Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Proposed Rules 46575 

(e)(5), (e)(6), (e)(7), and (e)(8), 

respectively, and adding new paragraph 

(e)(4). 

8. Revising the heading for paragraph 

(h)(2) and adding a sentence at the end 

of the paragraph. 

The additions and revisions read as 

follows: 

§ 1.45D–1 New markets tax credit. 

(a) * * * 

(e) * * * 

(4) Section 708(b)(1)(B) termination. 

* * * * * 

(h) * * * 

(2) Exception for certain provisions. 

* * * * * 

(d) * * * 

(6) * * * 

(i) * * * Except as provided in 

paragraph (d)(6)(ii) of this section, an 

entity is treated as a qualified active 

low-income community business for the 

duration of the qualified community 

development entity’s (CDE’s) 

investment in the entity if the CDE 

reasonably expects, at the time the CDE 

makes the capital or equity investment 

in, or loan to, the entity, that the entity 

will satisfy the requirements to be a 

qualified active low-income community 

business under paragraphs (d)(4)(i) and 

(d)(5) of this section (including, if 

applicable, portions of business under 

paragraph (d)(4)(iii) of this section) 

throughout the entire period of the 

investment or loan. A CDE may rely on 

this paragraph (d)(6)(i) to treat an entity 

as a qualified active low-income 

community business even if the CDE’s 

investment in or loan to the entity is 

made through other CDEs under 

paragraph (d)(1)(iv)(A) of this section. 

(e) * * * 

(3) * * * 

(iii) Capital interest in a partnership. 

In the case of an equity investment that 

is a capital interest in a CDE that is a 

partnership for Federal tax purposes, a 

pro rata cash distribution by the CDE to 

its partners based on each partner’s 

capital interest in the CDE during the 

taxable year will not be treated as a 

redemption for purposes of paragraph 

(e)(2)(iii) of this section if the 

distribution does not exceed the sum of 

the CDE’s ‘‘operating income’’ for the 

taxable year and the CDE’s 

undistributed ‘‘operating income’’ (if 

any) for the prior taxable year. For 

purposes of this paragraph (e)(3)(iii), 

§ 1.704–1(b)(1)(vii) applies to treat an 

allocation to a partner of its share of 

partnership net or ‘‘bottom line’’ taxable 

income or loss as an allocation to such 

partner of the same share of each item 

of income, gain, loss, and deduction that 

is taken into account in computing the 

partner’s net or ‘‘bottom line’’ taxable 

income or loss. In addition, a non-pro 

rata ‘‘de minimis’’ cash distribution by 

a CDE to a partner or partners during the 

taxable year will not be treated as a 

redemption. A non-pro rata ‘‘de 

minimis’’ cash distribution may not 

exceed the lesser of 5 percent of the 

CDE’s ‘‘operating income’’ for that 

taxable year or 10 percent of the 

partner’s capital interest in the CDE. For 

purposes of this paragraph (e)(3)(iii), 

with respect to any taxable year, 

‘‘operating income’’ is the sum of: 

* * * * * 

(B) Tax-exempt income under section 

103; 

* * * * * 

(D) Deductions under sections 167 

and 168, including the additional firstyear depreciation under section 168(k), 

and any other depreciation and 

amortization deductions under the 

Code; 

* * * * * 

(e) * * * 

(4) Section 708(b)(1)(B) termination. A 

termination under section 708(b)(1)(B) 

of a CDE that is a partnership is not a 

recapture event. 

* * * * * 

(h) * * * 

(2) Exception for certain provisions. 

* * * Paragraph (d)(6)(i) of this section 

as it relates to a CDE’s investment under 

paragraph (d)(1)(iv)(A), paragraph 

(e)(3)(iii) of this section as it relates to 

the distribution of undistributed 

‘‘operating income’’ for the prior taxable 

year and to the application of § 1.704–

1(b)(1)(vii), paragraph (e)(3)(iii)(B) of 

this section, paragraph (e)(3)(iii)(D) of 

this section as it relates to any other 

depreciation and amortization 

deductions under the Code, and 

paragraph (e)(4) of this section apply to 

taxable years ending on or after the date 

of publication of the Treasury decision 

adopting these rules as final regulation 

in the Federal Register. 

