30846 Federal Register / Vol. 61, No. 118 / Tuesday, June 18, 1996 / Proposed Rules

Proposed Effective Date

These regulations are proposed to

apply to distributions announced on or

after June 17, 1996.

Special Analyses

It has been determined that this notice

of proposed rulemaking is not a

significant regulatory action as defined

in EO 12866. Therefore, a regulatory

assessment is not required. It also has

been determined that section 553(b) of

the Administrative Procedure Act (5

U.S.C. chapter 5) and the Regulatory

Flexibility Act (5 U.S.C. chapter 6) do

not apply to these regulations, and,

therefore, a Regulatory Flexibility

Analysis is not required. Pursuant to

section 7805(f) of the Internal Revenue

Code, this notice of proposed

rulemaking will be submitted to the

Chief Counsel for Advocacy of the Small

Business Administration for comment

on its impact on small business.

Comments and Public Hearing

Before these proposed regulations are

adopted as final regulations,

consideration will be given to any

written comments (a signed original and

eight (8) copies) that are submitted

timely to the IRS. All comments will be

available for public inspection and

copying.

A public hearing has been scheduled

at 10 a.m. on Wednesday, October 2,

1996, room 3313, Internal Revenue

Service, 1111 Constitution Avenue NW.,

Washington, DC. Because of access

restrictions, visitors will not be

admitted beyond the Internal Revenue

Building lobby more that 15 minutes

before the hearing starts.

The rules of 26 CFR 601.601(a)(3)

apply to the hearing.

Persons that wish to present oral

comments at the hearing must submit

written comments by September 16,

1996, and submit an outline of the

topics to be discussed and the time to

be devoted to each topic (signed original

and eight (8) copies) by September 16,

1996.

A period of 10 minutes will be

allotted to each person for making

comments.

An agenda showing the scheduling of

the speakers will be prepared after the

deadline for receiving outlines has

passed. Copies of the agenda will be

available free of charge at the hearing.

Drafting Information. The principal author

of these regulations is Richard K. Passales,

Office of Assistant Chief Counsel (Corporate),

IRS. However, other personnel from the IRS

and Treasury Department 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 as follows:

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

1.1059(e)–1 also issued under 26 U.S.C.

1059(e)(1) and (e)(2). * * *

Par. 2. Section 1.1059(e)–1 is added to

read as follows:

§ 1.1059(e)–1 Non pro rata redemptions.

(a) In general. Section 1059(d)(6)

(exception where stock held during

entire existence of corporation) and

section 1059(e)(2) (qualifying dividends)

do not apply to a distribution treated as

an extraordinary dividend under section

1059(e)(1). For example, if a redemption

of stock is not pro rata as to all

shareholders, any amount treated as a

dividend under section 301 is treated as

an extraordinary dividend regardless of

whether the dividend is a qualifying

dividend.

(b) Reorganizations. For purposes of

section 1059(e)(1), an exchange under

section 356(a)(1) is treated as a

redemption and, to the extent any

amount is treated as a dividend under

section 356(a)(2), it is treated as a

dividend under section 301.

(c) Effective date. This section applies

to distributions announced (within the

meaning of section 1059(d)(5)) on or

after June 17, 1996.

Margaret Milner Richardson,

Commissioner of Internal Revenue.

[FR Doc. 96–15454 Filed 6–17–96; 8:45 am]

BILLING CODE 4830–01–P

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 63

[AD–FRL–5521–6]

RIN 2060–AD98

National Emission Standards for

Hazardous Air Pollutants for

Shipbuilding and Ship Repair (Surface

Coating) Operations

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Proposed rule.

