81_FR_57621 81 FR 57458 - Arbitrage Guidance for Tax-Exempt Bonds; Correction

81 FR 57458 - Arbitrage Guidance for Tax-Exempt Bonds; Correction

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 163 (August 23, 2016)

Page Range57458-57459
FR Document2016-20087

This document contains corrections to final regulations (TD 9777) that were published in the Federal Register on Monday, July 18, 2016 (81 FR 46582). The final regulations relate to the arbitrage restrictions under section 148 of the Internal Revenue Code applicable to tax-exempt bonds and other tax-advantaged bonds issued by State and local governments.

Federal Register, Volume 81 Issue 163 (Tuesday, August 23, 2016) 
[Federal Register Volume 81, Number 163 (Tuesday, August 23, 2016)]
[Rules and Regulations]
[Pages 57458-57459]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20087]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9777]
RIN 1545-BG41; RIN 1545-BH38


Arbitrage Guidance for Tax-Exempt Bonds; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to final regulations (TD 
9777) that were published in the Federal Register on Monday, July 18, 
2016 (81 FR 46582). The final regulations relate to the arbitrage 
restrictions under section 148 of the Internal Revenue Code applicable 
to tax-exempt bonds and other tax-advantaged bonds issued by State and 
local governments.

DATES: This correction is effective August 23, 2016 and applicable July 
18, 2016.

FOR FURTHER INFORMATION CONTACT: Spence Hanemann at (202) 317-6980 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9777) that are the subject of this 
correction are under section 148 of the Internal Revenue Code.

[[Page 57459]]

Need for Correction

    As published, the final regulation (TD 9777) contains errors that 
may prove to be misleading and are in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

    Accordingly, 26 CFR part 1 is amended by making the following 
correcting amendment:

PART 1--INCOME TAXES

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

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


Section 1.148-11  [Amended]

0
 Par. 2. Section 1.148-11 is amended by removing ``October 17, 2016'' 
at end of paragraphs (l)(2) and (l)(3) and adding ``July 18, 2016'' in 
its place.

Martin V. Franks
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2016-20087 Filed 8-22-16; 8:45 am]
BILLING CODE 4830-01-P

