[Federal Register Volume 73, Number 31 (Thursday, February 14, 2008)]
[Proposed Rules]
[Pages 8632-8633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 08-675]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 702

[REG-149475-07]
RIN 1545-BH36


Payments From the Presidential Primary Matching Payment Account

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulations.

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SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing temporary regulations under Part 
702, Presidential Primary Matching Payment Account, of title 26 of the 
CFR, relating to the financing of presidential primary campaigns. The 
temporary regulations amend Treasury procedures for making payments 
from the Presidential Primary Matching Payment Account (Primary 
Account) to eligible primary candidates. The text of those regulations 
also serves as the text for these proposed regulations.

DATES: Written or electronic comments and requests for a public hearing 
must be received by May 14, 2008.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-149475-07), room 
5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
149475-07), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC. Alternatively, taxpayers may submit 
comments electronically via the Federal eRulemaking Portal at 
www.regulations.gov (IRS REG-149475-07).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Karla M. Meola, (202) 622-4930 (not a toll-free number); concerning the 
submission of comments and/or to request a public hearing, 
Oluwafunmilayo Taylor of the Publications and Regulation Branch at 
(202) 622-7180 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background and Explanation of Provisions

    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend 26 CFR part 702 relating to section 
9037 of the Internal Revenue Code (Code). The temporary regulations 
authorize the Treasury Department to devise procedures that ensure 
payments from the Primary Account are made promptly to eligible primary 
candidates. The text of the temporary regulations also serves as the 
text for these proposed regulations. The preamble to the temporary 
regulations explains the amendment.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866. Therefore, a regulatory assessment is not required. It has also 
been determined that section 553(b) of the Administrative Procedure Act 
(5 U.S.C. chapter 5) does not apply to these regulations, and because 
the regulation does not impose a collection of information on small 
entities, the

[[Page 8633]]

Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. 
Pursuant to section 7805(f) of the Code, this regulation has been 
submitted to the Chief Counsel for Advocacy of the Small Business 
Administration for comment on its impact on small business.

Comments and Requests for a Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written (a signed original and eight 
(8) copies) or electronic comments that are submitted timely to the 
IRS. The IRS and Treasury Department specifically request comments on 
the clarity of the proposed rules and how they can be made easier to 
understand. All comments will be available for public inspection and 
copying. A public hearing will be scheduled if requested in writing by 
any person that timely submits written comments. If a public hearing is 
scheduled, notice of the date, time, and place for the public hearing 
will be published in the Federal Register.

Drafting Information

    The principal author of these regulations is Karla M. Meola, Office 
of the Associate Chief Counsel (Income Tax and Accounting), IRS. 
However, other personnel from the IRS and Treasury Department 
participated in their development.

List of Subjects in 26 CFR Part 702

    Campaign Funds.

Proposed Amendments to the Regulations.

    Accordingly, 26 CFR part 702 is proposed to be amended as follows:

PART 702--PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT

    Paragraph 1. The authority citation for part 702 continues to read 
in part as follows:

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

    Par. 2. Section 702.9037-1 is revised to read as follows:


Sec.  702.9037-1  Transfer of amounts to the Presidential Primary 
Matching Payment Account.

    [The text of the proposed Sec.  702.9037-1 is the same as the text 
of Sec.  702.9037-1T(a) through (b)(1) published elsewhere in this 
issue of the Federal Register.]
    Par. 3. Section 702.9037-2 is revised to read as follows:


Sec.  702.9037-2  Payments from the Presidential Primary Matching 
Payment Account.

    [The text of proposed Sec.  702.9037-2 is the same as the text of 
Sec.  702.9037-2T(a) through (c)(1) published elsewhere in this issue 
of the Federal Register.]

Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 08-675 Filed 2-11-08; 12:09 pm]
BILLING CODE 4830-01-P