61704 Federal Register / Vol. 69, No. 202 / Wednesday, October 20, 2004 / Notices 

Determination 2004–48, the President 

determined that a waiver of the 

application of section 901(j)(1) of the 

Internal Revenue Code with respect to 

Libya is in the national interest of the 

United States and will expand trade and 

investment opportunities for U.S. 

companies in Libya and declared that he 

intended to grant such a waiver with 

respect to Libya. The President 

authorized and directed the Secretary of 

the Treasury to report to Congress in 

accordance with section 901(j)(5)(B) the 

President’s intention to grant the waiver 

and the reason for the determination. 

The Secretary of the Treasury issued the 

required report to the Congress on 

October 6, 2004.

SUPPLEMENTARY INFORMATION: The text of 

Presidential Determination 2004–48 and 

the text of the report of the Secretary of 

the Treasury are printed below.

Dated: October 15, 2004. 

Richard S. Carro, 

Senior Advisor to the General Counsel, 

(Regulatory Affairs).

Text of Presidential Determination No. 

2004–48 

The White House, Washington, 

September 20, 2004. 

Presidential Determination, No. 2004–

48.

Memorandum for the Secretary of the 

Treasury. 

Subject: Intention to Grant Waiver of the 

Application of Section 901(j) of the 

Internal Revenue Code with Respect 

to Libya.

By virtue of the authority vested in 

me by the Constitution and the laws of 

the United States, including section 

901(j)(5) of the Internal Revenue Code 

(the ‘‘Code’’) and section 301 of title 3, 

United States Code: 

(a) I hereby determine that the waiver 

of the application of section 901(j)(1) of 

the Code with respect to Libya is in the 

national interest of the United States 

and will expand trade and investment 

opportunities for U.S. companies in 

Libya; 

(b) I intend to grant such a waiver 

with respect to Libya; and 

(c) I authorize and direct you to report 

to the Congress in accordance with 

section 901(j)(5)(B) of the Code my 

intention to grant the waiver and the 

reason for this determination and to 

arrange for publication of this 

determination in the Federal Register. 

George W. Bush. 

Text of the Report of the Secretary of 

the Treasury (Issued October 6, 2004) 

Report to the Congress Pursuant to 

Section 901(j)(5)(B) of the Internal 

Revenue Code

Section 901 of the Internal Revenue 

Code generally permits a U.S. taxpayer 

to take a credit against U.S. income tax 

for taxes paid to a foreign country. The 

foreign tax credit is subject to various 

limitations and restrictions under 

section 901. 

Section 901(j)(1) imposes restrictions 

on the foreign tax credit in the case of 

income and taxes attributable to certain 

countries, including Libya. Section 

901(j)(1) generally provides that taxes 

paid on income from countries 

described in section 901(j)(2)(A) cannot 

be taken into account in computing a 

U.S. taxpayer’s foreign tax credit and 

that the income from such countries is 

subject to specific tax rules. 

Section 901(j)(5) authorizes the 

President to waive the restrictions of 

section 901(j)(1) if the President 

determines that a waiver of the 

application of such paragraph is in the 

national interest of the United States 

and will expand trade and investment 

opportunities for U.S. companies in 

such country. Not less than 30 days 

before the date on which a waiver is 

granted, the President must report to 

Congress the intention to grant such a 

waiver. 

The President has determined that a 

waiver of the application of section 

901(j)(1) with respect to Libya is in the 

national interest of the United States 

and will expand trade and investment 

opportunities for U.S. companies in 

Libya. The President therefore stated his 

intention to grant such a waiver with 

respect to Libya. The President also 

authorized and directed the Secretary of 

the Treasury to report to Congress the 

President’s intention to grant the 

waiver. 

The granting of such a waiver is in the 

national interest of the United States. In 

light of recent actions taken by the 

Government of Libya, including 

commitments and actions to eliminate 

its weapons of mass destruction 

programs and its Missile Technology 

Control Regime (MTCR)-class missiles, 

it is in the national interest of the 

United States to uphold the President’s 

commitment to respond in good faith by 

strengthening economic ties between 

the United States and Libya as one facet 

in the gradual normalization of U.S.-

Libyan relations. The restrictions 

imposed by section 901(j) currently 

inhibit the development of such 

economic ties, and waiver of the 

restrictions of section 901(j)(1) will 

contribute to better and stronger 

commercial relations between the 

United States and Libya. 

The granting of such a waiver will 

also expand trade and investment 

opportunities for U.S. companies in 

Libya. Upon grant of the waiver, U.S. 

companies will be better able to 

compete with companies based in other 

countries in selling goods and providing 

services to Libyan companies and 

consumers. With the restrictions of 

section 901(j) of the Code removed, U.S. 

companies will be in a better position to 

create U.S. jobs through exports to and 

investments in Libya. 

[FR Doc. 04–23563 Filed 10–19–04; 8:45 am] 

BILLING CODE 4810–25–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 5307

AGENCY: Internal Revenue Service (IRS), 

Treasury.

ACTION: Notice and request for 

comments. 

SUMMARY: The Department of the 

Treasury, as part of its continuing effort 

to reduce paperwork and respondent 

burden, invites the general public and 

other Federal agencies to take this 

opportunity to comment on proposed 

and/or continuing information 

collections, as required by the 

Paperwork Reduction Act of 1995, Pub. 

L. 104–13 (44 U.S.C. 3506(c)(2)(A)). 

Currently, the IRS is soliciting 

comments concerning Form 5307, 

Application for Determination for 

Adopters of Master or Prototype or 

Volume Submitter Plans.

DATES: Written comments should be 

received on or before December 20, 2004 

to be assured of consideration.

ADDRESSES: Direct all written comments 

to Paul H. Finger, Internal Revenue 

Service, room 6512, 1111 Constitution 

Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or 

copies of the form and instructions 

should be directed to R. Joseph Durbala, 

(202) 622–3634, Internal Revenue 

Service, room 6516, 1111 Constitution 

Avenue NW., Washington, DC 20224, or 

through the Internet at 

RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION: 

Title: Application for Determination 

for Adopters of Master or Prototype or 

Volume Submitter Plans. 

OMB Number: 1545–0200. 

Form Number: 5307. 

Abstract: Employers whose pension 

plans meet the requirements of Internal 

Revenue Code section 401(a) are 

permitted a deduction for their 

contributions to these plans. To have a 

plan qualified under Code section 

Federal Register / Vol. 69, No. 202 / Wednesday, October 20, 2004 / Notices 61705

401(a), the employer must submit an 

application to the IRS as required by 

regulation § 1.401–1(b)(2). Form 5307 is 

used as an application for this purpose 

by adopters of master or prototype or 

volume submitter plans. 

Current Actions: There are no changes 

being made to the form at this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents:

100,000. 

Estimated Time Per Respondent: 51 

hours, 9 minutes. 

Estimated Total Annual Burden 

Hours: 5,115,000. 

The following paragraph applies to all 

of the collections of information covered 

by this notice: 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Books or records relating to a collection 

of information must be retained as long 

as their contents may become material 

in the administration of any internal 

revenue law. Generally, tax returns and 

tax return information are confidential, 

as required by 26 U.S.C. 6103. 

Request for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for OMB approval. All 

comments will become a matter of 

public record. Comments are invited on: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the collection of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology; and (e) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information.

Approved: October 15, 2004. 

Paul H. Finger, 

IRS Reports Clearance Officer.

[FR Doc. 04–23483 Filed 10–19–04; 8:45 am] 

BILLING CODE 4830–01–P