit card or using the
credit line.
• Termination of a DCC or DSA (long
form)— If termination is permitted
during the life of the loan, a bank must
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22:46 Aug 30, 2024
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include an explanation of the
circumstances under which a customer
or the bank may terminate the contract.
• Additional disclosures (short
form)—A bank must inform customers
that it will provide additional
information before the customer is
required to pay for the product.
• Eligibility requirements, conditions,
and exclusions (short and long form)—
A bank must describe any material
limitations relating to the DCC or DSA.
§ 37.7 Affirmative Election To
Purchase and Acknowledgement of
Receipt of Disclosures Required
Section 37.7 requires a bank to obtain
a customer’s written affirmative election
to purchase a contract and written
acknowledgment of receipt of the
disclosures required by § 37.6. The
section further provides that the
election and acknowledgment must be
conspicuous, simple, direct, readily
understandable, and designed to call
attention to their significance.
Pursuant to § 37.7(b), if the sale of the
contract occurs by telephone, the
customer’s affirmative election to
purchase and acknowledgment of
receipt of the required short form may
be made orally, provided the bank: (i)
maintains sufficient documentation to
show that the customer received the
short form disclosures and then
affirmatively elected to purchase the
contract; (ii) mails the affirmative
written election and written
acknowledgment, together with the long
form disclosures required by § 37.6, to
the customer within 3 business days
after the telephone solicitation and
maintains sufficient documentation to
show it made reasonable efforts to
obtain the documents from the
customer; and (iii) permits the customer
to cancel the purchase of the contract
without penalty within 30 days after the
bank has mailed the long form
disclosures to the customer.
Pursuant to § 37.7(c), if the DCC or
DSA is solicited through written
materials such as mail inserts or ‘‘take
one’’ applications and the bank provides
only the short form disclosures in the
written materials, then the bank shall
mail the acknowledgment, together with
the long form disclosures, to the
customer. The bank may not obligate the
customer to pay for the contract until
after the bank has received the
customer’s written acknowledgment of
receipt of disclosures, unless the bank
takes certain steps, maintains certain
documentation, and permits the
customer to cancel the purchase within
30 days after mailing the long form
disclosures to the customer. Section
37.7(d) permits the customer’s
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affirmative election and
acknowledgment to be made
electronically.
Affected Public: Businesses or other
for-profit.
Estimated Frequency of Response: On
occasion.
Estimated Number of Respondents:
1,044.
Estimated Total Annual Burden:
25,056 hours.
Comments: On June 27, 2024, the
OCC published a 60-day notice for this
information collection, (89 FR 53700).
No comments were received.
Comments continue to be invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the burden of the collection
of information;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller
of the Currency.
[FR Doc. 2024–19637 Filed 8–30–24; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Superfund Tax on Chemical
Substances; Request To Modify List of
Taxable Substances; Notice of Filing
for Propylene Glycol Methyl Ether
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of filing and request for
comments.
AGENCY:
This notice of filing
announces that a petition has been filed
requesting that propylene glycol methyl
ether be added to the list of taxable
substances. This notice of filing also
requests comments on the petition. This
notice of filing is not a determination
that the list of taxable substances is
modified.
SUMMARY:
Written comments and requests
for a public hearing must be received on
or before November 4, 2024.
DATES:
U:\REGISTER\03SEN1.SGM
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Federal Register / Vol. 89, No. 170 / Tuesday, September 3, 2024 / Notices
Commenters are encouraged
to submit public comments or requests
for a public hearing relating to this
petition electronically via the Federal
eRulemaking Portal at https://
www.regulations.gov (indicate public
docket number IRS–2024–0042 or
propylene glycol methyl ether) by
following the online instructions for
submitting comments. Comments
cannot be edited or withdrawn once
submitted to the Federal eRulemaking
Portal. Alternatively, comments and
requests for a public hearing may be
mailed to: Internal Revenue Service,
Attn: CC:PA:01:PR (Notice of Filing for
Propylene Glycol Methyl Ether), Room
5203, P.O. Box 7604, Ben Franklin
Station, Washington DC 20044. All
comments received are part of the
public record and subject to public
disclosure. All comments received will
be posted without change to
www.regulations.gov, including any
personal information provided. You
should submit only information that
you wish to make publicly available. If
a public hearing is scheduled, notice of
the time and place for the hearing will
be published in the Federal Register.
