Proposed Rule2024-03632
Definition of Energy Property and Rules Applicable to the Energy Credit; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 22, 2024
Effective
November 22, 2023
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
This document corrects a notice of proposed rulemaking (REG- 132569-17) published in the Federal Register on November 22, 2023, containing proposed regulations that would amend the regulations relating to the energy credit for the taxable year in which eligible energy property is placed in service.
Full Text
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<title>Federal Register, Volume 89 Issue 36 (Thursday, February 22, 2024)</title>
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[Federal Register Volume 89, Number 36 (Thursday, February 22, 2024)]
[Proposed Rules]
[Pages 13293-13294]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-03632]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-132569-17]
RIN 1545-BO40
Definition of Energy Property and Rules Applicable to the Energy
Credit; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking; correction.
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SUMMARY: This document corrects a notice of proposed rulemaking (REG-
132569-17) published in the Federal Register on November 22, 2023,
containing proposed regulations that would amend the regulations
relating to the energy credit for the taxable year in which eligible
energy property is placed in service.
DATES: The comment period for REG-132569-17 (88 FR 82188, November 22,
2023) is reopened, and additional written or electronic comments must
be received by March 25, 2024.
ADDRESSES: Commenters are strongly encouraged to submit public comments
electronically. Submit electronic submissions via the Federal
eRulemaking Portal at <a href="https://www.regulations.gov">https://www.regulations.gov</a> (indicate IRS and
REG-132569-17). Once submitted to the Federal eRulemaking Portal,
comments cannot be edited or withdrawn. The Department of the Treasury
(Treasury Department) and the IRS will publish for public availability
any comment submitted to its public docket.
Send paper submissions to: CC:PA:LPD:PR (REG-132569-17), Room 5203,
Internal Revenue Service, P.O. Box 7604, Ben Franklin Station,
Washington, DC 20044.
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
Office of Associate Chief Counsel (Passthroughs & Special Industries)
at (202) 317-6853 (not a toll-free number); concerning submissions of
comments, Vivian Hayes, (202) 317-6901 (not toll-free number) or by
email to <a href="/cdn-cgi/l/email-protection#f38386919f9a909b9692819a9d9480b39a8180dd949c85"><span class="__cf_email__" data-cfemail="215154434d484249444053484f4652614853520f464e57">[email protected]</span></a> (preferred).
SUPPLEMENTARY INFORMATION:
Background
The notice of proposed rulemaking (REG-132569-17) that is the
subject of this correction proposes regulations under section 48 of the
Internal Revenue Code (Code) (Proposed Regulations) addressing the
energy credit determined under section 48 for purposes of
[[Page 13294]]
sections 38 and 46 of the Code. The Proposed Regulations address the
treatment of certain gas upgrading equipment in a manner that warrants
a correction.
Need for Correction
As published, the Proposed Regulations would exclude from the
definition of ``qualified biogas property'' any ``gas upgrading
equipment necessary to concentrate the gas into the appropriate mixture
for injection into a pipeline through removal of other gases such as
carbon dioxide, nitrogen, or oxygen.'' See proposed Sec. 1.48-
9(e)(11)(i). Proposed Sec. 1.48-9(f)(1) would provide, however, that
property owned by the taxpayer that is an integral part of an energy
property (as defined in proposed Sec. 1.48-9(f)(3)) is treated as
energy property. A correction is needed to clarify that gas upgrading
equipment that is necessary to concentrate the gas from qualified
biogas property into the appropriate mixture for injection into a
pipeline through removal of other gases such as carbon dioxide,
nitrogen, or oxygen, would be energy property if it is an integral part
of an energy property as defined in proposed Sec. 1.48-9(f)(3).
Correction of Publication
Accordingly, the publication of the Proposed Regulations, which was
the subject of FR Doc. 2023-25539, is corrected by revising the
following sentence on page 82214, in the second column and before the
first full paragraph: ``However, gas upgrading equipment necessary to
concentrate the gas into the appropriate mixture for injection into a
pipeline through removal of other gases such as carbon dioxide,
nitrogen, or oxygen is not included in qualified biogas property.''
This sentence should be revised to read as follows: ``However, gas
upgrading equipment necessary to concentrate the gas into the
appropriate mixture for injection into a pipeline through removal of
other gases such as carbon dioxide, nitrogen, or oxygen is not a
functionally interdependent component (as defined in paragraph
(f)(2)(ii) of this section) of qualified biogas property.''
Oluwafunmilayo A. Taylor,
Section Chief, Publications and Regulations Section, Associate Chief
Counsel, Procedure and Administration.
[FR Doc. 2024-03632 Filed 2-21-24; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on February 22, 2024.
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