Internal Revenue Service (IRS), Treasury.
Notice of proposed rulemaking by cross-reference to temporary regulations.
In this issue of the Bulletin, the IRS is issuing temporary regulations
(T.D. 9301) relating to the reduction in taxable income under section 302
of the Katrina Emergency Tax Relief Act of 2005. The regulations affect taxpayers
that provide housing in their principal residences to individuals displaced
by Hurricane Katrina. The text of those regulations also serves as the text
of these proposed regulations.
Written or electronic comments must be received by March 12, 2007.
Send submissions to: CC:PA:LPD:RU (REG-152043-05), Internal Revenue
Service, POB 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-152043-05), Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue, NW, Washington, DC. Alternatively, taxpayers
may submit comments electronically via the IRS Internet site at www.irs.gov/regs or
the Federal eRulemaking Portal at http://www.regulations.gov (IRS
REG-152043-05).
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations, Marnette M. Myers, (202) 622-4920
(not a toll-free number); concerning submission of comments and/or to request
a public hearing, Richard Hurst at Richard.A.Hurst@irscounsel.treas.gov.
SUPPLEMENTARY INFORMATION:
Temporary regulations in this issue of the Bulletin amend the Income
Tax Regulations (26 CFR part 1). The text of those regulations also serves
as the text of these proposed regulations. The preamble to the temporary
regulations explains the amendments.
It has been determined that this notice of proposed rulemaking is not
a significant regulatory action as defined in Executive Order 12866. 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
Code, this notice of proposed rulemaking will be submitted to the Chief Counsel
for Advocacy of the Small Business Administration for comment on its impact
on small business.
Comments and Requests for a Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written comments (a signed original and
eight (8) copies) or electronic comments that are submitted timely to the
IRS. The IRS and Treasury Department specifically request comments on the
clarity of the proposed rule and how it may be made easier to understand.
All comments will be available for public inspection and copying. 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.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
Paragraph 1. The authority citation for part 1 continues to read, in
part, as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.9300-1 is added to read as follows:
[The text of proposed §1.9300-1 is the same as the text of §1.9300-1T
published elsewhere in this issue of the Bulletin.]
Linda M. Kroening,
Acting
Deputy Commissioner for
Services and Enforcement.
Note
(Filed by the Office of the Federal Register for December 11, 2006,
8:45 a.m., and published in the issue of the Federal Register for December
12, 2006, 71 F.R. 74482)
The principal author of these regulations is Marnette M. Myers of the
Office of Associate Chief Counsel (Income Tax & Accounting). However,
other personnel from the IRS and Treasury Department participated in their
development.
* * * * *
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