[Federal Register Volume 89, Number 159 (Friday, August 16, 2024)]
[Unknown Section]
[Pages 66858-66864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16461]
[[Page 66857]]
Vol. 89
Friday,
No. 159
August 16, 2024
Part XIII
Department of the Treasury
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 89 , No. 159 / Friday, August 16, 2024 / UA:
Reg Flex Agenda
[[Page 66858]]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
31 CFR Subtitles A and B
Semiannual Agenda
AGENCY: Department of the Treasury.
ACTION: Semiannual Regulatory Agenda.
-----------------------------------------------------------------------
SUMMARY: This notice is given pursuant to the requirements of the
Regulatory Flexibility Act and Executive Order 12866 (``Regulatory
Planning and Review''), as amended, which require the publication by
the Department of a semiannual agenda of regulations.
FOR FURTHER INFORMATION CONTACT: The Agency contact identified in the
item relating to that regulation.
SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda includes
regulations that the Department has issued or expects to issue and
rules currently in effect that are under departmental or bureau review.
The complete Unified Agenda will be available online at
www.reginfo.gov and www.regulations.gov, in a format that offers users
an enhanced ability to obtain information from the Agenda database.
Because publication in the Federal Register is mandated for the
regulatory flexibility agenda required by the Regulatory Flexibility
Act (5 U.S.C. 602), Treasury's printed agenda entries include only:
(1) Rules that are in the regulatory flexibility agenda, in
accordance with the Regulatory Flexibility Act, because they are likely
to have a significant economic impact on a substantial number of small
entities; and
(2) Rules that have been identified for periodic review under
section 610 of the Regulatory Flexibility Act.
Printing of these entries is limited to fields that contain
information required by the Regulatory Flexibility Act's Agenda
requirements. Additional information on these entries is available in
the Unified Agenda available on the internet.
The semiannual agenda of the Department of the Treasury conforms to
the Unified Agenda format developed by the Regulatory Information
Service Center (RISC).
Michael Briskin,
Deputy Assistant General Counsel for General Law and Regulation.
Financial Crimes Enforcement Network--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
177....................... Section 6101. 1506-AB52
Establishment of National
Exam and Supervision
Priorities.
178....................... Revisions to Customer Due 1506-AB60
Diligence Requirements
for Financial
Institutions.
179....................... Investment Adviser 1506-AB66
Customer Identification
Program Requirements for
Registered Investment
Advisers and Exempt
Reporting Advisers.
------------------------------------------------------------------------
Financial Crimes Enforcement Network--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
180....................... Residential Real Estate 1506-AB54
Transaction Reports and
Records.
181....................... Anti-Money Laundering 1506-AB58
Program and Suspicious
Activity Report Filing
Requirements for
Investment Advisers.
------------------------------------------------------------------------
Financial Crimes Enforcement Network--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
182....................... Amendments to the 1506-AB36
Definition of Broker or
Dealer in Securities
(Crowd Funding).
183....................... Clarification of the 1506-AB41
Requirement to Collect,
Retain, and Transmit
Information on
Transactions Involving
Convertible Virtual
Currencies and Digital
Assets With Legal Tender
Status.
184....................... Section 6110. Bank Secrecy 1506-AB50
Act Application to
Dealers in Antiquities
and Assessment of Bank
Secrecy Act Application
to Dealers in Arts.
185....................... Section 6212. Pilot 1506-AB51
Program on Sharing of
Information Related to
Suspicious Activity
Reports Within a
Financial Group.
186....................... Commercial Real Estate 1506-AB61
Transaction Reports and
Records.
------------------------------------------------------------------------
Financial Crimes Enforcement Network--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
187....................... Requirements for Certain 1506-AB47
Transactions Involving
Convertible Virtual
Currency or Digital
Assets.
188....................... Beneficial Ownership 1506-AB59
Information Access and
Safeguards.
------------------------------------------------------------------------
Customs Revenue Function--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
189....................... Entry of Low-Value 1515-AE84
Shipments.
------------------------------------------------------------------------
[[Page 66859]]
Customs Revenue Function--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
190....................... Enforcement of Copyrights 1515-AE26
and the Digital
Millennium Copyright Act.
