Department of the Treasury 2016 – Federal Register Recent Federal Regulation Documents

This NOAA update is issued to combine calendar year (CY) 2015CY 2016 tax credit allocation rounds of the NMTC Program, authorized by Title I, subtitle C, section 121 of the Community Renewal Tax Relief Act of 2000 (Pub. L. 106-554), as amended (the Act). On October 23, 2015, in the NOAA for the CY 2015 allocation round of the NMTC Program (the CY 2015 NOAA, 80 Federal Register 64495), the Community Development Financial Institutions Fund (the CDFI Fund) announced, among other things, that the CY 2015 NMTC allocation amount would be up to $5.0 billion, subject to Congressional authorization. In the NOAA for the CY 2015 allocation round the CDFI Fund also reserved the right to allocate amounts in excess of or less than the anticipated allocation amount of $5 billion. Pursuant to the passage of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), the authorization for the NMTC Program has been extended for five calendar years (CY 2015 through CY 2019) with $3.5 billion in annual NMTC allocation authority. In order to make NMTC allocation awards in the respective calendar years as set forth in the PATH Act, the CDFI Fund hereby amends the CY 2015 NOAA to combine the CY 2015 and the CY 2016 NMTC authorities into one allocation round (herein referred to as the ``combined CY 2015-2016 allocation round''). Accordingly, the NMTC allocation authority announced in this revised NOAA being made available in the combined CY 2015-2016 allocation round includes both the amount authorized for CY 2015 ($3.5 billion) and the amount authorized for CY 2016 ($3.5 billion), resulting in a total NMTC allocation amount of $7.0 billion for the combined CY 2015-2016 allocation round. Combination of Allocation Authority: The CY 2015 NOAA announced an expected total of up to $5.0 billion of NMTC allocation authority available in the CY 2015 round, subject to Congressional authorization. The PATH Act authorized an annual allocation authority of $3.5 billion for five years (CY 2015 to CY 2019). In order to allocate NMTC authority during the calendar year for which it was authorized, the CY 2015 NOAA is hereby amended to include both CY 2015 ($3.5 billion) and CY $2016 ($3.5 billion), with a total of $7.0 billion in NMTC authority available in the combined CY 2015-2016 allocation round. Allocation Amounts: The CY 2015 NOAA announced that the CDFI Fund, in its sole discretion, reserves the right to award tax credit allocation authority in amounts that are in excess of or less than the anticipated maximum allocation should the CDFI Fund deem it appropriate. The CDFI Fund continues to anticipate that it will not issue more than $125 million in tax credit investment authority per Allocatee. However, those determinations will be made on a case-by-case basis and in the sole discretion of the CDFI Fund. The CDFI Fund continues to reserve the right to allocate NMTC authority to any, all, or none of the entities that submitted applications in response to this NOAA, and in any amount it deems appropriate. All other information and requirements set forth in the CY 2015 NOAA shall remain effective, as published.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of eight individuals and one entity whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), 21 U.S.C. Sec. Sec. 1901-1908, 8 U.S.C. Sec. 1182.

In accordance with the requirements of the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (the agencies) may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), have approved the publication of proposed revisions to the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101) for public comment. The proposed revisions to the FFIEC 101 are consistent with the revised regulatory capital rule approved by the agencies in July 2013 (regulatory capital rule), as amended by subsequent revisions to the supplementary leverage ratio (SLR). The proposed collection of SLR data in Tables 1 and 2 of FFIEC 101 Schedule A would apply to all banking organizations subject to the advanced approaches risk-based capital rule (generally, banking organizations with $250 billion or more in total consolidated assets or $10 billion or more in on-balance sheet foreign exposures) (advanced approaches banking organizations), unless the advanced approaches banking organization is (i) a consolidated subsidiary of a bank holding company (BHC), savings and loan holding company (SLHC), or depository institution that is subject to the disclosure requirements in Table 13 of section 173 of the advanced approaches risk-based capital rule (advanced approaches rule), or (ii) a subsidiary of a non-U.S. banking organization that is subject to comparable public disclosure requirements in its home jurisdiction. Advanced approaches banking organizations would begin reporting the proposed SLR data items in FFIEC 101 Schedule A, Tables 1 and 2, effective with the September 30, 2016, reporting date. Separately, the proposed collection of SLR data in Tables 1 and 2 of FFIEC 101 Schedule A would apply to any U.S. intermediate holding companies (IHCs) formed or designated for purposes of compliance with the Board's Regulation YY (12 CFR 252.153) that are advanced approaches banking organizations, effective with the March 31, 2018, reporting date. Any subsidiary BHC controlled by a foreign banking organization (FBO) that was subject to the SLR requirements prior to the formation of an IHC would complete FFIEC 101 Schedule A, Tables 1 and 2, through the December 31, 2017, reporting date. The agencies would release publicly Tables 1 and 2 of FFIEC 101 Schedule A for all covered banking organizations, including IHCs that are required to complete Schedule A. At the end of the comment period, the comments will be analyzed to determine the extent to which the FFIEC and the agencies should modify the proposed revisions. The agencies will then submit the proposed revisions to OMB for review and final approval.

The OCC announces a meeting of the Mutual Savings Association Advisory Committee (MSAAC).