57458 Federal Register / Vol. 81, No. 163 / Tuesday, August 23, 2016 / Rules and Regulations alternatives and, if regulation is Prohibited merchandise, Reporting and without having been advanced in value necessary, to select regulatory recordkeeping requirements, Restricted or improved in condition by any process approaches that maximize net benefits merchandise, Rubies sanctions. or other means while outside the United (including potential economic, States. 19 CFR Part 163 environmental, public health and safety effects, distributive impacts, and Administrative practice and PART 163—RECORDKEEPING equity). Executive Order 13563 procedure, Customs duties and emphasizes the importance of inspection, Exports, Imports, Penalties, ■ 3. The general authority citation for quantifying both costs and benefits, of Reporting and recordkeeping part 163 continues to read as follows: reducing costs, of harmonizing rules, requirements, Trade agreements. Authority: 5 U.S.C. 301; 19 U.S.C. 66, and of promoting flexibility. This rule is 1484, 1508, 1509, 1510, 1624. Amendments to the CBP Regulations not a ‘‘significant regulatory action,’’ * * * * * under section 3(f) of Executive Order For the reasons set forth in the 12866. Accordingly, the Office of preamble, parts 12 and 163 of title 19 of Appendix to Part 163 [Amended] Management and Budget has not the Code of Federal Regulations (19 CFR ■ 4. In the Appendix to part 163, within reviewed this regulation. parts 12 and 163) are amended as set section IV, the listing for § 12.151 is forth below. removed. Regulatory Flexibility Act The Regulatory Flexibility Act (5 PART 12—SPECIAL CLASSES OF R. Gil Kerlikowske, U.S.C. 601 et seq.), as amended by the MERCHANDISE Commissioner, U.S. Customs and Border Small Business Regulatory Enforcement Protection. and Fairness Act of 1996, requires an ■ 1. The general authority citation for Approved: August 17, 2016. agency to prepare and make available to part 12 continues to read, and the Timothy E. Skud, the public a regulatory flexibility specific authority citation for § 12.151 is Deputy Assistant Secretary of the Treasury. analysis that describes the effect of a revised to read, as follows: [FR Doc. 2016–20057 Filed 8–22–16; 8:45 am] proposed rule on small entities (i.e., Authority: 5 U.S.C. 301; 19 U.S.C. 66, 1202 BILLING CODE 9111–14–P small businesses, small organizations, (General Note 3(i), Harmonized Tariff and small governmental jurisdictions) Schedule of the United States (HTSUS)), when the agency is required to publish 1624. a general notice of proposed rulemaking * * * * * DEPARTMENT OF THE TREASURY for a rule. As a general notice of Section 12.151 also issued under E.O. proposed rulemaking is not necessary 13651 of August 6, 2013, 78 FR 48793. Internal Revenue Service for this rule, CBP is not required to * * * * * prepare a regulatory flexibility analysis 26 CFR Part 1 ■ 2. In § 12.151: for this rule. ■ a. The heading is revised; [TD 9777] Paperwork Reduction Act ■ b. Paragraph (a) introductory text is RIN 1545–BG41; RIN 1545–BH38 revised; Under the Paperwork Reduction Act, ■ c. Paragraph (b) is revised; and an agency may not conduct or sponsor, Arbitrage Guidance for Tax-Exempt ■ d. Paragraphs (c) through (g) are Bonds; Correction and a person is not required to respond removed. to, a collection of information unless it The revisions read as follows: AGENCY: Internal Revenue Service (IRS), displays a valid OMB control number. Treasury. The collections of information in this § 12.151 Prohibition on importations of jadeite or rubies mined or extracted from ACTION: Correcting amendment. final rule were previously approved by the Office of Management and Budget Burma, and articles of jewelry containing jadeite or rubies mined or extracted from SUMMARY: This document contains (OMB) in accordance with the corrections to final regulations (TD requirements of the Paperwork Burma. 9777) that were published in the Reduction Act (44 U.S.C. 3507) under (a) General. Except as provided in Federal Register on Monday, July 18, control number 1651–0133. However paragraph (b) of this section, the 2016 (81 FR 46582). The final this information collection and control importation into the United States of regulations relate to the arbitrage number were discontinued in 2014 jadeite or rubies mined or extracted restrictions under section 148 of the when the requirement for submission of from Burma, and articles of jewelry Internal Revenue Code applicable to tax- the certification from the exporter was containing jadeite or rubies mined or exempt bonds and other tax-advantaged eliminated. extracted from Burma is prohibited bonds issued by State and local pursuant to Executive Order (EO) 13651 Signing Authority governments. of August 6, 2013. For purposes of this This regulation is being issued in section, the following definitions apply: DATES: This correction is effective accordance with 19 CFR 0.1(a)(1) * * * * * August 23, 2016 and applicable July 18, pertaining to the Secretary of the (b) Inapplicability. This section does 2016. Treasury’s authority (or that of his not apply to Burmese jadeite, rubies, FOR FURTHER INFORMATION CONTACT: delegate) to approve regulations related and articles of jewelry containing Spence Hanemann at (202) 317–6980 to certain customs revenue functions. Burmese jadeite or rubies that are (not a toll-free number). List of Subjects reimported into the United States after SUPPLEMENTARY INFORMATION: ehiers on DSK5VPTVN1PROD with RULES having been previously exported from 19 CFR Part 12 the United States, including those that Background Customs duties and inspection, accompanied an individual outside the The final regulations (TD 9777) that Economic sanctions, Entry of United States for personal use, if they are the subject of this correction are merchandise, Foreign assets control, are reimported into the United States by under section 148 of the Internal Jadeite, Jewelry, Imports, Licensing, the same person who exported them, Revenue Code. VerDate Sep<11>2014 14:39 Aug 22, 2016 Jkt 238001 PO 00000 Frm 00020 Fmt 4700 Sfmt 4700 E:\FR\FM\23AUR1.SGM 23AUR1

