[Federal Register Volume 60, Number 104 (Wednesday, May 31, 1995)]
[Rules and Regulations]
[Pages 28321-28322]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-13242]




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DEPARTMENT OF AGRICULTURE
7 CFR Part 1956


Reporting Discharged Debts to the Internal Revenue Service

AGENCIES: Rural Housing and Community Development Service, Rural 
Business and Cooperative Development Service, Rural Utilities Service, 
and Consolidated Farm Service Agency, USDA.

ACTION: Final rule.

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SUMMARY: The Rural Housing and Community Development Service (RHCDS), 
Rural Business and Cooperative Development Service (RBCDS), Rural 
Utilities Service (RUS), and Consolidated Farm Service Agency (CFSA), 
amends their debt settlement regulations. The intended effect is to 
remove debt settlement regulations concerning the Internal Revenue 
Service (IRS) requirement that certain agency discharges of 
indebtedness be reported to the IRS. This action is necessary to remove 
strictly internal procedural requirements from the debt settlement 
regulation.

EFFECTIVE DATE: May 31, 1995.

FOR FURTHER INFORMATION CONTACT: Debra A. Deters, Accountant, 
Operations Division, Rural Housing and Community Development Service, 
USDA, Finance Office, Room 3529, 1520 Market Street, St. Louis, 
Missouri 63103, Telephone (314) 539-2492.

SUPPLEMENTARY INFORMATION:

Classification

    This final rule has been determined to be not-significant for 
purposes of Executive Order 12866 because it has no adverse impact on 
borrowers or other members of the public and involves only internal 
Agency management. Since this rule relates only to internal agency 
procedures, notice of proposed rulemaking and opportunity for comment 
are not required. For the same reason, this rule is exempt from the 
provisions of Executive Order No. 12778, 56 FR 55195 (1991), and the 
Regulatory Flexibility Act, Pub. L. No. 96-354. This rule is being made 
effective immediately upon publication in the Federal Register since it 
concerns internal management and public loans, grants, benefits, or 
contracts. These subjects are exempted from 5 U.S.C. 553 requirements. 
The Agencies are amending their debt settlement regulations to remove 
internal procedures for reporting discharges of indebtedness to the 
Internal Revenue Service (IRS). These procedures will be covered by 
internal instructions consistent with IRS policy.

Paperwork Reduction Act

    The information collection requirements contained in these 
regulations have been previously approved by the Office of Management 
and Budget (OMB) under the provisions of 44 U.S.C. Chapter 35 and have 
been assigned OMB control numbers 0575-0118 and 0575-0124 in accordance 
with the Paperwork Reduction Act of 1980 (44 U.S.C. 3507). This rule 
does not revise or impose any new information collection requirement 
from those approved by OMB.

Environmental Impact Statement

    This document has been reviewed in accordance with 7 CFR part 1940, 
subpart G, ``Environmental Program.'' It is the determination of RHCDS, 
RBCDS, RUS, and CFSA that this action does not constitute a major 
Federal action significantly affecting the quality of the human 
environment, and in accordance with the National Environmental Policy 
Act of 1969, Pub. L. 91-190, an Environmental Impact Statement is not 
required.

Intergovernmental Consultation

    1. This activity is not subject to Executive Order (EO) 12372 which 
requires intergovernmental consultation with State and local officials 
and is not listed in the Catalog of Federal Domestic Assistance, 
however, affected programs 10.411, 10.416, and 10.437 are subject to 
the provisions of EO 12372.

Program Affected

    These changes affect the following USDA programs listed in the 
Catalog of Federal Domestic Assistance under numbers:

10.404  Emergency Loans
10.406  Farm Operating Loans
10.407  Farm Ownership Loans
10.411  Rural Housing Site [[Page 28322]] 
10.416  Soil and Water Loans
10.417  Very Low-Income Housing Repair Loans and Grants
10.421  Indian Tribes and Tribal Corporation Loans
10.435  Agricultural Loan Mediation Program
10.437  Interest Assistance Program

List of Subjects in 7 CFR Part 1956

    Accounting, Loan programs--Agriculture, Rural areas. Therefore, 
chapter XVIII, title 7, Code of Federal Regulations is amended as 
follows:

PART 1956--DEBT SETTLEMENT

    1. The authority citation for part 1956 continues to read as 
follows:

    Authority: 7 U.S.C. 1989; 42 U.S.C. 1480; 5 U.S.C. 301; 31 
U.S.C. 3711; 7 CFR 2.23; 7 CFR 2.70

Subpart B--Debt Settlement--Farmer Programs and Housing


Sec. 1956.86  [Removed]

    2. Section 1956.86 is removed and reserved.

Subpart C--Debt Settlement--Community and Business Programs


Sec. 1956.146  [Removed]

    3. Section 1956.146 is removed and reserved.

    Dated: April 20, 1995.
Dallas R. Smith,
Acting Under Secretary for Farm and Foreign Agricultural Services.
    Dated: April 6, 1995.
Michael V. Dunn,
Acting, Under Secretary for Rural Economic and Community Development.
[FR Doc. 95-13242 Filed 5-30-95; 8:45 am]
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