[Federal Register Volume 71, Number 238 (Tuesday, December 12, 2006)]
[Proposed Rules]
[Pages 74482-74483]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-21030]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-152043-05]
RIN 1545-BF14


Reduction in Taxable Income for Housing Hurricane Katrina 
Displaced Individuals

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 relating to 
the reduction in taxable income under section 302 of the Katrina 
Emergency Tax Relief Act of 2005. The regulations affect taxpayers that 
provide housing in their principal residences to individuals displaced 
by Hurricane Katrina. The text of those regulations also serves as the 
text of these proposed regulations.

DATES: Written or electronic comments must be received by March 12, 
2007.

ADDRESSES: Send submissions to: CC:PA:LPD:RU (REG-152043-05), Internal 
Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. 
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-152043-05), Courier's 
Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., 
Washington, DC. Alternatively, taxpayers may submit comments 
electronically via the IRS Internet site at http://www.irs.gov/regs or 
the Federal eRulemaking Portal at http://www.regulations.gov (IRS REG-
152043-05).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Marnette M. Myers, (202) 622-4920 (not a toll-free number); concerning 
submission of comments and/or to request a public hearing, Richard 
Hurst at [email protected].

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). 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 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 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 (a signed original 
and eight (8) copies) or electronic comments that are submitted timely 
to the IRS. The IRS and Treasury Department specifically request 
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 will be scheduled if requested 
in writing by any person that timely submits written comments. If a 
public hearing is scheduled, notice of the date,

[[Page 74483]]

time and place for the public hearing will be published in the Federal 
Register.

Drafting Information

    The principal author of these regulations is Marnette M. Myers of 
the Office of Associate Chief Counsel (Income Tax & Accounting). 
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 1.9300-1 is added to read as follows:

[The text of proposed Sec.  1.9300-1 is the same as the text of Sec.  
1.9300-1T published elsewhere in this issue of the Federal Register.]

 Linda M. Kroening,
Acting Deputy Commissioner for Services and Enforcement.
 [FR Doc. E6-21030 Filed 12-11-06; 8:45 am]
BILLING CODE 4830-01-P