Federal Register / Vol. 81, No. 163 / Tuesday, August 23, 2016 / Rules and Regulations 57459 Need for Correction SUPPLEMENTARY INFORMATION: display on and over the navigable As published, the final regulation (TD waterway. During the period of Background 9777) contains errors that may prove to enforcement, entry into the safety zone The final regulations (TD 9777) that is prohibited unless specifically be misleading and are in need of are the subject of this correction are authorized by the Captain of the Port clarification. under section 148 of the Internal Upper Mississippi River (COTP) or List of Subjects in 26 CFR Part 1 Revenue Code. other designated representative. Income taxes, Reporting and Need for Correction DATES: This rule is effective from 8:30 recordkeeping requirements. p.m. to 10:30 p.m. on September 3, As published, the final regulation (TD 2016. Correction of Publication 9777) contains errors that may prove to be misleading and are in need of ADDRESSES: To view documents Accordingly, 26 CFR part 1 is mentioned in this preamble as being clarification. amended by making the following available in the docket, go to http:// correcting amendment: Correction of Publication www.regulations.gov, type USCG–2016– Accordingly, the final regulation (TD 0689 in the ‘‘SEARCH’’ box and click PART 1—INCOME TAXES 9777), that is the subject of FR Doc. ‘‘SEARCH.’’ Click on Open Docket ■ Paragraph 1. The authority citation 2016–16558, are corrected as follows: Folder on the line associated with this for part 1 continues to read in part as ■ 1. On page 46591, in the preamble, the rule. follows: second column, under the paragraph FOR FURTHER INFORMATION CONTACT: If Authority: 26 U.S.C. 7805 * * * heading ‘‘Applicability Dates’’, a second you have questions on this rule, call or paragraph is added after the last email LCDR Sean Peterson, Chief of Section 1.148–11 [Amended] sentence to read as follows: ‘‘In Prevention, Sector Upper Mississippi ■ Par. 2. Section 1.148–11 is amended addition, the amendments to § 1.148– River, U.S. Coast Guard; telephone 314– by removing ‘‘October 17, 2016’’ at end 3(j) in the Final Regulations apply to 269–2332, email Sean.M.Peterson@ of paragraphs (l)(2) and (l)(3) and adding bonds subject to § 1.148–3(i). For this uscg.mil. ‘‘July 18, 2016’’ in its place. purpose, a bond is considered to be SUPPLEMENTARY INFORMATION: subject to § 1.148–3(i) if the issue of Martin V. Franks which the bond is a part is subject to the I. Table of Abbreviations Chief, Publications and Regulations Branch, version of § 1.148–3(i) published in TD BNM Broadcast Notice to Mariners Legal Processing Division, Associate Chief 8476 (58 FR 33510) or any subsequent CFR Code of Federal Regulations Counsel, (Procedure and Administration). version.’’. COTP Captain of the Port [FR Doc. 2016–20087 Filed 8–22–16; 8:45 am] ■ 2. On page 46591, in the preamble, the DHS Department of Homeland Security BILLING CODE 4830–01–P second column, under the paragraph FR Federal Register heading ‘‘Effect on Other Documents’’, LNM Local Notice to Mariners the first line, the language ‘‘As of July NPRM Notice of proposed rulemaking DEPARTMENT OF THE TREASURY 18, 2016, Revenue’’ is corrected to read § Section ‘‘As of October 17, 2016, Revenue’’. U.S.C. United States Code Internal Revenue Service UMR Upper Mississippi River Martin V. Franks, II. Background Information and 26 CFR Part 1 Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Regulatory History [TD 9777] Counsel, (Procedure and Administration). The Coast Guard is issuing this RIN 1545–BG41; RIN 1545–BH38 [FR Doc. 2016–20086 Filed 8–22–16; 8:45 am] temporary rule without prior notice and BILLING CODE 4830–01–P opportunity to comment pursuant to Arbitrage Guidance for Tax-Exempt authority under section 4(a) of the Bonds; Correction Administrative Procedure Act (APA) (5 DEPARTMENT OF HOMELAND U.S.C. 553(b)). This provision AGENCY: Internal Revenue Service (IRS), SECURITY authorizes an agency to issue a rule Treasury. without prior notice and opportunity to ACTION: Final regulations; correction. Coast Guard comment when the agency for good SUMMARY: This document contains cause finds that those procedures are 33 CFR Part 165 ‘‘impracticable, unnecessary, or contrary corrections to final regulations (TD 9777) that were published in the [Docket Number USCG–2016–0689] to the public interest.’’ Under 5 U.S.C. Federal Register on Monday, July 18, 553(b)(B), the Coast Guard finds that RIN 1625–AA00 good cause exists for not publishing a 2016 (81 FR 46582). The final regulations relate to the arbitrage NPRM with respect to this rule because Safety Zone; Upper Mississippi River, the Coast Guard was not notified of the restrictions under section 148 of the St. Louis, MO Internal Revenue Code applicable to tax- fireworks display until July 8, 2016. exempt bonds and other tax-advantaged AGENCY: Coast Guard, DHS. After full review of the details for the bonds issued by State and local ACTION: Temporary final rule. planned and locally advertised displays, governments. the Coast Guard determined action is SUMMARY: The Coast Guard is needed to protect people and property ehiers on DSK5VPTVN1PROD with RULES DATES: This correction is effective establishing a temporary safety zone on from the safety hazards associated with August 23, 2016 and applicable July 18, the Upper Mississippi River from mile the fireworks display on the UMR near 2016. 180 to mile 180.5. This temporary safety St. Louis, MO. It is impracticable to FOR FURTHER INFORMATION CONTACT: zone is necessary to protect persons and publish an NPRM because we must Spence Hanemann at (202) 317–6980 property from potential damage and establish this safety zone by September (not a toll-free number). safety hazards during a fireworks 3, 2016. VerDate Sep<11>2014 14:39 Aug 22, 2016 Jkt 238001 PO 00000 Frm 00021 Fmt 4700 Sfmt 4700 E:\FR\FM\23AUR1.SGM 23AUR1


Document Created: 2018-02-09 11:40:14
Document Modified: 2018-02-09 11:40:14
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionCorrecting amendment.
DatesThis correction is effective August 23, 2016 and applicable July 18, 2016.
ContactSpence Hanemann at (202) 317-6980 (not a toll-free number).
FR Citation81 FR 57458 
RIN Number1545-BG41 and 1545-BH38
CFR AssociatedIncome Taxes and Reporting and Recordkeeping Requirements
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR