[Federal Register Volume 72, Number 249 (Monday, December 31, 2007)]
[Proposed Rules]
[Pages 74213-74215]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-25222]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-147290-05]
RIN 1545-BF08


Nuclear Decommissioning Funds

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 under 
section 468A of the Internal Revenue Code relating to deductions for 
contributions to trusts maintained for decommissioning nuclear power 
plants. The temporary regulations reflect changes to the law made by 
the Energy Policy Act of 2005, and affect most taxpayers that own an 
interest in a nuclear power plant. The text of the temporary 
regulations also serves as the text of these proposed regulations.

DATES: Written or electronic comments and requests for a public hearing 
must be received by March 31, 2008.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-147290-05), room 
5203, Internal Revenue Service, PO Box 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-
147290-05), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC, or sent electronically, via the Federal 
eRulemaking Portal at http://www.regulations.gov/ (IRS REG-147290-05).

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Patrick S. 
Kirwan, (202) 622-3110; concerning submissions and to request a 
hearing, Kelly Banks, (202) 622-7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Paperwork Reduction Act

    The collection of information contained in this notice of proposed

[[Page 74214]]

rulemaking has been submitted to the Office of Management and Budget 
for review in accordance with the Paperwork Reduction Act of 1995 (44 
U.S.C. 3507(d)). OMB has approved, on a temporary basis, the 
information collections contained in the cross-referenced temporary 
rule under control number 1545-2091. Comments on the collection of 
information should be sent to the Office of Management and Budget, 
Attn: Desk Officer for the Department of the Treasury, Office of 
Information and Regulatory Affairs, Washington, DC 20503, with copies 
to the Internal Revenue Service, Attn: IRS Reports Clearance Officer, 
SE:W:CAR:MP:T:T:SP, Washington, DC 20224. Comments on the collection of 
information should be received by February 29, 2008. Comments are 
specifically requested concerning:
    Whether the proposed collection of information is necessary for the 
proper performance of the functions of the IRS, including whether the 
information will have practical utility;
    The accuracy of the estimated burden associated with the proposed 
collection of information;
    How the quality, utility, and clarity of the information to be 
collected may be enhanced;
    How the burden of complying with the proposed collection of 
information may be minimized, including through the application of 
automated collection techniques or other forms of information 
technology; and
    Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of service to provide information.
    The collection of information in this proposed regulation is in 
Sec. Sec.  1.468A-3T(h), 1.468A-4T, 1.468A-7T, and 1.468A-8T(d). The 
information collected under Sec.  1.468A-3T(h) is required to evaluate 
whether the taxpayer has properly determined the schedule of ruling 
amounts. The information collected under Sec.  1.468A-7T pertains to 
the initial election to maintain a qualified nuclear decommissioning 
trust fund. The information collected under Sec.  1.468A-8T(d) is 
required to evaluate whether the taxpayer has properly determined the 
schedule of deduction amounts. The collection of information is 
mandatory. The likely recordkeepers are owners of nuclear power plants.
    Estimated total annual recordkeeping burden: 2,500 hours.
    The estimated annual burden per recordkeeper varies depending on 
individual circumstances, with an estimated average of 25 hours.
    Estimated number of recordkeepers: 100.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a valid 
control number assigned by the Office of Management and Budget.
    Books or records relating to a collection of information must be 
retained as long as their contents may become material in the 
administration of any internal revenue law. Generally, tax returns and 
tax return information are confidential, as required by 26 U.S.C. 6103.

Background

    The temporary regulations in the Rules and Regulations section of 
this issue of the Federal Register contain amendments to 26 CFR part 1 
providing regulations under section 468A of the Internal Revenue Code 
of 1986 (Code). Section 468A was amended by section 1310 of the Energy 
Policy Act of 2005, Public Law 109-58 (119 Stat. 594).

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 468A 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) and (d) of the Administrative 
Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations. 
It is hereby certified that this regulation will not have a significant 
economic impact on a substantial number of small entities. The proposed 
regulations do not impose a collection of information on small 
entities. Accordingly, a regulatory flexibility analysis is not 
required. We request comment on the accuracy of this certification. 
Pursuant to section 7805(f) of the Code, this regulation has been 
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 electronically generated comments that are 
submitted timely to the IRS. The IRS and Treasury Department generally 
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 may be scheduled if requested 
in writing by a person who timely submits 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 Patrick S. Kirwan, 
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 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 * * *

    Section 1.468A-5 also issued under 26 U.S.C. 468A(e)(5). * * *

    Par. 2. Sections 1.468A-0 through 1.468A-9 are added to read as 
follows:


Sec.  1.468A-0  Table of contents.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-0T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-1  Nuclear decommissioning costs; general rules.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-1T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-2  Treatment of electing taxpayer.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-2T published elsewhere in this issue of the Federal Register.]

[[Page 74215]]

Sec.  1.468A-3  Ruling amount.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-3T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-4  Treatment of nuclear decommissioning fund.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-4T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-5  Nuclear decommissioning fund--miscellaneous provisions.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-5T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-6  Disposition of an interest in a nuclear power plant.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-6T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-7  Manner of and time for making election.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-7T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-8  Special transfers to qualified funds pursuant to 
section 468A(f).

    [The text of this proposed section is the same as the text of Sec.  
1.468A-8T published elsewhere in this issue of the Federal Register.]


Sec.  1.468A-9  Effective/applicability date and transitional rules.

    [The text of this proposed section is the same as the text of Sec.  
1.468A-9T(a) and (b) published elsewhere in this issue of the Federal 
Register.]

Kevin M. Brown,
Deputy Commissioner for Services and Enforcement.
[FR Doc. E7-25222 Filed 12-28-07; 8:45 am]
BILLING CODE 4830-01-P