FOR FURTHER INFORMATION CONTACT:
Camille Edwards Bennehoff at (202)
317–6855 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
ADDRESSES:
tkelley on LAP7H3WLY3PROD with NOTICES2
Request To Add Substance to the List
(a) Overview. A petition was filed
pursuant to Rev. Proc. 2022–26 (2022–
29 I.R.B. 90), as modified by Rev. Proc.
2023–20 (2023–15 I.R.B. 636),
requesting that propylene glycol methyl
ether be added to the list of taxable
substances under section 4672(a) of the
Internal Revenue Code (List). The
petition requesting the addition of
propylene glycol methyl ether to the
List is based on weight and contains the
information detailed in paragraph (b) of
this document. The information is
provided for public notice and comment
pursuant to section 9 of Rev. Proc.
2022–26. The publication of petition
information in this notice of filing is not
a determination and does not constitute
Treasury Department or IRS
confirmation of the accuracy of the
information published.
(b) Petition Content.
(1) Substance name: Propylene glycol
methyl ether.
(2) Petitioner: The Dow Chemical
Company, an importer and exporter of
propylene glycol methyl ether.
(3) Proposed classification numbers:
(i) HTSUS number: 2909.49.6000.
(ii) Schedule B number: 2909.49.0000.
(iii) CAS number: 107–98–2.
(4) Petition filing dates:
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22:46 Aug 30, 2024
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(i) Petition filing date for purposes of
making a determination: June 13, 2024.
(ii) Petition filing date for purposes of
section 11.02 of Rev. Proc. 2022–26, as
modified by section 3 of Rev. Proc.
2023–20: July 1, 2022.
(5) Description from petition:
According to the petition, propylene
glycol methyl ether is a fast evaporating
ether-alcohol solvent with high water
solubility and active solvency used in a
variety of applications such as solventbased coatings, household and
industrial cleaners, and agricultural
pesticides.
Propylene glycol methyl ether is made
from propylene, chlorine, sodium
hydroxide, and methane. Taxable
chemicals constitute 100.00 percent by
weight of the materials used to produce
this substance.
(6) Process identified in petition as
predominant method of production of
substance: Glycol ethers are
predominantly produced by reacting an
epoxide (typically ethylene oxide or
propylene oxide) with an alcohol; this
reaction process is referred to as
alkoxylation. Propylene glycol methyl
ether is made via the alkoxylation
process (also known as ring opening of
an epoxide) using methanol and
propylene oxide. Methanol is made
from syngas (carbon monoxide and
dihydrogen). Carbon monoxide (CO)
and dihydrogen (H2) are made by steammethane reforming (CH4 and H2O).
Propylene oxide is made by
hydrochlorination (chlorine (Cl2),
propylene (C3H6), and sodium
hydroxide (NaOH)).
Additional information on the
production process:
• The propylene glycol methyl ether
alkoxylation reaction (methanol +
propylene oxide) is base catalyzed,
using a small amount of metal
hydroxide to produce methoxide. Once
methoxide is made, it is regenerated
following conversion to the product in
the presence of propylene oxide.
Regenerated methoxide in the presence
of propylene oxide will perpetually
react until all propylene oxide is
consumed or the reaction is halted
through the use of controls.
Æ Since the amount of metal
hydroxide used to produce propylene
glycol methyl ether is very small, the
metal hydroxide has been excluded
from the stoichiometric material
consumption equation; including the
metal hydroxide would lead to a
distorted conversion factor.
(7) Stoichiometric material
consumption equation, based on
process identified as predominant
method of production:
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71785
C3H6 (propylene) + Cl2 (chlorine) + 2
NaOH (sodium hydroxide) + CH4
(methane) → C4H10O2 (propylene
glycol methyl ether) + 2 NaCl
(sodium chloride) + H2 (hydrogen)
(8) Tax rate calculated by Petitioner,
based on Petitioner’s conversion factors
for taxable chemicals used in
production of substance:
(i) Tax rate: $10.58 per ton.
(ii) Conversion factors: 0.47 for
propylene, 0.79 for chlorine, 0.89 for
sodium hydroxide, and 0.18 for
methane.
(9) Public docket number: IRS–2024–
0042.
Michael Beker,
Senior Counsel (Passthroughs and Special
Industries), IRS Office of Chief Counsel.
[FR Doc. 2024–19607 Filed 8–30–24; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Superfund Tax on Chemical
Substances; Request to Modify List of
Taxable Substances; Notice of Filing
for Ethylene Glycol Phenyl Ether
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of filing and request for
comments.
AGENCY:
This notice of filing
announces that a petition has been filed
requesting that ethylene glycol phenyl
ether be added to the list of taxable
substances. This notice of filing also
requests comments on the petition. This
notice of filing is not a determination
that the list of taxable substances is
modified.
SUMMARY:
Written comments and requests
for a public hearing must be received on
or before November 4, 2024.
ADDRESSES: Commenters are encouraged
to submit public comments or requests
for a public hearing relating to this
petition electronically via the Federal
eRulemaking Portal at https://
www.regulations.gov (indicate public
docket number IRS–2024–0039 or
ethylene glycol phenyl ether) by
following the online instructions for
submitting comments. Comments
cannot be edited or withdrawn once
submitted to the Federal eRulemaking
Portal. Alternatively, comments and
requests for a public hearing may be
mailed to: Internal Revenue Service,
Attn: CC:PA:01:PR (Notice of Filing for
Ethylene Glycol Phenyl Ether), Room
5203, P.O. Box 7604, Ben Franklin
Station, Washington DC 20044. All
DATES:
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]]>Agencies
[Federal Register Volume 89, Number 170 (Tuesday, September 3, 2024)]
[Notices]
[Pages 71784-71785]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19607]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Superfund Tax on Chemical Substances; Request To Modify List of
Taxable Substances; Notice of Filing for Propylene Glycol Methyl Ether
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of filing and request for comments.
-----------------------------------------------------------------------
SUMMARY: This notice of filing announces that a petition has been filed
requesting that propylene glycol methyl ether be added to the list of
taxable substances. This notice of filing also requests comments on the
petition. This notice of filing is not a determination that the list of
taxable substances is modified.
DATES: Written comments and requests for a public hearing must be
received on or before November 4, 2024.
[[Page 71785]]
ADDRESSES: Commenters are encouraged to submit public comments or
requests for a public hearing relating to this petition electronically
via the Federal eRulemaking Portal at https://www.regulations.gov
(indicate public docket number IRS-2024-0042 or propylene glycol methyl
ether) by following the online instructions for submitting comments.
Comments cannot be edited or withdrawn once submitted to the Federal
eRulemaking Portal. Alternatively, comments and requests for a public
hearing may be mailed to: Internal Revenue Service, Attn: CC:PA:01:PR
(Notice of Filing for Propylene Glycol Methyl Ether), Room 5203, P.O.
Box 7604, Ben Franklin Station, Washington DC 20044. All comments
received are part of the public record and subject to public
disclosure. All comments received will be posted without change to
www.regulations.gov, including any personal information provided. You
should submit only information that you wish to make publicly
available. If a public hearing is scheduled, notice of the time and
place for the hearing will be published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: Camille Edwards Bennehoff at (202)
317-6855 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Request To Add Substance to the List
(a) Overview. A petition was filed pursuant to Rev. Proc. 2022-26
(2022-29 I.R.B. 90), as modified by Rev. Proc. 2023-20 (2023-15 I.R.B.
