81 FR 9379 - Amendments to the Low-Income Housing Credit Compliance-Monitoring Regulations

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 37 (February 25, 2016)

Page Range		9379-9380
FR Document		2016-04004

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.

Federal Register, Volume 81 Issue 37 (Thursday, February 25, 2016)

[Federal Register Volume 81, Number 37 (Thursday, February 25, 2016)]
[Proposed Rules]
[Pages 9379-9380]
From the Federal Register Online  [www.thefederalregister.org]
[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.

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

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

Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Proposed Rules 9379

(iii) AMOC ANM–116–14–429, dated DEPARTMENT OF THE TREASURY relating to section 42 and serve as the
September 25, 2014, is not approved as an text for these proposed regulations.
AMOC for the corresponding provisions of Internal Revenue Service
this AD. Special Analyses
(2) Contacting the Manufacturer: As of the 26 CFR Part 1 Certain IRS regulations, including this
effective date of this AD, for any requirement one, are exempt from the requirements
[REG–150349–12]
in this AD to obtain corrective actions from of Executive Order 12866, as
a manufacturer, the action must be RIN 1545–BL39 supplemented and reaffirmed by
accomplished using a method approved by Executive Order 13563. Therefore, a
the Manager, International Branch, ANM– Amendments to the Low-Income regulatory assessment is not required. It
116, Transport Airplane Directorate, FAA; or Housing Credit Compliance-Monitoring also has been determined that section
the European Aviation Safety Agency Regulations 553(b) of the Administrative Procedure
(EASA); or Airbus’s EASA Design Act (5 U.S.C. chapter 5) does not apply
AGENCY: Internal Revenue Service (IRS),
Organization Approval (DOA). If approved by to these regulations, and because the
Treasury.
the DOA, the approval must include the regulations do not impose a collection
ACTION: Notice of proposed rulemaking
DOA-authorized signature. of information on small entities, the
(3) Required for Compliance (RC): If any by cross-reference to temporary
regulations. Regulatory Flexibility Act (5 U.S.C.
service information contains procedures or chapter 6) does not apply. Pursuant to
tests that are identified as RC, those SUMMARY: In the Rules and Regulations section 7805(f) of the Internal Revenue
procedures and tests must be done to comply section of this issue of the Federal Code, this notice of proposed
with this AD; any procedures or tests that are Register, the IRS is issuing final and rulemaking will be submitted to the
not identified as RC are recommended. Those temporary regulations concerning the Chief Counsel for Advocacy of the Small
procedures and tests that are not identified Business Administration for comment
compliance-monitoring duties of a State
as RC may be deviated from using accepted
or local housing credit agency (Agency) on their impact on small business.
methods in accordance with the operator’s
for purposes of the low-income housing
maintenance or inspection program without Comments and Requests for Public
credit. The final and temporary
obtaining approval of an AMOC, provided Hearing
regulations revise and clarify certain
the procedures and tests identified as RC can Before these proposed regulations are
rules relating to the requirements to
be done and the airplane can be put back in adopted as final regulations,
conduct physical inspections and
an airworthy condition. Any substitutions or consideration will be given to any
changes to procedures or tests identified as
review low-income certifications and
other documentation. The text of the comments that are submitted timely to
RC require approval of an AMOC.
temporary regulations also serves as the the IRS as prescribed in this preamble
(u) Related Information text of these proposed regulations. under the ‘‘ADDRESSES’’ heading. The
(1) Refer to Mandatory Continuing DATES: Comments and requests for a Treasury Department and the IRS
Airworthiness Information (MCAI) EASA public hearing must be received by May request comments on all aspects of the
Airworthiness Directive 2015–0009, dated 25, 2016. proposed rules. All comments will be
January 16, 2015, for related information. ADDRESSES: Send submissions to:
available at www.regulations.gov or
This MCAI may be found in the AD docket CC:PA:LPD:PR (REG–150349–12), room upon request. A public hearing will be
on the Internet at http://www.regulations.gov 5203, Internal Revenue Service, P.O. scheduled if requested in writing by any
by searching for and locating Docket No. Box 7604, Ben Franklin Station, person that timely submits written
FAA–2016–3701. Washington, DC 20044. Submissions comments. If a public hearing is
(2) Service information identified in this may be hand delivered Monday through scheduled, notice of the date, time, and
AD that is not incorporated by reference may Friday between the hours of 8 a.m. and place for the public hearing will be
be obtained at Airbus SAS—Airworthiness 4 p.m. to: CC:PA:LPD:PR (REG–150349– published in the Federal Register.
Office—EAL, 1 Rond Point Maurice Bellonte, 12), Courier’s Desk, Internal Revenue Drafting Information
31707 Blagnac Cedex, France; telephone +33 Service, 1111 Constitution Avenue NW.,
5 61 93 36 96; fax +33 5 61 93 45 80; email The principal authors of these
Washington, DC. Submissions may also
airworthiness.A330–A340@airbus.com; regulations are Jian H. Grant and Martha
be sent electronically via the Federal
Internet http://www.airbus.com. M. Garcia, Office of the Associate Chief
eRulemaking Portal at
(3) For service information identified in Counsel (Passthroughs and Special
www.regulations.gov (IRS REG–150349–
this AD, contact Airbus SAS—Airworthiness Industries). However, other personnel
12).
Office—EAL, 1 Rond Point Maurice Bellonte, from the IRS and the Treasury
31707 Blagnac Cedex, France; telephone +33 FOR FURTHER INFORMATION CONTACT: Department participated in their
5 61 93 36 96; fax +33 5 61 93 45 80; email Concerning the regulations, Jian H. development.
airworthiness.A330–A340@airbus.com; Grant, (202) 317–4137, and Martha M.
Internet http://www.airbus.com. You may Garcia, (202) 317–6853 (not toll-free List of Subjects in 26 CFR Part 1
view this service information at the FAA, numbers); concerning submission of Income taxes, Reporting and
Transport Airplane Directorate, 1601 Lind comments, the hearing, and/or to be recordkeeping requirements.
Avenue SW., Renton, WA. For information placed on the building access list to
on the availability of this material at the attend the hearing, Oluwafunmilayo Proposed Amendments to the
FAA, call 425–227–1221. Taylor at (202) 317–6901 (not a toll-free Regulations
rmajette on DSK2TPTVN1PROD with PROPOSALS