The United States Mint announces the prices of the 2016 Mercury Dime, Standing Liberty Quarter, and Walking Liberty Half-Dollar Centennial Gold Coins.

An open meeting of the Taxpayer Advocacy Panel Notices and Correspondence Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.

The Taxpayer Advocacy Panel Taxpayer Assistance Center Improvements Project Committee will conduct an open meeting and will solicit public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.

An open meeting of the Taxpayer Advocacy Panel Special Projects Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.

In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, and the FDIC (the ``agencies'') may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, has approved the agencies' publication for public comment of a proposal to extend, with revision, the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a), which are currently approved collections of information. The agencies propose to modify these collections effective September 30, 2016, to (1) have institutions provide their Legal Entity Identifier (LEI) on both reporting forms, only if they already have one, and (2) add Intermediate Holding Companies (IHCs) to the Board's respondent panel. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the FFIEC and the agencies should modify the proposed revisions prior to giving final approval. The agencies will then submit the revisions to OMB for review and approval.

This document contains proposed regulations regarding deemed distributions of stock and rights to acquire stock. The proposed regulations would resolve ambiguities concerning the amount and timing of deemed distributions that are or result from adjustments to rights to acquire stock. The proposed regulations also would provide additional guidance to withholding agents regarding their current withholding and information reporting obligations under chapters 3 and 4 with respect to these deemed distributions. The proposed regulations would affect corporations issuing rights to acquire stock, their shareholders and holders of these rights, and withholding agents with respect to these deemed distributions.

In 2003, Congress established the Financial Literacy and Education Commission (FLEC, or the Commission) through passage of the Financial Literacy and Education Improvement Act under Title V of the Fair and Accurate Credit Transactions Act of 2003. Congress designated the Department of the Treasury's Office of Financial Education to lend its expertise and provide primary support to the Commission, which is chaired by the Secretary of the Treasury. As directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the Bureau of Consumer Financial Protection (CFPB), the Director of the CFPB serves as the vice chair of the Commission. Congress charged the Commission to ``improve the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education.'' In 2011, the Commission released a national strategy entitled Promoting Financial Success in the United States: National Strategy for Financial Literacy. Additionally, the Commission hosts a national financial education Web site, MyMoney.gov, which provides Federal educational resources and the Commission's Research and Data Clearinghouse. The Commission is now planning to update to the national strategy to reflect changes within the last five years. On behalf of the Commission, the Department of the Treasury invites the public to comment on the Promoting Financial Success for All: National Strategy (National Strategy) Update. This update will be created by adding new text and edits to the original 2011 National Strategy, which can be found at https://www.treasury.gov/resource-center/financial-education/ Documents/NationalStrategyBook_12310%20(2).pdf.

An open meeting of the Taxpayer Advocacy Panel Tax Forms and Publications Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas and suggestions on improving customer service at the Internal Revenue Service.

This document contains proposed regulations under section 385 of the Internal Revenue Code (Code) that would authorize the Commissioner to treat certain related-party interests in a corporation as indebtedness in part and stock in part for federal tax purposes, and establish threshold documentation requirements that must be satisfied in order for certain related-party interests in a corporation to be treated as indebtedness for federal tax purposes. The proposed regulations also would treat as stock certain related-party interests that otherwise would be treated as indebtedness for federal tax purposes. The proposed regulations generally affect corporations that issue purported indebtedness to related corporations or partnerships.

The Department of Treasury (Treasury Department) and the IRS are issuing temporary regulations that address transactions that are structured to avoid the purposes of sections 7874 and 367 of the Internal Revenue Code (the Code) and certain post-inversion tax avoidance transactions in the Rules and Regulations section of this issue of the Federal Register. The temporary regulations affect certain domestic corporations and domestic partnerships whose assets are directly or indirectly acquired by a foreign corporation and certain persons related to such domestic corporations and domestic partnerships. The text of the temporary regulations also serves as the text of these proposed regulations.

For the period beginning April 1, 2016, and ending on June 30, 2016, the U.S. Immigration and Customs Enforcement Immigration Bond interest rate is 0.30 per centum per annum.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of seven individuals, eight entities, and one vessel whose property and interests in property have been unblocked pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) (21 U.S.C. 1901-1908, 8 U.S.C. 1182). Additionally, OFAC is publishing an update to the identifying information of one entity currently included in the list of Specially Designated Nationals and Blocked Persons (SDN List).

The Internal Revenue Service published a document in the Federal Register of March 22, 2016, concerning the Tax Design Challenge, a crowdsourcing competition, with cash prizes, that the IRS is hosting to begin reimagining the taxpayer experience of the future. The document omitted a requirement for participation.

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 8582-CR, Passive Activity Credit Limitations.

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 706-GS(T), Generation-Skipping Transfer Tax Return For Terminations.

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Notice 97-45, Highly Compensated Employee Definition.

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form (GMC 6-25-09), Authorized Cyber Assistant Host Application.

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning renewal of its information collection titled, ``Lending Limits.''

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning its information collection titled, ``Community and Economic Development Entities, Community Development Projects, and Other Public Welfare Investments,'' under 12 CFR 24 (``Part 24'').