------------------------------------------------------------------------
Internal Revenue Service--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
191....................... Base erosion and anti- 1545-BR20
abuse tax (Section 610
Review).
------------------------------------------------------------------------
Internal Revenue Service--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
192....................... Mental Health Parity and 1545-BQ29
Addiction Equity Act and
the Consolidated
Appropriations Act, 2021.
------------------------------------------------------------------------
Internal Revenue Service--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
193....................... Section 30D Clean Vehicle 1545-BQ52
Credit Regulations.
194....................... Elective Payment of 1545-BQ63
Applicable Credits Under
Section 6417.
195....................... Transfer of Certain 1545-BQ64
Credits Under Section
6418.
196....................... Transfer Provisions of 1545-BQ86
Sections 30D and 25E.
197....................... Section 30D Foreign Entity 1545-BQ99
of Concern.
------------------------------------------------------------------------
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Proposed Rule Stage
177. Section 6101. Establishment of National Exam and Supervision
Priorities [1506-AB52]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a notice of proposed rulemaking
as part of the establishment of national exam and supervision
priorities. The proposed rule implements section 6101(b) of the Anti-
Money Laundering Act of 2020 that requires the Secretary of the
Treasury to issue and promulgate rules for financial institutions to
carry out the government-wide anti-money laundering and countering the
financing of terrorism priorities (AML/CFT Priorities). The proposed
rule: (i) incorporates a risk assessment requirement for financial
institutions; (ii) requires financial institutions to incorporate AML/
CFT Priorities into risk-based programs; and (iii) provides for certain
technical changes. Once finalized, this proposed rule will affect all
financial institutions subject to regulations under the Bank Secrecy
Act that have AML/CFT program obligations.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/00/24 .......................
NPRM Comment Period End............. 09/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB52
178. Revisions to Customer Due Diligence Requirements for Financial
Institutions [1506-AB60]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a notice of proposed rulemaking
entitled ``Revisions to Customer Due Diligence Requirements for
Financial Institutions,'' relating to Section 6403(d) of the Corporate
Transparency Act (CTA). Section 6403(d) of the CTA requires FinCEN to
revise its customer due diligence requirements for financial
institutions to account for the changes created by the beneficial
ownership information reporting and access requirements set out in the
CTA.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/00/24 .......................
NPRM Comment Period End............. 12/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB60
179. Investment Adviser Customer Identification Program
Requirements for Registered Investment Advisers and Exempt Reporting
Advisers [1506-AB66]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: To apply customer identification program requirements to
registered investment advisers and exempt reporting advisers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/21/24 89 FR 44571
[[Page 66860]]
NPRM Comment Period End............. 07/22/24 .......................
Reviewing Comments.................. 08/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB66
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Final Rule Stage
180. Residential Real Estate Transaction Reports and Records [1506-
AB54]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a final rule, proposed February
16, 2024, to address money laundering vulnerabilities in the
residential real estate sector. The proposed rule would require certain
persons involved in real estate closings and settlements to report non-
financed transfers of residential real property made to specified legal
entities or trusts.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 12/08/21 86 FR 69589
ANPRM Comment Period End............ 02/07/22 .......................
NPRM................................ 02/16/24 89 FR 12424
NPRM Comment Period End............. 04/16/24 .......................
Final Action........................ 08/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB54
181. Anti-Money Laundering Program and Suspicious Activity Report
Filing Requirements for Investment Advisers [1506-AB58]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a final rule, proposed February
15, 2024, that would prescribe minimum standards for anti-money
laundering programs to be established by certain investment advisers
and to require such investment advisers to report suspicious activity
to FinCEN pursuant to the Bank Secrecy Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/15/24 89 FR 12108
NPRM Comment Period End............. 04/15/24 .......................
