Rule2024-17945
Elective Payment of Applicable Credits; 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
August 16, 2024
Effective
August 16, 2024
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 159 (Friday, August 16, 2024)</title>
</head>
<body><pre>
[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 [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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
</pre></body>
</html>Indexed from Federal Register on August 16, 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.