Treasury Department Final Rule

2024-17945: Elective Payment of Applicable Credits; Correction

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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.

The agency’s own summary, as published.

The rule, in full

885 words as published, August 16, 2024. View the original →

Federal Register, Volume 89 Issue 159 (Friday, August 16, 2024) [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] ----------------------------------------------------------------------- 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. -----------------------------------------------------------------------

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

What this changes

Amends 2 parts of the Code of Federal Regulations — the standing rules this notice rewrites.

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