636), requesting that propylene glycol methyl ether be added to the
list of taxable substances under section 4672(a) of the Internal
Revenue Code (List). The petition requesting the addition of propylene
glycol methyl ether to the List is based on weight and contains the
information detailed in paragraph (b) of this document. The information
is provided for public notice and comment pursuant to section 9 of Rev.
Proc. 2022-26. The publication of petition information in this notice
of filing is not a determination and does not constitute Treasury
Department or IRS confirmation of the accuracy of the information
published.
(b) Petition Content.
(1) Substance name: Propylene glycol methyl ether.
(2) Petitioner: The Dow Chemical Company, an importer and exporter
of propylene glycol methyl ether.
(3) Proposed classification numbers:
(i) HTSUS number: 2909.49.6000.
(ii) Schedule B number: 2909.49.0000.
(iii) CAS number: 107-98-2.
(4) Petition filing dates:
(i) Petition filing date for purposes of making a determination:
June 13, 2024.
(ii) Petition filing date for purposes of section 11.02 of Rev.
Proc. 2022-26, as modified by section 3 of Rev. Proc. 2023-20: July 1,
2022.
(5) Description from petition: According to the petition, propylene
glycol methyl ether is a fast evaporating ether-alcohol solvent with
high water solubility and active solvency used in a variety of
applications such as solvent-based coatings, household and industrial
cleaners, and agricultural pesticides.
Propylene glycol methyl ether is made from propylene, chlorine,
sodium hydroxide, and methane. Taxable chemicals constitute 100.00
percent by weight of the materials used to produce this substance.
(6) Process identified in petition as predominant method of
production of substance: Glycol ethers are predominantly produced by
reacting an epoxide (typically ethylene oxide or propylene oxide) with
an alcohol; this reaction process is referred to as alkoxylation.
Propylene glycol methyl ether is made via the alkoxylation process
(also known as ring opening of an epoxide) using methanol and propylene
oxide. Methanol is made from syngas (carbon monoxide and dihydrogen).
Carbon monoxide (CO) and dihydrogen (H2) are made by steam-
methane reforming (CH4 and H2O). Propylene oxide
is made by hydrochlorination (chlorine (Cl2), propylene
(C3H6), and sodium hydroxide (NaOH)).
Additional information on the production process:
The propylene glycol methyl ether alkoxylation reaction
(methanol + propylene oxide) is base catalyzed, using a small amount of
metal hydroxide to produce methoxide. Once methoxide is made, it is
regenerated following conversion to the product in the presence of
propylene oxide. Regenerated methoxide in the presence of propylene
oxide will perpetually react until all propylene oxide is consumed or
the reaction is halted through the use of controls.
[cir] Since the amount of metal hydroxide used to produce propylene
glycol methyl ether is very small, the metal hydroxide has been
excluded from the stoichiometric material consumption equation;
including the metal hydroxide would lead to a distorted conversion
factor.
(7) Stoichiometric material consumption equation, based on process
identified as predominant method of production:
C3H6 (propylene) + Cl2 (chlorine) + 2
NaOH (sodium hydroxide) + CH4 (methane) [rarr]
C4H10O2 (propylene glycol methyl
ether) + 2 NaCl (sodium chloride) + H2 (hydrogen)
(8) Tax rate calculated by Petitioner, based on Petitioner's
conversion factors for taxable chemicals used in production of
substance:
(i) Tax rate: $10.58 per ton.
(ii) Conversion factors: 0.47 for propylene, 0.79 for chlorine,
0.89 for sodium hydroxide, and 0.18 for methane.
(9) Public docket number: IRS-2024-0042.
Michael Beker,
Senior Counsel (Passthroughs and Special Industries), IRS Office of
Chief Counsel.
[FR Doc. 2024-19607 Filed 8-30-24; 8:45 am]
BILLING CODE 4830-01-P
