Office of the Comptroller of the Currency December 19, 2013 – Federal Register Recent Federal Regulation Documents

Proposed Addendum to the Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure
Document Number: 2013-30130
Type: Notice
Date: 2013-12-19
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The Agencies are proposing to issue jointly an Addendum (Proposed Addendum) to the ``Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure'' (63 FR 64757, Nov. 23, 1998) to ensure that insured depository institutions (IDIs) in a consolidated group maintain an appropriate relationship regarding the payment of taxes and treatment of tax refunds. The Proposed Addendum would instruct IDIs and their holding companies to review their tax allocation agreements to ensure that the agreements expressly acknowledge that the holding company receives a tax refund from a taxing authority as agent for the IDI and are consistent with certain of the requirements of sections 23A and 23B of the Federal Reserve Act. The Proposed Addendum includes a sample paragraph that IDIs would include in their tax allocation agreements to facilitate the Agencies' instructions.