[Federal Register Volume 89, Number 159 (Friday, August 16, 2024)]
[Rules and Regulations]
[Pages 66562-66563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-17945]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 301

[TD 9988]
RIN 1545-BQ63


Elective Payment of Applicable Credits; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final rule; correction and correcting amendments.

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SUMMARY: This document contains corrections to Treasury Decision 9988, 
which was published in the Federal Register for Monday, March 11, 2024. 
Treasury Decision 9988 issued final regulations concerning the election 
under the Inflation Reduction Act of 2022 to treat the amount of 
certain tax credits as a payment of Federal income tax.

DATES: These corrections are effective on August 16, 2024 and for dates 
of applicability see Sec. Sec.  1.6417-1(q), 1.6417-2(f), 1.6417-3(f), 
1.6417-4(f), 1.6417-5(d), 1.6417-6(e), 301.6241-1(b)(1), and 301.6241-
7(k)(3).

FOR FURTHER INFORMATION CONTACT: Concerning these final regulations, 
Jeremy Milton at (202) 317-5665 and James Holmes at (202) 317-5114 (not 
toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9988) that are the subject of this 
correction are under section 6417 of the Code.

Corrections to Publication

    Accordingly, the final regulations (TD 9988) that are the subject 
of FR Doc. 2024-04604, published on March 11, 2024, are corrected to 
read:
    1. On page 17550, in the first column, in the fourth line from the 
top of the first full paragraph, the language ``designed'' is corrected 
to read ``designated''.
    2. On page 17552, in the third column, in the eighth line from the 
bottom of the first full paragraph, the language ``cert denied'' is 
corrected to read ``cert. denied''.
    3. On page 17559, in the third column, in the twelfth line from the 
top of the first partial paragraph, the language ``[ ]'' is corrected 
to read ``...''.
    4. On page 17560, in the first column, in the tenth line from the 
top of the first partial paragraph, the language ``book'' is corrected 
to read ``books''.
    5. On page 17561, in the second column, in the eighth line from the 
bottom of the last partial paragraph, the language ``tax-exempt'' is 
corrected to read, ``tax exempt''.
    6. On page 17561, in the third column, in the fifteenth line from 
the top of the first partial paragraph, the language ``tax-exempt'' is 
corrected to read ``tax exempt''.
    7. On page 17562, in the second column, the third line from the 
bottom of the second full paragraph is corrected to read, ``so as not 
to incur an addition to tax due''.
    8. On page 17575, in the first column, in the tenth line from the 
top of the first partial paragraph, the language ``tax-exempt'' is 
corrected to read ``tax exempt''.
    9. On page 17577, in the second column, in the tenth line from the 
top of the first full paragraph, the language ``Section'' is corrected 
to read ``part''.
    10. On page 17581, in the third column, the second line from the 
bottom of the last partial paragraph the language ``Section'' is 
corrected to read ``section''.
    11. On page 17582, in the third column, the last sentence of the 
first full paragraph is corrected to read, ``Although there is 
uncertainty as to the exact number of small businesses within this 
group, the current estimated number of respondents to these final rules 
is 20,000 taxpayers.''.
    12. On page 17583, in the first column, in the fourth line the from 
the bottom of the second full paragraph, the column is corrected to 
read, ``verified or have received registration''.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Corrections to the Regulations

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendments:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 is amended by adding the 
entries for Sections 1.6417-0 through 1.6417-6 in numerical order and 
removing the entry for section 1.6417-5T to read in part as follows:

    Authority: 26 U.S.C. 7805 * * *
* * * * *
    Section 1.6417-0 also issued under 26 U.S.C. 6417(h).
    Section 1.6417-1 also issued under 26 U.S.C. 6417(h).
    Section 1.6417-2 also issued under 26 U.S.C. 6417(h).
    Section 1.6417-3 also issued under 26 U.S.C. 6417(h).
    Section 1.6417-4 also issued under 26 U.S.C. 6417(h).
    Section 1.6417-5 also issued under 26 U.S.C. 6417(h).
    Section 1.6417-6 also issued under 26 U.S.C. 6417(h).
* * * * *

0
Par. 2. Section 1.6417-0 is amended by revising the entry for Sec.  
1.6417-1(b) to read as follows:


Sec.  1.6417-0  Table of contents.

* * * * *


Sec.  1.6417-1  Elective payment election of applicable credits.

* * * * *
    (b) Annual tax return.
* * * * *

[[Page 66563]]

Sec.  1.6417-2  [Corrected]

0
Par. 3. Section 1.6417-2 is amended by removing the language ``book and 
records'' in the second sentence of paragraph (b)(3)(i) and adding the 
language ``books and records'' in its place.


Sec.  1.6417-4  [Corrected]

0
Par. 4. Section 1.6417-4 is amended by removing the language 
``corporation. (such as, for investment'' in paragraph (c)(1)(vi) and 
adding the language ``corporation (such as, for investment'' in its 
place.

Oluwafunmilayo A. Taylor,
Section Chief, Publications & Regulations Section, Associate Chief 
Counsel, (Procedure and Administration).
[FR Doc. 2024-17945 Filed 8-15-24; 8:45 am]
BILLING CODE 4830-01-P