Federal Register / Vol. 69, No. 242 / Friday, December 17, 2004 / Proposed Rules 75493

Drafting Information 

The principal author of these 

regulations is John Ricotta of the Office 

of the Division Counsel/Associate Chief 

Counsel (Tax Exempt and Government 

Entities). However, other personnel 

from the IRS and Treasury participated 

in their development.

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements.

Proposed Amendments to the 

Regulations 

Accordingly, 26 CFR part 1 is 

proposed to be amended as follows:

PART 1—INCOME TAXES 

Paragraph 1. The authority citation for 

part 1 is amended by adding an entry in 

numerical order to read, in part, as 

follows:

Authority: 26 U.S.C. 7805 * * *.

Section 1.409(p)–1 also issued under 26 

U.S.C. 409(p)(7)(A). * * *

Par. 2. Section 1.409(p)–1 is added to 

read as follows:

§ 1.409(p)–1 Prohibited allocation of 

securities in an S corporation.

[The text of proposed § 1.409(p)–1 is the 

same as the text of § 1.409(p)–1T published 

elsewhere in this issue of the Federal 

Register].

Mark E. Matthews, 

Deputy Commissioner for Services and 

Enforcement.

[FR Doc. 04–27295 Filed 12–16–04; 8:45 am] 

BILLING CODE 4830–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD01–04–126] 

RIN 1625–AA09 

Drawbridge Operation Regulations; 

Cheesequake Creek, NJ.

AGENCY: Coast Guard, DHS.

ACTION: Notice of proposed rulemaking.

SUMMARY: The Coast Guard proposes to 

change the drawbridge operating 

regulations governing the operation of 

the S35 Bridge, mile 0.0, across 

Cheesequake Creek at Morgan, South 

Amboy, New Jersey. This proposed rule 

would allow the bridge to open on the 

hour only from 7 a.m. to 8 p.m., May 1 

through October 30. In addition, this 

proposed rule would also allow the 

bridge owner to require a 4-hour 

advance notice for openings from 11 

p.m. to 7 a.m., all year, and all day from 

November 1 through April 30. This rule 

is expected to relieve the bridge owner 

of the burden of crewing the bridge at 

all times while still providing for the 

reasonable needs of navigation.

DATES: Comments must reach the Coast 

Guard on or before February 15, 2005.

ADDRESSES: You may mail comments 

and related material to Commander 

(obr), First Coast Guard District Bridge 

Branch, One South Street, Battery Park 

Building, New York, New York 10004, 

or deliver them to the same address 

between 7 a.m. and 3 p.m., Monday 

through Friday, except Federal holidays. 

The telephone number is (212) 668–

7165. The First Coast Guard District, 

Bridge Branch, maintains the public 

docket for this rulemaking. Comments 

and material received from the public, 

as well as documents indicated in this 

preamble as being available in the 

docket, will become part of this docket 

and will be available for inspection or 

copying at the First Coast Guard 

District, Bridge Branch, 7 a.m. to 3 p.m., 

Monday through Friday, except Federal 

holidays.

FOR FURTHER INFORMATION CONTACT: Joe 

Arca, Project Officer, First Coast Guard 

District, (212) 668–7069.

SUPPLEMENTARY INFORMATION: 

Request for Comments 

We encourage you to participate in 

this rulemaking by submitting 

comments or related material. If you do 

so, please include your name and 

address, identify the docket number for 

this rulemaking (CGD01–04–126), 

indicate the specific section of this 

document to which each comment 

applies, and give the reason for each 

comment. Please submit all comments 

and related material in an unbound 

format, no larger than 81⁄2 by 11 inches, 

suitable for copying. If you would like 

to know if they reached us, please 

enclose a stamped, self-addressed 

postcard or envelope. We will consider 

all comments and material received 

during the comment period. We may 

change this proposed rule in view of 

them. 

Public Meeting 

We do not now plan to hold a public 

meeting. But you may submit a request 

for a meeting by writing to the First 

Coast Guard District, Bridge Branch, at 

the address under ADDRESSES explaining 

why one would be beneficial. If we 

determine that one would aid this 

rulemaking, we will hold one at a time 

and place announced by a later notice 

in the Federal Register. 

