[Federal Register Volume 68, Number 129 (Monday, July 7, 2003)]
[Proposed Rules]
[Pages 40224-40225]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-17086]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-138495-02]
RIN 1545-BC36


Depreciation of Vans and Light Trucks

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross reference to temporary 
regulations.

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SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing temporary regulations that modify 
the existing regulations promulgated under section 280F(a) of the 
Internal Revenue Code relating to limitations on the depreciation 
allowance for passenger automobiles. The temporary regulations, which 
amend the definition of passenger automobiles for purposes of section 
280F(a), affect certain taxpayers that use vans and light trucks in 
their trade or business. The text of the temporary regulations also 
serves as the text of these proposed regulations.

DATES: Written comments and requests for a public hearing must be 
received by October 6, 2003.

ADDRESSES: Send submissions to: CC:PA:RU (REG-138495-02), room 5226, 
Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, 
DC 20044. Alternatively, submissions may be hand delivered Monday 
though Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:RU (REG-
138495-02), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue NW., Washington, DC. Comments may also be submitted 
electronically to the IRS Internet site at www.irs.gov/regs.

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Bernard P. 
Harvey, (202) 622-3110; concerning submissions and to request a 
hearing, LaNita Van Dyke, (202) 622-7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Explanation of Provisions

    The temporary regulations in the Rules and Regulations section of 
this issue of the Federal Register amend the Income Tax Regulations (26 
CFR part 1) under section 280F of the Internal Revenue Code of 1986 
(Code). The text of the temporary regulations also serves as the text 
of these proposed regulations. The preamble to the temporary 
regulations explains these proposed regulations.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866. Therefore, a regulatory assessment is not required. It also has 
been determined that section 553(b) of the Administrative Procedure Act 
(5 U.S.C. chapter 5) does not apply to these regulations and, because 
these regulations do not impose on small entities a collection of 
information requirement, the Regulatory Flexibility Act (5 U.S.C. 
chapter 6) does not apply. Therefore, a Regulatory Flexibility Analysis 
is not required. Pursuant to section 7805(f) of the Code, this notice 
of proposed rulemaking will be submitted to the Chief Counsel for 
Advocacy of the Small Business Administration for comment on its impact 
on small business.

Comments and Requests for a Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written comments (preferably a 
signed original and eight (8) copies) that are submitted timely to the 
IRS or electronically generated comments that are submitted timely to 
the IRS. The IRS generally requests any comments on the clarity of the 
proposed rule and how it may be made easier to understand. All comments 
will be available for public inspection and copying. A public hearing 
may be scheduled if requested in writing by a person who timely submits 
written comments. If a public hearing is scheduled, notice of the date, 
time, and place for the hearing will be published in the Federal 
Register.

Drafting Information

    The principal author of these regulations is Bernard P. Harvey, 
Office of Associate Chief Counsel (Passthroughs and Special 
Industries). However, other personnel from the IRS and Treasury 
Department participated in their development.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Proposed Amendments to the Regulations

    Accordingly, 26 CFR part 1 is amended as follows:

PART 1--INCOME TAXES

    1. The authority citation for part 1 is amended by adding an entry 
in numerical order to read as follows:

    Authority: 26 U.S.C. 7805 * * *


[[Page 40225]]


    Section 1.280F-6 also issued under 26 U.S.C. 280F. * * *

    2. Section 1.280F-6 is amended as follows:


Sec.  1.280F-6  Special rules and definitions.

    [The text of this proposed section is the same as the text of the 
amendments to Sec.  1.280F-6T published elsewhere in this issue of the 
Federal Register.]

Robert E. Wenzel,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 03-17086 Filed 7-3-03; 8:45 am]
BILLING CODE 4830-01-P