Final Action........................ 08/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB58
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Long-Term Actions
182. Amendments to the Definition of Broker or Dealer in Securities
(Crowd Funding) [1506-AB36]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN is finalizing amendments to the regulatory
definitions of ``broker or dealer in securities'' under the regulations
implementing the Bank Secrecy Act. The changes are intended to expand
the current scope of the definitions to include funding portals
involved in the offering or selling of securities through crowdfunding
pursuant to section 4(a)(6) of the Securities Act of 1933. In addition,
these amendments would require funding portals to implement policies
and procedures reasonably designed to achieve compliance with all of
the Bank Secrecy Act requirements that are currently applicable to
brokers or dealers in securities. The rule to require these
organizations to comply with the Bank Secrecy Act regulations is
intended to help prevent money laundering, terrorist financing, and
other financial crimes.
Note: This is not a new requirement; it replaces RINs 1506-AB24
and 1506-AB29.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/04/16 81 FR 19086
NPRM Comment Period End............. 06/03/16 .......................
-----------------------------------
Final Action........................ To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB36
183. Clarification of the Requirement To Collect, Retain, and Transmit
Information on Transactions Involving Convertible Virtual Currencies
and Digital Assets With Legal Tender Status [1506-AB41]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: The Board of Governors of the Federal Reserve System and
FinCEN (collectively, the ``Agencies'') intend to issue a revised
proposal to clarify the meaning of ``money'' as used in the rules
implementing the Bank Secrecy Act requiring financial institutions to
collect, retain, and transmit information on certain funds transfers
and transmittals of funds. The Agencies intend that the revised
proposal will ensure that the rules apply to domestic and cross-border
transactions involving convertible virtual currency, which is a medium
of exchange (such as cryptocurrency) that either has an equivalent
value as currency, or acts as a substitute for currency, but lacks
legal tender status. The Agencies further intend that the revised
proposal will clarify that these rules apply to domestic and cross-
border transactions involving digital assets that have legal tender
status.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/27/20 85 FR 68005
NPRM Comment Period End............. 11/27/20 .......................
Second NPRM......................... 07/00/25 .......................
Second NPRM Comment Period End...... 09/00/25 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB41
[[Page 66861]]
184. Section 6110. Bank Secrecy Act Application to Dealers in
Antiquities and Assessment of Bank Secrecy Act Application to Dealers
in Arts [1506-AB50]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking
to implement Section 6110 of the Anti-Money Laundering Act of 2020 (the
AML Act). This section amends the Bank Secrecy Act (31 U.S.C.
5312(a)(2)) to include as a financial institution a person engaged in
the trade of antiquities, including an advisor, consultant, or any
other person who engages as a business in the solicitation or the sale
of antiquities, subject to regulations prescribed by the Secretary of
the Treasury. The section further requires the Secretary of the
Treasury to issue proposed rules to implement the amendment within 360
days of enactment of the AML Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 09/24/21 86 FR 53021
ANPRM Comment Period End............ 10/25/21 .......................
-----------------------------------
NPRM................................ To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB50
185. Section 6212. Pilot Program on Sharing of Information Related to
Suspicious Activity Reports Within a Financial Group [1506-AB51]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a Final Rule in order to
implement Section 6212 of the Anti-Money Laundering Act of 2020 (the
AML Act). This section amends the Bank Secrecy Act (31 U.S.C. 5318(g))
to establish a pilot program that permits financial institutions to
share suspicious activity report (SAR) information with their foreign
branches, subsidiaries, and affiliates for the purpose of combating
illicit finance risks. The section further requires the Secretary of
the Treasury to issue rules to implement the amendment within one year
of enactment of the AML Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/25/22 87 FR 3719
NPRM Comment Period End............. 03/28/22 .......................
-----------------------------------
Final Rule.......................... To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB51
186. Commercial Real Estate Transaction Reports and Records [1506-AB61]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a notice of proposed rulemaking
to address money laundering vulnerabilities in the U.S. commercial real
estate sector.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/00/25 .......................
NPRM Comment Period End............. 02/00/26 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB61
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Completed Actions
187. Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets [1506-AB47]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN is amending the regulations implementing the Bank
Secrecy Act (BSA) to require banks and money service businesses (MSBs)
to submit reports, keep records, and verify the identity of customers
in relation to transactions involving convertible virtual currency
(CVC) or digital assets with legal tender status (``legal tender
digital assets'' or ``LTDA'') held in unhosted wallets, or held in
wallets hosted in a jurisdiction identified by FinCEN.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Withdrawn........................... 04/12/24 .......................
