[Federal Register Volume 70, Number 247 (Tuesday, December 27, 2005)]
[Proposed Rules]
[Pages 76433-76434]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-24482]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-104385-01]
RIN 1545-AY75


Application of Normalization Accounting Rules to Balances of 
Excess Deferred Income Taxes and Accumulated Deferred Investment Tax 
Credits of Public Utilities Whose Assets Cease To Be Public Utility 
Property; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking and notice of 
public hearing.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking and notice of public hearing that was published in the 
Federal Register on Wednesday, December 21, 2005 (70 FR 75762). These 
regulations provide guidance on the normalization requirements 
applicable to public utilities that benefit (or have benefited) from 
accelerated depreciation methods or from the investment tax credit 
permitted under pre-1991 law.

FOR FURTHER INFORMATION CONTACT: David Selig (202) 622-3040 (not toll-
free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking and notice of public hearing 
(REG-104385-01) that is the subject of these corrections is under 
section 168 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing (REG-104385-01) contains errors that may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-104385-01), that was the subject of FR Doc. ES-7583, is corrected 
as follows:
    1. On page 75762, column 2, in the preamble under the paragraph 
heading FOR FURTHER INFORMATION CONTACT, lines 7 and 8, the language, 
``hearing, Treena Garrett, at (202) 622-7190 (not toll-free numbers).'' 
is corrected to read ``hearing, Richard Hurst, at (202) 622-7180 (not 
toll-free numbers).''.
    2. On page 75763, column 3, in the preamble under the paragraph 
heading ``Proposed Effective Date'', third

[[Page 76434]]

paragraph, lines 7 thru 9, the language, ``public utility property 
after [DATE OF PUBLICATION OF FINAL RULE IN THE Federal Register]. For 
public'' is corrected to read ``public utility property after December 
21, 2005. For public''.
    3. On page 75764, column 1, in the preamble, first paragraph of the 
column, lines 2 and 3, the language, ``before [DATE OF PUBLICATION OF 
FINAL RULE IN THE Federal Register.],'' is corrected to read ``before 
December 21, 2005,''.
    4. On page 75764, column 1, in the preamble, first paragraph of the 
column, lines 15 thru 19, the language, ``under the rate order in 
effect on [DATE OF PUBLICATION OF FINAL RULE IN THE Federal Register], 
or [DATE 2 YEARS AFTER PUBLICATION OF FINAL RULE IN THE Federal 
Register]. is corrected to read ``under the rate order in effect on 
December 21, 2005, or December 21, 2007.''


Sec.  1.46-6  [Corrected]

    5. On page 75765, column 1, Sec.  1.46-6(k)(4)(i), lines 4 thru 6, 
the language, ``public utility property after [DATE OF PUBLICATION OF 
FINAL RULE IN THE Federal Register.]'' is corrected to read ``December 
21, 2005.''
    6. On page 75765, column 1, Sec.  1.46-6(k)(4)(ii), lines 12 thru 
16, the language, ``rate order in effect on [DATE OF PUBLICATION OF 
FINAL RULE IN THE Federal Register], or [DATE 2 YEARS AFTER PUBLICATION 
OF FINAL RULE IN THE Federal Register].'' is corrected to read ``rate 
order in effect on December 21, 2005, or December 21, 2007.''.


Sec.  1.168(i)-(3)  [Corrected]

    7. On page 75765, column 1, Sec.  1.168(i)-(3)(d)(1), lines 4 thru 
6, the language, ``public utility property after [DATE OF PUBLICATION 
OF FINAL RULE IN THE Federal Register].'' is corrected to read ``public 
utility property after December 21, 2005.''.
    8. On page 75765, column 2, Sec.  1.168(i)-(3)(d)(2), lines 10 thru 
14, the language, ``rate order in effect on [DATE OF PUBLICATION OF 
FINAL RULE IN THE Federal Register], or [DATE 2 YEARS AFTER PUBLICATION 
OF FINAL RULE IN THE Federal Register].'' is corrected to read ``rate 
order in effect on December 21, 2005, or December 21, 2007.''.

Guy R. Traynor,
Federal Register Liaison, Publications and Regulations Branch, Legal 
Processing Division, Associate Chief Counsel, (Procedure and 
Administration).
[FR Doc. 05-24482 Filed 12-21-05; 2:14 pm]
BILLING CODE 4830-01-P