SUMMARY: This action proposes to revise

the compliance date for the ‘‘National

Emission Standards For Hazardous Air

Pollutants For Shipbuilding and Ship

Repair (Surface Coating) Operations’’ to

December 16, 1997. This action also

proposes to extend the June 13, 1996

deadline for submittal of

implementation plans to December 16,

1996, and to remove the requirement for

approval of implementation plans by

the EPA. Because the revisions

primarily change the date for submittal

of an implementation plan and extend

the compliance date to allow better

coordination with the control

techniques guidelines (CTG) that EPA

plans to publish in the near future, the

EPA does not anticipate receiving

adverse comments. Consequently, the

revisions are also being issued as a

direct final rule in the final rules section

of this Federal Register. If no significant

and timely adverse comments are

received, no further action will be taken

with respect to this proposal and the

direct final rule will become final on the

date provided in that action.

DATES: Comments. Comments must be

received on or before July 18, 1996,

unless a hearing is requested by June 28,

1996. If a hearing is requested, written

comments must be received by August

2, 1996.

Public Hearing. Anyone requesting a

public hearing must contact the EPA no

later than June 28, 1996. If a hearing is

held, it will take place on July 3, 1996,

beginning at 10:00 a.m.

ADDRESSES: Comments. Comments

should be submitted to: Air and

Radiation Docket and Information

Center (6102), Attention Docket Number

A–92–11 (see docket section below),

Room M–1500, U.S. Environmental

Protection Agency, 401 M Street, SW,

Washington, D.C. 20460.

Public Hearing. If a public hearing is

held, it will be held at the EPA’s Office

of Administration Auditorium, Research

Triangle Park, North Carolina. Persons

interested in attending the hearing or

wishing to present oral testimony

should notify Mrs. Janet Eck, U.S.

Environmental Protection Agency,

Research Triangle Park, N.C. 27711,

telephone (919) 541–7946.

Docket. Docket No. A–92–11,

containing the supporting information

for the original NESHAP and this action,

is available for public inspection and

copying between 8:00 a.m. and 5:30

p.m., Monday through Friday, at the

EPA’s Air and Radiation Docket and

Information Center, Waterside Mall,

Room M–1500, first floor, 401 M Street

SW, Washington, DC 20460, or by

calling (202) 260–7548 or 260–7549. A

reasonable fee may be charged for

copying.
Federal Register / Vol. 61, No. 118 / Tuesday, June 18, 1996 / Proposed Rules 30847

FOR FURTHER INFORMATION CONTACT: Dr.

Mohamed Serageldin, Emission

Standards Division (MD–13), U.S.

Environmental Protection Agency,

Office of Air Quality Planning and

Standards, Research Triangle Park,

North Carolina 27711, telephone

number (919) 541–2379.

SUPPLEMENTARY INFORMATION:

Regulated Entities. The regulated

category and entities affected by this

action include:

Category Examples of regulated

entities

Industry ........... Facilities that build, repair,

repaint, convert, or alter

ships. The term ship

means any marine or

fresh-water vessel, including self-propelled vessels,

those propelled by other

craft (barges), and navigational aids (buoys).

Note: An offshore oil and

gas drilling platform is not

considered a ship for purposes of this regulation.

Federal Govt ... Federal Agencies which undertake shipbuilding or repair operations (see

above) such as the Navy

and Coast guards.

This table is not intended to be

exhaustive, but rather provides a guide

for readers regarding entities likely to be

regulated by this action. This table lists

the types of entities that EPA is now

aware could potentially be regulated by

this action. Other types of entities not

listed in the table could also be

regulated. To determine whether your

facility is regulated by this action, you

should carefully examine the

applicability criteria in § 63.782 of the

regulation. If you have questions

regarding the applicability of this action

to a particular entity, consult the person

listed in the preceding FOR FURTHER

INFORMATION CONTACT section.

If no significant and timely adverse

comments are received, no further

activity is contemplated in relation to

this proposed rule, and the direct final

rule in the final rules section of this

Federal Register will automatically go

into effect on the date specified in that

rule. If significant and timely adverse

comments are received, the direct final

rule will be withdrawn and all public

comments received will be considered

prior to promulgation of the final rule.

Because the EPA will not institute a

second comment period on this

proposed rule, any parties interested in

commenting should do so during this

comment period.