Withdrawn........................... 04/12/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB47
188. Beneficial Ownership Information Access and Safeguards [1506-AB59]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN issued a final rule entitled ``Beneficial
Ownership Information Access and Safeguards'' on December 22, 2023. The
final rule establishes protocols to protect the security and
confidentiality of the beneficial ownership information (BOI) reported
to FinCEN pursuant to the Bank Secrecy Act, as amended by Section
6403(a) of the Corporate Transparency Act, and establishes the
framework for authorized recipients' access to the BOI reported.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Action........................ 12/22/23 88 FR 88732
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB59
DEPARTMENT OF THE TREASURY (TREAS)
Customs Revenue Function (CUSTOMS)
Proposed Rule Stage
189. Entry of Low-Value Shipments [1515-AE84]
Legal Authority: 19 U.S.C. 1321
Abstract: This document proposes amendments to the U.S. Customs and
Border Protection (CBP) regulations pertaining to the entry of certain
low-value shipments not exceeding $800 that are eligible for an
administrative exemption from duty and tax. Specifically, CBP proposes
to create a new process for entering low-value shipments, allowing CBP
to target high-risk shipments more effectively, including those
containing synthetic opioids such as fentanyl. This document also
proposes to revise the current
[[Page 66862]]
process for entering low-value shipments to require additional data
elements that would assist CBP in verifying eligibility for duty- and
tax-free entry of low-value shipments and bona-fide gifts.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Christopher Mabelitini, Director, Intellectual
Property Rights & E-Commerce Division, Department of the Treasury,
Customs Revenue Function, 1300 Pennsylvania Avenue NW, Washington, DC
20229, Phone: 202 325-6915.
RIN: 1515-AE84
DEPARTMENT OF THE TREASURY (TREAS)
Customs Revenue Function (CUSTOMS)
Final Rule Stage
190. Enforcement of Copyrights and the Digital Millennium Copyright Act
[1515-AE26]
Legal Authority: Title III of the Trade Facilitation and Trade
Enforcement Act of 2015 (Pub. L. 114-125); 19 U.S.C. 1595a(c)(2)(G); 19
U.S.C. 1624
Abstract: This rule amends the U.S. Customs and Border Protection
(CBP) regulations pertaining to importations of merchandise that
violate or are suspected of violating the copyright laws in accordance
with title III of the Trade Facilitation and Trade Enforcement Act of
2015 (TFTEA) and certain provisions of the Digital Millennium Copyright
Act (DMCA).
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/16/19 84 FR 55251
NPRM Comment Period End............. 12/16/19 .......................
Final Rule.......................... 07/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alaina Van Horn, Chief, Intellectual Property
Enforcement Branch, Department of the Treasury, Customs Revenue
Function, 1331 Pennsylvania Avenue NW, Washington, DC 20229, Phone: 202
325-0083, Email: [email protected].
RIN: 1515-AE26
DEPARTMENT OF THE TREASURY (TREAS)
Internal Revenue Service (IRS)
Proposed Rule Stage
191. Base Erosion and Anti-Abuse Tax (Section 610 Review)
[1545-BR20]
Legal Authority: 26 U.S.C. 59A
Abstract: These regulations provide guidance under section 59A
regarding the base erosion and anti-abuse tax, including guidance
regarding reporting of qualified derivatives payments.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: No
Agency Contact: Sheila Ramaswamy, Attorney-Advisor, Department of
the Treasury, Internal Revenue Service, 1111 Constitution Avenue NW,
Washington, DC 20224, Phone: 202 317-6938, Fax: 202 317-4922, Email:
[email protected].
RIN: 1545-BR20
DEPARTMENT OF THE TREASURY (TREAS)
Internal Revenue Service (IRS)
Final Rule Stage
192. Mental Health Parity and Addiction Equity Act and the Consolidated
Appropriations Act, 2021 [1545-BQ29]
Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB,
Title II; Pub. L. 110-343, secs. 511-512
Abstract: This rule would finalize proposed amendments to the final
rules implementing the Mental Health Parity and Addiction Equity Act
(MHPAEA). The amendments clarify plans' and issuers' obligations under
the law, promote compliance with MHPAEA, and update requirements to
take into account experience with MHPAEA in the years since the rules
were finalized. The rule would also finalize new regulations
implementing amendments to MHPAEA recently enacted as part of the
Consolidated Appropriations Act, 2021 (CAA, 2021).