Background and Purpose 

The S35 Bridge has a vertical 

clearance of 25 feet at mean high water 

and 30 feet at mean low water in the 

closed position. The existing 

drawbridge operation regulations listed 

at 33 CFR 117.709(a), require the bridge 

to open on signal; except that, from May 

15 through October 15 from 7 a.m. to 7 

p.m., the draw need only open on the 

hour. From December 1 through March 

31 from 11 p.m. to 7 a.m., the draw need 

not be opened for the passage of vessels. 

Cheesequake Creek is navigated 

predominately by small recreational 

vessels between April and November 

only. The bridge seldom opens during 

the winter months December through 

March.

The bridge owner, New Jersey 

Department of Transportation (NJDOT), 

requested that the drawbridge operation 

regulations for the S35 Bridge be 

changed to allow the bridge to open 

only on the hour 7 a.m. to 8 p.m., from 

May 1 through October 31. The hourly 

openings are currently in effect from 7 

a.m. to 7 p.m. from May 15 through 

October 15. 

In addition, this proposal would also 

allow the bridge owner to require a 4-

hour advance notice for bridge openings 

from 11 p.m. to 7 a.m., all year round, 

and all day from November 1 through 

April 30. 

Discussion of Proposal 

This proposed rule would amend 33 

CFR 117.709 by revising paragraph (a) 

extending the hourly bridge opening 

time period by 1 hour each day from 

May 1 through October 31. In addition, 

this proposed rule would allow the 

bridge owner to require a 4-hour 

advance notice for bridge openings from 

11 p.m. to 7 a.m., all year round and all 

day from November 1 through April 30. 

Regulatory Evaluation 

This proposed rule is not a 

‘‘significant regulatory action’’ under 

section 3(f) of Executive Order 12866, 

Regulatory Planning and Review, and 

does not require an assessment of 

potential costs and benefits under 

6(a)(3) of that Order. The Office of 

Management and Budget has not 

reviewed it under that Order. It is not 

‘‘significant’’ under the regulatory 

policies and procedures of the 

Department of Homeland Security. 

We expect the economic impact of 

this proposed rule to be so minimal that 

a full Regulatory Evaluation, under the 

regulatory policies and procedures of 

DHS, is unnecessary. 

75494 Federal Register / Vol. 69, No. 242 / Friday, December 17, 2004 / Proposed Rules 

This conclusion is based on the fact 

that the bridge will continue to open for 

vessel traffic during the time periods 

vessel traffic has historically required 

the bridge to open. 

Small Entities 

Under the Regulatory Flexibility Act 

(5 U.S.C. 601–612), we considered 

whether this proposed rule would have 

a significant economic impact on a 

substantial number of small entities. 

The term ‘‘small entities’’ comprises 

small businesses, not-for-profit 

organizations that are independently 

owned and operated and are not 

dominant in their fields, and 

governmental jurisdictions with 

populations of less than 50,000. 

The Coast Guard certifies under 

section 5 U.S.C. 605(b), that this 

proposed rule would not have a 

significant economic impact on a 

substantial number of small entities. 

This conclusion is based on the fact 

that the bridge will continue to open for 

vessel traffic during the time periods 

vessel traffic has historically required 

the bridge to open.

If you think that your business, 

organization, or governmental 

jurisdiction qualifies as a small entity 

and that this rule would have a 

significant economic impact on it, 

please submit a comment (see

ADDRESSES) explaining why you think it 

qualifies and how and to what degree 

this rule would economically affect it. 

Collection of Information 

This proposed rule would call for no 

new collection of information under the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3501–3520). 

Federalism 

A rule has implications for federalism 

under Executive Order 13132, 

Federalism, if it has a substantial direct 

effect on State or local governments and 

would either preempt State law or 

impose a substantial direct cost of 

compliance on them. We have analyzed 

this proposed rule under that Order and 

have determined that it does not have 

implications for federalism. 

Unfunded Mandates Reform Act 

The Unfunded Mandates Reform Act 

of 1995 (2 U.S.C. 1531–1538) requires 

Federal agencies to assess the effects of 

their discretionary regulatory actions. In 

particular, the Act addresses actions 

that may result in the expenditure by a 

State, local, or tribal government, in the 

aggregate, or by the private sector of 

$100,000,000 or more in any one year. 