For further supplemental information,

the detailed rationale, and the rule

provisions, see the information

provided in the direct final rule in the

final rules section of this Federal

Register.

Administrative Requirements

A. Paperwork Reduction Act

The information collection

requirements of the previously

promulgated NESHAP were submitted

to and approved by the Office of

Management and Budget (OMB). A copy

of this Information Collection Request

(ICR) document (OMB control number

1414.02) may be obtained from Sandy

Farmer, Information Policy Branch

(PM–223Y); U.S. Environmental

Protection Agency; 401 M Street, SW;

Washington, DC 20460 or by calling

(202) 260–2740.

Today’s changes to the NESHAP

should have no impact on the

information collection burden estimates

made previously. The changes to the

implementation plan submittal date and

the compliance date do not impose new

requirements. Consequently, the ICR has

not been revised.

B. Executive Order 12866 Review

Under Executive Order 12866, the

EPA must determine whether the

proposed regulatory action is

‘‘significant’’ and therefore, subject to

OMB review and the requirements of

the executive order. The Order defines

‘‘significant’’ regulatory action as one

that is likely to lead to a rule that may:

(1) Have an annual effect on the

economy of $100 million or more or

adversely affect in a material way the

economy, a sector of the economy,

productivity, competition, jobs, the

environment, public health or safety in

State, local, or tribal governments or

communities;

(2) Create a serious inconsistency or

otherwise interfere with an action taken

or planned by another agency;

(3) Materially alter the budgetary

impact of entitlements, grants, user fees

or loan programs or the rights and

obligations of recipients thereof; or

(4) Raise novel legal or policy issues

arising out of legal mandates, the

President’s priorities, or the principles

set forth in the Executive Order.

The Shipbuilding NESHAP

promulgated on December 15, 1995 was

not considered ‘‘significant’’ under

Executive Order 12866 and a regulatory

impact analysis (RIA) was not prepared.

Today’s proposed revisions do not add

any additional control or recordkeeping

requirements. Therefore, this action is

not considered to affect the decision

whether this rule is significant.

C. Regulatory Flexibility Act

The Regulatory Flexibility Act of 1980

requires the identification of potentially

adverse impacts of Federal regulations

upon small business entities. The Act

specifically requires the completion of a

Regulatory Flexibility Analysis in those

instances where small business impacts

are possible. Because this rulemaking

imposes no adverse economic impacts,

a Regulatory Flexibility Analysis has not

been prepared.

D. Unfunded Mandates

Under Section 202 of the Unfunded

Mandates Reform Act of 1995, the EPA

must prepare a budgetary impact

statement to accompany any proposed

or final rule that includes a Federal

mandate that may result in estimated

costs to State, local, or tribal

governments in the aggregate; or to the

private sector, of $100 million or more.

Under Section 205, the EPA must select

the least costly, most cost-effective, or

least burdensome alternative that

achieves the objectives of the rule and

is consistent with statutory

requirements. Section 203 requires the

EPA to establish a plan for informing

and advising any small governments

that may be significantly or uniquely

impacted by the rule.

The EPA has determined that the

action promulgated today does not

include a Federal mandate that may

result in estimated costs of $100 million

or more to either State, local, or tribal

governments in the aggregate, or to the

private sector. Therefore, the

requirements of the Unfunded Mandates

Reform Act do not apply to this action.

List of Subjects in 40 CFR Part 63

Environmental protection, Air

pollution control, Hazardous

substances, Reporting and

recordkeeping requirements.

Dated: June 7, 1996.

Carol M. Browner,

Administrator.

[FR Doc. 96–15440 Filed 6–17–96; 8:45 am]

BILLING CODE 6560–50–P

FEDERAL COMMUNICATIONS

COMMISSION

47 CFR Parts 36 and 69

[CC Docket 96–45; DA–96–936]

Federal-State Joint Board on Universal

Service

AGENCY: Federal Communications

Commission.

ACTION: Notice of meeting.