[Federal Register Volume 89, Number 163 (Thursday, August 22, 2024)]
[Rules and Regulations]
[Pages 67859-67860]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18576]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9993]
RIN 1545-BQ64
Transfer of Certain Credits; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final rule; correction and correcting amendment.
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SUMMARY: This document includes corrections to the final regulations
(Treasury Decision 9993) published in the Federal Register on Tuesday,
April 30, 2024. Treasury Decision 9993 contains final regulations
concerning the election under the Inflation Reduction Act of 2022 to
transfer certain tax credits.
DATES: These corrections are effective on August 22, 2024 and for dates
of applicability, see Sec. Sec. 1.6418-1(r), 1.6418-2(g), 1.6418-3(f),
1.6418-4(d), and 1.6418-5(j).
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, James
Holmes at (202) 317-5114 and Jeremy Milton at (202) 317-5665 (not toll-
free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9993) subject to these corrections are
issued under section 6418 of the Internal Revenue Code.
Corrections of Publication
Accordingly, FR Doc. 2024-08926 (TD 9993), appearing on page 34770
in the Federal Register of Tuesday, April 30, 2024, is corrected as
follows:
1. On page 34772, in the first column, in the fourth line from the
top of the first partial paragraph, the language ``apples'' is
corrected to read ``applies''.
2. On page 34774, in the first column, the seventeenth line from
the top of the second full paragraph, is corrected to read ``the IRS
confirm that the proposed''.
3. On page 34781, in the first column, the fourth line from the top
of the
[[Page 67860]]
second partial paragraph, is corrected to read ``that referred to the
``average transfer''.
4. On page 34793, in the third column, the second line from the top
of the second full paragraph, is corrected to read ``defined an
excessive credit transfer''.
5. On page 34798, in the second column, in the second line from the
bottom of the third full paragraph, the language ``credit'' is
corrected to read ``credits''.
6. On page 34799, in the third column, the first line of the first
full paragraph is corrected to read, ``The Treasury Department and the
IRS solicited''.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction to the Regulations
Accordingly, 26 CFR part 1 is corrected by making the following
correcting amendments:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Sec. 1.6418-1 [Corrected]
Par. 2. Section 1.6418-1 is amended in paragraph (b) by removing
the language ``Sec. 1.6417-1(b)'' and adding the language ``Sec.
1.6417-1(c)'' in its place.
Par. 3. Section 1.6418-2 is amended:
0
1. In the introductory text of paragraph (b)(4)(iii), by removing the
language ``((b)(6)(i)'' and adding the language ``(b)(6)(i)'' in its
place.
0
2. By revising the sixth sentence of paragraph (b)(4)(iii)(C).
0
3. In paragraph (b)(5)(ii)(C) by removing the language ``707(b)(1))''
and adding the language ``707(b)(1)'' in its place.
The revision reads as follows:
Sec. 1.6418-2 Rules for making transfer elections
* * * * *
(b) * * *
(4) * * *
(iii) * * *
(C) * * * As a result of the $40X decrease in the credit
determined, C reduces the $20X of section 45Y credit retained by C to
$0X, and reduces the amount of section 45Y credit transferred to D, E,
and F to $30X, $24X, and $6X, respectively (their respective pro rata
shares of the reduced amount). * * *
* * * * *
Par. 4. Section 1.6418-3 is amended:
0
1. In paragraph (d)(2), by removing the language ``specific'' from the
second sentence and adding ``specified'' in its place.
0
2. Revising the second sentence of paragraph (e)(3)(ii).
The revision reads as follows:
Sec. 1.6418-3 Additional rules for partnership and S corporations.
* * * * *
(e) * * *
(3) * * *
(ii) * * * Under Sec. 1.704-1(b)(4)(ii), for an eligible credit
that is not an investment tax credit and that arises from receipts of a
partnership, allocations of credit are deemed to be in accordance with
the partners' interests in the partnership if the credit is allocated
in the same proportion as the partners' distributive shares of the
receipts that give rise to the credit. * * *
* * * * *
Sec. 1.6418-4 [Corrected]
Par. 5. Section 1.6418-4 is amended in paragraph (c)(4), by
removing the language ``applicable'' in the first sentence and adding
the language ``eligible'' in its place.
Sec. 1.6418-5 [Corrected]
Par. 6. Section 1.6418-5 is amended:
0
1. In paragraph (b)(3)(ii), by removing the language ``payments'' in
the last sentence and adding the language ``payment'' in its place.
0
2. In paragraph (d)(3)(i), by removing the language ``eligible
transferee'' in the last sentence and adding the language ``transferee
taxpayer'' in its place.
0
3. In paragraph (d)(3)(iii), by removing the language ``be'' in the
first sentence and adding the language ``been'' in its place.
Oluwafunmilayo A. Taylor,
Section Chief, Publications and Regulations Section, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. 2024-18576 Filed 8-21-24; 8:45 am]
BILLING CODE 4830-01-P