[Federal Register Volume 81, Number 37 (Thursday, February 25, 2016)]
[Proposed Rules]
[Pages 9379-9380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-04004]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-150349-12]
RIN 1545-BL39


Amendments to the Low-Income Housing Credit Compliance-Monitoring 
Regulations

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 final and temporary regulations 
concerning the compliance-monitoring duties of a State or local housing 
credit agency (Agency) for purposes of the low-income housing credit. 
The final and temporary regulations revise and clarify certain rules 
relating to the requirements to conduct physical inspections and review 
low-income certifications and other documentation. The text of the 
temporary regulations also serves as the text of these proposed 
regulations.

DATES: Comments and requests for a public hearing must be received by 
May 25, 2016.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-150349-12), room 
5203, Internal Revenue Service, P.O. 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-
150349-12), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue NW., Washington, DC. Submissions may also be sent electronically 
via the Federal eRulemaking Portal at www.regulations.gov (IRS REG-
150349-12).

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Jian H. 
Grant, (202) 317-4137, and Martha M. Garcia, (202) 317-6853 (not toll-
free numbers); concerning submission of comments, the hearing, and/or 
to be placed on the building access list to attend the hearing, 
Oluwafunmilayo Taylor at (202) 317-6901 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    Final and 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 42 and serve as the 
text for these proposed regulations.

Special Analyses

    Certain IRS regulations, including this one, are exempt from the 
requirements of Executive Order 12866, as supplemented and reaffirmed 
by Executive Order 13563. 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 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 Requests for Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any comments that are submitted timely 
to the IRS as prescribed in this preamble under the ``ADDRESSES'' 
heading. The Treasury Department and the IRS request comments on all 
aspects of the proposed rules. All comments will be available at 
www.regulations.gov or upon request. 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, time, 
and place for the public hearing will be published in the Federal 
Register.

Drafting Information

    The principal authors of these regulations are Jian H. Grant and 
Martha M. Garcia, Office of the Associate Chief Counsel (Passthroughs 
and Special Industries). However, other personnel from the IRS and the 
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

0
Paragraph 1. The authority citation continues to read in part as 
follows:

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


[[Page 9380]]


0
Par. 2. Section 1.42-5 is amended by revising paragraphs (a)(2)(iii), 
(c)(2)(ii) and (iii), and (c)(3), and adding two sentences to paragraph 
(h) to read as follows:


Sec.  1.42-5  Monitoring compliance with low-income housing credit 
requirements.

    (a) * * *
    (2) * * *
    (iii) [The text of proposed amendments to Sec.  1.42-5(a)(2)(iii) 
is the same as the text of Sec.  1.42-5T(a)(2)(iii) published elsewhere 
in this issue of the Federal Register].
* * * * *
    (c) * * *
    (2) * * *
    (ii) [The text of proposed amendments to Sec.  1.42-5(c)(2)(ii) is 
the same as the text of Sec.  1.42-5T(c)(2)(ii) published elsewhere in 
this issue of the Federal Register].
    (iii) [The text of proposed amendments to Sec.  1.42-5(c)(2)(iii) 
is the same as the text of Sec.  1.42-5T(c)(2)(iii) published elsewhere 
in this issue of the Federal Register].
    (3) [The text of proposed amendments to Sec.  1.42-5(c)(3) is the 
same as the text of Sec.  1.42-5T(c)(3) published elsewhere in this 
issue of the Federal Register].
* * * * *
    (h) * * *
    [The text of the proposed addition to Sec.  1.42-5(h) is the same 
as the text of the first two sentences of Sec.  1.42-5T(h)(1) published 
elsewhere in this issue of the Federal Register].
* * * * *

John Dalrymple,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2016-04004 Filed 2-23-16; 4:15 pm]
 BILLING CODE 4830-01-P