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 08/03/23 88 FR 51552
NPRM Comment Period Extended........ 09/28/23 88 FR 66728
NPRM Comment Period Extended End.... 10/17/23 .......................
Final Action........................ 07/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Shira McKinlay, Senior Counsel (Tax), Department of
the Treasury, Internal Revenue Service, 1111 Constitution Avenue NW,
Room 5702, Washington, DC 20224, Phone: 202 317-5256, Email:
[email protected].
RIN: 1545-BQ29
DEPARTMENT OF THE TREASURY (TREAS)
Internal Revenue Service (IRS)
Completed Actions
193. Section 30D Clean Vehicle Credit Regulations [1545-BQ52]
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 30D
Abstract: Section 13401 of the IRA amends 30D(b) of the Code to,
among other things, provide a maximum credit of $7,500 per vehicle,
consisting of $3,750 in the case of a vehicle that meets certain
critical minerals requirements and $3,750 in the case of a vehicle that
meets certain battery components requirements. In general, vehicles may
satisfy the critical minerals and battery components requirements if a
required percentage of the value of the critical minerals or battery
components in the vehicle's battery are sourced from a location
specified by statute. The critical minerals and battery components
requirements are applicable to vehicles placed in service after the
date on which the Secretary of the Treasury or her delegate issues
proposed guidance relating to these new requirements. The proposed
regulations provide clarity to taxpayers and vehicle manufacturers on
the critical minerals and battery components requirements. These
clarifications include definitions of terms such as ``extracted,''
``processed,'' ``recycled,'' and ``free trade agreement.'' The proposed
regulations also clarify the rules for determining whether a critical
mineral was extracted, processed, or recycled or a battery component
was manufactured or assembled in a location that satisfies these
requirements. The proposed regulations also provide guidance on how
vehicle manufacturers may determine compliance with these requirements
for their vehicles. The
[[Page 66863]]
proposed regulations also clarify the definition of certain terms
relevant to new requirements for the new clean vehicle credit. These
clarifications include definitions of terms such as ``final assembly,''
``North America,'' ``manufacturer's suggested retail price,'' and
``placed in service.'' These proposed regulations also clarify the
vehicles that are considered vans, sport utility vehicles, pickup
trucks, or other vehicles for purposes of applying new manufacturer's
suggested retail price limitations added by the IRA. The expected
definitions were published in IRS Notice 2023-1, as modified by IRS
Notice 2023-16.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Public Hearing...................... 01/31/24 89 FR 1858
Final Action........................ 05/06/24 89 FR 37706
Final Action Effective.............. 07/05/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Maggie M. Stehn, Phone: 202 317-4547, Fax: 202 317-
7868, Email: [email protected].
Rika Valdman, Phone: 202 317-5227, Fax: 202 317-7868, Email:
[email protected].
RIN: 1545-BQ52
194. Elective Payment of Applicable Credits Under Section 6417 [1545-
BQ63]
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 6417(h)
Abstract: Final regulations regarding the elective payment of
applicable credits under section 6417 established by section 13801(a)
of the Inflation Reduction Act of 2022.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Action (TD 9988).............. 03/11/24 89 FR 17546
Correction.......................... 04/16/24 89 FR 26786
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Jeremy A. Milton, Phone: 202 317-5665, Fax: 855
591-7865, Email: [email protected].
RIN: 1545-BQ63
195. Transfer of Certain Credits Under Section 6418 [1545-BQ64]
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 6418(h)
Abstract: Final regulations regarding the transfer of certain
credits under section 6418 established by section 13801(b) of the
Inflation Reduction Act of 2022.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Action........................ 04/30/24 89 FR 34770
Final Action Effective.............. 07/01/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jeremy A. Milton, Phone: 202 317-5665, Fax: 855
591-7865, Email: [email protected].