Though this proposed rule would not 

result in such an expenditure, we do 

discuss the effects of this rule elsewhere 

in this preamble. 

Taking of Private Property 

This proposed rule would not effect a 

taking of private property or otherwise 

have taking implications under E.O. 

12630, Governmental Actions and 

Interference with Constitutionally 

Protected Property Rights. 

Civil Justice Reform 

This proposed rule meets applicable 

standards in sections 3(a) and 3(b)(2) of 

Executive Order 12988, Civil Justice 

Reform, to minimize litigation, 

eliminate ambiguity, and reduce 

burden. 

Protection of Children 

We have analyzed this proposed rule 

under Executive Order 13045, 

Protection of Children from 

Environmental Health Risks and Safety 

Risks. This rule is not an economically 

significant rule and would not create an 

environmental risk to health or risk to 

safety that may disproportionately affect 

children. 

Indian Tribal Governments 

This rule does not have tribal 

implications under Executive Order 

13175, Consultation and Coordination 

with Indian Tribal Governments, 

because it would not have a substantial 

direct effect on one or more Indian 

tribes, on the relationship between the 

Federal Government and Indian tribes, 

or on the distribution of power and 

responsibilities between the Federal 

Government and Indian tribes. 

Energy Effects 

We have analyzed this rule under 

Executive Order 13211, Actions 

Concerning Regulations That 

Significantly Affect Energy Supply, 

Distribution, or Use. We have 

determined that it is not a ‘‘significant 

energy action’’ under that order because 

it is not a ‘‘significant regulatory action’’

under Executive Order 12866 and is not 

likely to have a significant adverse effect 

on the supply, distribution, or use of 

energy. It has not been designated by the 

Administrator of the Office of 

Information and Regulatory Affairs as a 

significant energy action. Therefore, it 

does not require a Statement of Energy 

Effects under Executive Order 13211. 

Environment 

We have analyzed this proposed rule 

under Commandant Instruction 

M16475.1D, which guides the Coast 

Guard in complying with the National 

Environmental Policy Act of 1969 

(NEPA) (42 U.S.C. 4321–4370f), and 

have concluded that there are no factors 

in this case that would limit the use of 

a categorical exclusion under section 

2.B.2 of the Instruction. Therefore, this 

rule is categorically excluded, under 

figure 2–1, paragraph (32)(e), of the 

Instruction, from further environment 

documentation because it has been 

determined that the promulgation of 

operating regulations for drawbridges 

are categorically excluded.

List of Subjects in 33 CFR Part 117 

Bridges.

Regulations 

For the reasons set out in the 

preamble, the Coast Guard proposes to 

amend 33 CFR part 117 as follows:

PART 117—DRAWBRIDGE 

OPERATION REGULATIONS 

1. The authority citation for part 117 

continues to read as follows:

Authority: 33 U.S.C. 499; Department of 

Homeland Security Delegation No. 0170.1; 33 

CFR 1.05–1(g); section 117.255 also issued 

under the authority of Pub. L. 102–587, 106 

Stat. 5039.

2. Section 117.709 is amended by 

revising paragraph (a) to read as follows:

§ 117.709 Cheesequake Creek. 

(a) The draw of the S35 Bridge, at 

mile 0.0, at Morgan, South Amboy, New 

Jersey, shall operate as follows: 

(1) From May 1 through October 31 

from 7 a.m. to 8 p.m., the draw need 

only open on the hour. From 8 p.m. to 

11 p.m. the Draw shall open on signal. 

From 11 p.m. to 7 a.m. the draw shall 

open after at least a 4-hour advance 

notice is given. 

(2) From November 1 through April 

30 the draw shall open on signal after 

at least a 4-hour advance notice is given.

* * * * *

Dated: December 8, 2004. 

David P. Pekoske, 

Rear Admiral, U.S. Coast Guard, Commander, 

First Coast Guard District.

[FR Doc. 04–27675 Filed 12–16–04; 8:45 am] 

BILLING CODE 4910–15–P