[Federal Register Volume 69, Number 48 (Thursday, March 11, 2004)]
[Proposed Rules]
[Page 11561]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-5561]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-115471-03]
RIN 1545-BC03


New Markets Tax Credit Amendments

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulations and notice of public hearing.

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SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing revised temporary regulations 
relating to the new markets tax credit. The text of those regulations 
also serves as the text of these proposed regulations. This document 
also provides notice of a public hearing on these proposed regulations.

DATES: Written or electronic comments must be received by May 10, 2004. 
Outlines of topics to be discussed at the public hearing scheduled for 
Wednesday, June 2, 2004, must be received by May 10, 2004.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-115471-03), room 
5203, Internal Revenue Service, POB 7604, Ben Franklin Station, 
Washington, DC 20044. Alternatively, submissions may be hand delivered 
Monday through Friday between the hours of 8 a.m. and 4 p.m. to: 
CC:PA:LPD:PR (REG-115471-03), Courier's Desk, Internal Revenue Service, 
1111 Constitution Avenue, NW., Washington, DC, or sent electronically 
via the IRS Internet site at http://www.irs.gov/regs. The public 
hearing will be held in IRS Auditorium, Internal Revenue Building, 1111 
Constitution Avenue, NW., Washington, DC.

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Paul F. 
Handleman or Lauren R. Taylor, (202) 622-3040; concerning submission of 
comments, the hearing, and/or to be placed on the building access list 
to attend the hearing, Lanita Van Dyke, (202) 622-7180 (not toll-free 
numbers).

SUPPLEMENTARY INFORMATION:

Background

    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend the Income Tax Regulations (26 CFR 
part 1) relating to section 45D. The temporary regulations provide 
guidance for taxpayers claiming the new markets tax credit under 
section 45D. The text of those regulations also serves as the text of 
these proposed regulations. The preamble to the temporary regulations 
explains the amendments.

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 
the regulations do not impose a new collection of information on small 
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not 
apply.
    Pursuant to section 7805(f) of the Internal Revenue Code, this 
notice of proposed rulemaking will be submitted to the Chief Counsel 
for Advocacy of the Small Business Administration for comment on their 
impact on small business.

Comments and Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written comments (a signed original 
and eight (8) copies) or electronic comments that are submitted timely 
to the IRS. Comments are requested on all aspects of the proposed 
regulations. In addition, the IRS and Treasury Department specifically 
request comments on the clarity of the proposed regulations and how 
they can be revised to be more easily understood. All comments will be 
available for public inspection and copying.
    A public hearing has been scheduled for Wednesday, June 2, 2004, at 
10 a.m. in the IRS Auditorium, Internal Revenue Building, 1111 
Constitution Avenue, NW., Washington DC. All visitors must present 
photo identification to enter the building. Because of access 
restrictions, visitors will not be admitted beyond the immediate 
entrance area at the Constitution Avenue entrance more than 30 minutes 
before the hearing starts. For information about having your name 
placed on the building access list to attend the hearing, see the FOR 
FURTHER INFORMATION CONTACT section of this preamble.
    The rules of 26 CFR 601.601(a)(3) apply to the hearing.
    Persons who wish to present oral comments at the hearing must 
submit written comments and an outline of the topics to be discussed 
and the time to be devoted to each topic (preferably a signed original 
and eight (8) copies) by May 10, 2004. A period of 10 minutes will be 
allotted to each person for making comments. An agenda showing the 
scheduling of the speakers will be prepared after the deadline for 
receiving outlines has passed. Copies of the agenda will be available 
free of charge at the hearing.

Drafting Information

    The principal author of these regulations is Paul F. Handleman, 
Office of the Associate Chief Counsel (Passthroughs and Special 
Industries), IRS. 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 proposed to be amended as follows:

PART 1--INCOME TAXES

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

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

    Par. 2. Section 1.45D-1 is amended as follows:


Sec.  1.45D-1  New markets tax credit.

    [The text of the amendments to this proposed section is the same as 
the text of the amendments to ``1.45D-1T published elsewhere in this 
issue of the Federal Register.]

Mark E. Matthews,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 04-5561 Filed 3-10-04; 8:45 am]
BILLING CODE 4830-01-P