Linda E. Stiff, 

Deputy Commissioner for Services and 

Enforcement. 

[FR Doc. E8–18442 Filed 8–8–08; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Centers for Medicare & Medicaid 

Services 

42 CFR Parts 410 and 419 

[CMS–1404–P] 

RIN 0938–AP17 

Medicare Program: Proposed Changes 

to the Hospital Outpatient Perspective 

Payment System and CY 2009 Payment 

Rates; Proposed Changes to the 

Ambulatory Surgical Center Payment 

System and CY 2009 Payment Rates 

Correction 

In proposed rule document E8–15539 

beginning on page 41416 in the issue of 

Friday, July 18, 2008, make the 

following correction: 

On pages 41504 through 41505, Table 

30 should be replaced to appear as 

follows: 

BILLING CODE 4120–01–D 


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[FR Doc. Z8–15539 Filed 8–8–08; 8:45 am] 

BILLING CODE 4120–01–C 

GENERAL SERVICES 

ADMINISTRATION 

48 CFR Part 513 

[GSAR Case 2007–G502; Docket 2008–0007; 

Sequence 16] 

RIN 3090–AI67 

General Services Acquisition 

Regulation; GSAR Case 2007–G502; 

Rewrite of GSAR Part 513, Simplified 

Acquisition Procedures 

Correction 

In proposed rule document E8–17549 

beginning on page 44955 in the issue of 

Friday, August 1, 2008, make the 

following correction: 

PART 513– [Removed] 

On page 44956. in the third column, 

in the last line, the part heading should 

appear as shown above. 

[FR Doc. Z8–17549 Filed 8–8–08; 8:45 am] 

BILLING CODE 1505–01–D 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

50 CFR Part 600 

[Docket No. 071001548–7287–02] 

RIN 0648–AW10 

Marine Recreational Fisheries of the 

United States; National Saltwater 

Angler Registry Program 

AGENCY: National Marine Fisheries 

Service (NMFS), National Oceanic and 

Atmospheric Administration (NOAA), 

Commerce. 

ACTION: Proposed rule; extension of 

comment period. 

SUMMARY: NMFS extends the comment 

period on the proposed rule to establish 

the National Saltwater Angler Registry 

Program. NMFS has received a request 

from the Gulf of Mexico Fishery 

Management Council to extend the 

deadline beyond its current 60-day 

comment period until a date following 

the Council’s August 11–15 meeting. 

The extension of the comment period 

for ten days will allow the Council to 

adopt comments during its meeting and 

to submit them before the comment 

period closes, and will allow other 

interested parties additional time to 

submit comments. The comment 

deadline is extended from August 11, 

2008, to August 21, 2008. 

DATES: Comments must be received on 

or before August 21, 2008. 

ADDRESSES: You may submit comments, 

identified by RIN 0648–AW10, by any of 

the following methods: 

• Electronic submissions: Submit all 

electronic public comments via the 

Federal eRulemaking Portal http:// 

www.regulations.gov 

• Fax: 301–713–1875, Attn: Gordon 

Colvin. 

• Mail: John Boreman, Director, Office 

of Science and Technology, NMFS, 1315 

East-West Highway, Silver Spring, MD 

20910, Attn: Gordon Colvin. 

Instructions: All comments received 

are a part of the public record and will 

generally be posted to http:// 

www.regulations.gov without change. 

All personal identifying information (for 

example, name, address, etc.) 

voluntarily submitted by the commenter 

may be publicly accessible. Do not 

submit confidential business 

information or otherwise sensitive or 

protected information. NMFS will 

accept anonymous comments (enter N/ 

A in the required fields, if you wish to 


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