RIN: 1545-BQ64
196. Transfer Provisions of Sections 30D and 25E [1545-BQ86]
Legal Authority: 26 U.S.C. 25E; 26 U.S.C. 30D; 26 U.S.C. 6213; 26
U.S.C. 7805
Abstract: Section 30D calls for the establishment of regulations
for several purposes. One of those provisions is in Section 30D(g)(1)
which provides that subject to regulations or other guidance as the
Secretary determines necessary, if the taxpayer who acquires a new
clean vehicle elects the application of section 30D(g) with respect to
such vehicle, the credit which would otherwise be allowed to such
taxpayer with respect to such vehicle shall be allowed to the eligible
entity in such election, and not to such taxpayer. Section 25E(f)
provides that Rules similar to the rules of section 30D(g) shall apply.
On October 5, 2022, Notice 2022-46 was published in I.R.B. 2022-43,
requesting comments regarding sections 30D and 25E.
On December 8, 2022, Revenue Procedure 2022-42 was published in
I.R.B. 2022-52, providing procedures, inter alia, for seller's reports
relating to the sale of clean vehicles.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/10/23 88 FR 70310
Public Hearing...................... 01/31/24
Final Action........................ 05/06/24 89 FR 37706
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Rika Valdman, Phone: 202 317-5227, Fax: 202 317-
7868, Email: [email protected].
RIN: 1545-BQ86
197. Section 30D Foreign Entity of Concern [1545-BQ99]
Legal Authority: 26 U.S.C. 30D; 26 U.S.C. 7805
Abstract: Section 30D calls for the establishment of regulations
for several purposes. One of those provisions is in section 30D(e)(3),
which provides that the Secretary shall issue regulations or other
guidance as the Secretary determines necessary to carry out the
purposes of section 30D(e) regarding the critical mineral and battery
component requirements, including regulations or other guidance which
provides for the requirements for recordkeeping or information
reporting for purposes of administering the requirements of section
30D(e). Section 30D(e)(1)(B) and 30D(e)(2)(B) provide applicable
percentage requirements for critical minerals and battery components,
respectively, for vehicles placed in service during various tax years,
beginning with vehicles placed in service before January 1, 2024.
Section 30D(d)(7) provides that for purposes of this section, the
term new clean vehicle shall not include: (1) any vehicle placed in
service after December 31, 2024, with respect to which any of the
applicable critical minerals contained in the battery of such vehicle
(as described in section 30D(e)(1)(A)) were extracted, processed, or
recycled by a foreign entity of concern (as defined in section
40207(a)(5) of the Infrastructure Investment and Jobs Act (42 U.S.C.
18741(a)(5))), or any vehicle placed in service after December 31,
2023, with respect to which any of the components contained in the
battery of such vehicle (as described in section 30D(e)(2)(A)) were
manufactured or assembled by a foreign entity of concern (as so
defined).
On April 17, 2023, proposed regulations were published in the
Federal Register, 88 FR 23370, which provided proposed definitions for
certain terms related to section 30D, proposed rules regarding personal
and business use and other special rules, and additional proposed rules
related to the critical mineral and battery component requirements.
The Internal Revenue Service and Department of Treasury intend to
publish proposed regulations and a revenue procedure regarding vehicle
transfer elections provided for in sections 25E(f) and 30D(g). As of
the date of preparing this RIN request, such proposed regulations and
revenue procedure have not yet been published.
These proposed regulations will provide guidance regarding foreign
entity of concern for purposes of section 30D(d)(7).
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/04/23 88 FR 84098
[[Page 66864]]
NPRM Comment Period End............. 01/18/24
Public Hearing...................... 01/31/24
Final Action........................ 05/06/24 89 FR 37706
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Rika Valdman, Senior Technician Reviewer,
Department of the Treasury, Internal Revenue Service, 1111 Constitution
Avenue NW, Room 5112, Washington, DC 20224, Phone: 202 317-5227, Fax:
202 317-7868, Email: [email protected].
RIN: 1545-BQ99
[FR Doc. 2024-16461 Filed 8-15-24; 8:45 am]
BILLING CODE 4810-01-P; 4810-02-P; 9111-14-P