number). Accordingly, 26 CFR part 1 is
Issued in Renton, Washington, on February
15, 2016. SUPPLEMENTARY INFORMATION: proposed to be amended as follows:
Michael Kaszycki, Background PART 1—INCOME TAXES
Acting Manager, Transport Airplane Final and temporary regulations in
Directorate, Aircraft Certification Service. the Rules and Regulations section of this ■ Paragraph 1. The authority citation
[FR Doc. 2016–03699 Filed 2–24–16; 8:45 am] issue of the Federal Register amend the continues to read in part as follows:
BILLING CODE 4910–13–P Income Tax Regulations (26 CFR part 1) Authority: 26 U.S.C. 7805 * * *

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9380 Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Proposed Rules

■ Par. 2. Section 1.42–5 is amended by Guard Sector Northern New England deleted from the tables accordingly. In
revising paragraphs (a)(2)(iii), (c)(2)(ii) Captain of the Port Zone for annual addition, minor changes to existing
and (iii), and (c)(3), and adding two recurring marine events. When events were made to ensure the
sentences to paragraph (h) to read as enforced, these proposed special local accuracy of event details.
follows: regulations and safety zones would The purpose of this rulemaking is to
restrict vessels from portions of water reduce administrative overhead,
§ 1.42–5 Monitoring compliance with low- areas during certain annually recurring expedite public notification of events,
income housing credit requirements. and ensure the protection of the
events. The proposed special local
(a) * * * regulations and safety zones are maritime public during marine events in
(2) * * * intended to expedite public notification the Sector Northern New England area.
(iii) [The text of proposed and ensure the protection of the The Coast Guard proposes this
amendments to § 1.42–5(a)(2)(iii) is the maritime public and event participants rulemaking under authority in 33 U.S.C.
same as the text of § 1.42–5T(a)(2)(iii) from the hazards associated with certain 1231.
published elsewhere in this issue of the maritime events. We invite your
Federal Register]. III. Discussion of Proposed Rule
comments on this proposed rulemaking.
* * * * * DATES: Comments and related material The proposed rule would update the
(c) * * * must be received by the Coast Guard on tables of annual recurring events in the
(2) * * * or before April 25, 2016. existing regulation for the Coast Guard
(ii) [The text of proposed amendments Sector Northern New England COTP
ADDRESSES: You may submit comments
to § 1.42–5(c)(2)(ii) is the same as the Zone. The tables provide the event
identified by docket number USCG–
text of § 1.42–5T(c)(2)(ii) published name, sponsor, and type, as well as
2015–1052 the Federal eRulemaking
elsewhere in this issue of the Federal approximate times, dates, and locations
Portal http://www.regulations.gov. See
Register]. of the events. Advanced public
the ‘‘Public Participation and Request
(iii) [The text of proposed notification of specific times, dates,
for Comments’’ portion of the
amendments to § 1.42–5(c)(2)(iii) is the regulated areas, and enforcement
SUPPLEMENTARY INFORMATION section for
same as the text of § 1.42–5T(c)(2)(iii) periods for each event will be provided
instructions on submitting comments.
published elsewhere in this issue of the through appropriate means, which may
FOR FURTHER INFORMATION CONTACT: If
Federal Register]. include, but are not limited to, the Local
you have questions about this proposed Notice to Mariners, Broadcast Notice to
(3) [The text of proposed amendments rulemaking, call or email Chief Marine
to § 1.42–5(c)(3) is the same as the text Mariners, or a Notice of Enforcement
Science Technician Chris Bains, published in the Federal Register at
of § 1.42–5T(c)(3) published elsewhere Waterways Management Division at
in this issue of the Federal Register]. least 30 days prior to the event date. If
Coast Guard Sector Northern New an event does not have a date and time
