Proposed Rule2024-03862
Reporting for Qualified Tuition and Related Expenses, Education Tax Credits; Comment Period Reopening
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 26, 2024
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Department of the Treasury and the IRS are reopening the comment period for REG-131418-14, relating to the reporting requirements for qualified tuition and related expenses under Section 6050S, as well as to the proposed amendments to the regulations on the education tax credits under section 25A.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 38 (Monday, February 26, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 38 (Monday, February 26, 2024)]
[Proposed Rules]
[Page 14008]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-03862]
[[Page 14008]]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 301
[REG-131418-14]
RIN 1545-BN27
Reporting for Qualified Tuition and Related Expenses, Education
Tax Credits; Comment Period Reopening
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking; reopening of comment period.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury and the IRS are reopening the
comment period for REG-131418-14, relating to the reporting
requirements for qualified tuition and related expenses under Section
6050S, as well as to the proposed amendments to the regulations on the
education tax credits under section 25A.
DATES: The comment period for REG-131418-14, 81 FR 50657 (August 2,
2016) is reopened, and additional written or electronic comments and
requests for a public hearing must be received by April 26, 2024.
ADDRESSES: Commenters are strongly encouraged to submit additional
public comments electronically. Submit electronic submissions via the
Federal eRulemaking Portal at <a href="http://www.regulations.gov">www.regulations.gov</a> (indicate IRS and
REG-131418-14) by following the online instructions for submitting
comments. Once submitted to the Federal eRulemaking Portal, comments
cannot be edited or withdrawn. The Department of the Treasury (the
``Treasury Department'') and the Internal Revenue Service (the ``IRS'')
will publish for public availability any comment submitted
electronically, and on paper, to its public docket. Send paper
submissions to: CC:PA:01:PR (REG-131418-14), Room 5203, Internal
Revenue Service, P.O. 7604, Ben Franklin Station, Washington, DC 20044.
FOR FURTHER INFORMATION CONTACT: Concerning section 25A, Mon Lam or
YoungNa Lee at (202) 317-4178; concerning section 6050S, Blaise
Dusenberry at (202) 317-5405 (not toll-free numbers): Concerning
submissions of comments, Vivian Hayes, (202) 317-6901 (not a toll-free
number) or by email to <a href="/cdn-cgi/l/email-protection#c6b6b3a4aaafa5aea3a7b4afa8a1b586afb4b5e8a1a9b0"><span class="__cf_email__" data-cfemail="6b1b1e09070208030e0a1902050c182b021918450c041d">[email protected]</span></a> (preferred).
SUPPLEMENTARY INFORMATION: The proposed regulations were published on
August 2, 2016, (81 FR 50657) and a correction was made on September
26, 2016 (81 FR 65983) (the ``2016 proposed regulations''). Generally,
the 2016 proposed regulations provided guidance to educational
institutions relating to the preparation and submission of reporting
forms under section 6050S, for use by students claiming educational
credits under section 25A. The 2016 proposed regulations also would
amend the Income Tax Regulations on the education tax credits under
section 25A to conform the regulations to the rules for changes made to
section 25A by the Trade Preferences Extension Act of 2015 (Pub. L.
114-27 (129 Stat. 362)) (TPEA) and the Protecting Americans from Tax
Hikes Act of 2015 (Pub. L. 114-113 (129 Stat. 2242)) (PATH Act). In
addition, the 2016 proposed regulations would amend the Income Tax
Regulations on the education tax credits under section 25A to update
the definition of qualified tuition and related expenses in Sec.
1.25A-2(d) to reflect changes made by the American Recovery and
Reinvestment Act of 2009 (Pub. L. 111-5 (123 Stat. 115)), to clarify
the prepayment rule in Sec. 1.25A-5(e), and to clarify the rule for
refunds in Sec. 1.25A-5(f).
The Treasury Department and the IRS are considering finalizing the
2016 proposed regulations and, therefore, are reopening the comment
period with respect to the 2016 proposed regulations for 60 days.
Comments that were previously submitted in accordance with the 2016
proposed regulations will be considered and do not need to be submitted
again in response to this reopening of the comment period. The Treasury
Department and the IRS are particularly interested in comments
regarding the impact of any statutory changes on the reporting process.
The Treasury Department and the IRS are also interested in the impact
of technological changes to the reporting process.
In addition, the Treasury Department and the IRS are also
considering updating the section 25A regulations to reflect statutory
changes to the education tax credits under section 25A since the TPEA
and PATH Act, including changes made by the Tax Cuts and Jobs Act (Pub.
L. 115-97 (131 Stat. 2054)), the Consolidated Appropriations Act, 2018
(Pub. L. 115-141 (132 Stat. 351)), and the Consolidated Appropriations
Act, 2020 (Pub. L. 116-260 (134 Stat. 1182)). Specifically, the
statutory changes modify the amount of the American Opportunity Tax
Credit (AOTC); modify the number of years an eligible student can claim
the AOTC; increase the phaseouts for the Lifetime Learning Credit and
the AOTC; repeal the inflation adjustment; and change the ``Hope
Credit'' to the ``American Opportunity Tax Credit'' and remove the
terminology of ``Hope Credit.'' The Treasury Department and the IRS
request comments on the need for updating the section 25A regulations
to reflect any such statutory changes in final regulations.
Oluwafunmilayo A. Taylor,
Section Chief, Publications and Regulations Section, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. 2024-03862 Filed 2-23-24; 8:45 am]
BILLING CODE 4830-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on February 26, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.