* * * * * England, telephone (207) 347–5003, or
(h) * * * listed in this regulation, then the precise
email Chris.D.Bains@uscg.mil. dates and times of the enforcement
[The text of the proposed addition to SUPPLEMENTARY INFORMATION:
§ 1.42–5(h) is the same as the text of the period for that event will be announced
first two sentences of § 1.42–5T(h)(1) I. Table of Abbreviations through a Local Notice to Mariners and,
published elsewhere in this issue of the if time permits, a Notice of Enforcement
CFR Code of Federal Regulations
Federal Register]. DHS Department of Homeland Security
in the Federal Register.
* * * * * E.O. Executive order IV. Regulatory Analyses
FR Federal Register
John Dalrymple, NPRM Notice of proposed rulemaking We developed this proposed rule after
Deputy Commissioner for Services and Pub. L. Public Law considering numerous statutes and
Enforcement. § Section executive orders (E.O.s) related to
U.S.C. United States Code rulemaking. Below we summarize our
[FR Doc. 2016–04004 Filed 2–23–16; 4:15 pm]
II. Background, Purpose, and Legal analyses based on a number of these
BILLING CODE 4830–01–P
Basis statutes and E.O.s, and we discuss First
Amendment rights of protestors.
Swim events, fireworks displays, and
DEPARTMENT OF HOMELAND marine events are held on an annual A. Regulatory Planning and Review
SECURITY recurring basis on the navigable waters E.O.s 12866 and 13563 direct agencies
within the Coast Guard Sector Northern to assess the costs and benefits of
Coast Guard New England COTP Zone. In the past, available regulatory alternatives and, if
the Coast Guard has established special regulation is necessary, to select
33 CFR Part 100 and 165 local regulations, regulated areas, and regulatory approaches that maximize
[Docket No. USCG–2015–1052] safety zones for these annual recurring net benefits. E.O. 13563 emphasizes the
events on a case by case basis to ensure importance of quantifying both costs
RIN 1625–AA08; AA00 the protection of the maritime public and benefits, of reducing costs, of
and event participants from the hazards harmonizing rules, and of promoting
Special Local Regulations and Safety
associated with these events. As flexibility. This NPRM has not been
Zones; Recurring Marine Events Held
mentioned above, the Coast Guard has designated a ‘‘significant regulatory
in the Coast Guard Sector Northern
rmajette on DSK2TPTVN1PROD with PROPOSALS

not received public comments or action,’’ under E.O. 12866. Accordingly,
New England Captain of the Port Zone
concerns regarding the impact to the NPRM has not been reviewed by the
AGENCY: Coast Guard, DHS. waterway traffic from the Coast Guard’s Office of Management and Budget.
ACTION: Notice of proposed rulemaking. regulations associated with these We expect the economic impact of
annually recurring events. In the past this proposed rule to be minimal.
SUMMARY: The Coast Guard proposes to year, events were assessed for their Although this regulation may have some
update special local regulations and likelihood to recur in subsequent years impact on the public, the potential
permanent safety zones in the Coast or to discontinue, and were added to or impact will be minimized for the

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Document Created: 2018-02-02 14:35:40
Document Modified: 2018-02-02 14:35:40

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Proposed Rules
Action		Notice of proposed rulemaking by cross-reference to temporary regulations.
Dates		Comments and requests for a public hearing must be received by May 25, 2016.
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).
FR Citation		81 FR 9379
RIN Number		1545-BL39
CFR Associated		Income Taxes and Reporting and Recordkeeping Requirements

81 FR 9379 - Amendments to the Low-Income Housing Credit Compliance-Monitoring Regulations

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 81, Issue 37 (February 25, 2016)

DEPARTMENT OF THE TREASURY
Internal Revenue Service