66376 Federal Register / Vol. 66, No. 247 / Wednesday, December 26, 2001 / Proposed Rules

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG–119436–01]

RIN 1545–AY87

New Markets Tax Credit

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice of proposed rulemaking

by cross-reference to temporary

regulations and notice of public hearing.

SUMMARY: In the Rules and Regulations

section of this issue of the Federal

Register, the IRS is issuing temporary

regulations relating to the new markets

tax credit. The text of those regulations

also serves as the text of these proposed

regulations. This document also

provides notice of a public hearing on

these proposed regulations.

DATES: Written and electronic comments

must be received by February 25, 2002.

Outlines of topics to be discussed at the

public hearing scheduled for March 14,

2002, must be received by February 21,

2002.

ADDRESSES: Send submissions to:

CC:ITA:RU (REG–119436–01), room

5226, Internal Revenue Service, POB

7604, Ben Franklin Station, Washington,

DC 20044. Submissions may be hand

delivered Monday through Friday

between the hours of 8 a.m. and 5 p.m.

to: CC:ITA:RU (REG–119436–01),

Courier’s Desk, Internal Revenue

Service, 1111 Constitution Avenue NW.,

Washington, DC. Alternatively,

taxpayers may send submissions

electronically via the Internet by

selecting the ‘‘Tax Regs’’ option on the

IRS Home Page, or directly to the IRS

Internet site at http://www.irs.gov/

tax_regs/regslist.html. The public

hearing will be held in the IRS

Auditorium, Internal Revenue Building,

1111 Constitution Avenue, NW.,

Washington, DC.

FOR FURTHER INFORMATION CONTACT:

Concerning the regulations, Paul

Handleman, (202) 622–3040; concerning

submissions, the hearing, and/or to be

placed on the building access list to

attend the hearing, Treena Garret, (202)

622–7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information

contained in this notice of proposed

rulemaking has been submitted to the

Office of Management and Budget for

review in accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. 3507(d)). Comments on the

collection of information should be sent

to the Office of Management and

Budget, Attn: Desk Officer for the

Department of the Treasury, Office of

Information and Regulatory Affairs,

Washington, DC 20503, with copies to

the Internal Revenue Service, Attn: IRS

Reports Clearance Officer,

W:CAR:MP:FP:S:O, Washington, DC

20224. Comments on the collection of

information should be received by

February 25, 2002.

Comments are specifically requested

concerning:

Whether the proposed collection of

information is necessary for the proper

performance of the functions of the IRS,

including whether the information will

have practical utility; The accuracy of

the estimated burden associated with

the proposed collection of information

(see below);

How the quality, utility, and clarity of

the information to be collected may be

enhanced;

How the burden of complying with

the proposed collection of information

may be minimized, including through

the application of automated collection

techniques or other forms of information

technology; and

Estimates of capital or start-up costs

and costs of operation, maintenance,

and purchase of services to provide

information.

The requirement for the collection of

information in this notice of proposed

rulemaking is in § 1.45D–1(g)(2). The

information is required so that a

taxpayer may claim a new markets tax

credit on each credit allowance date

during the 7-year credit period and

report compliance with the

requirements of section 45D and the

regulations thereunder to the Secretary.

The collection of information is

mandatory. The likely respondents are

businesses or other for-profit

institutions, nonprofit institutions, and

small businesses or organizations.

Estimated total annual reporting

burden: 378 hours.

The estimated annual burden per

respondent: 2.5 hours.

Estimated number of respondents :

151.

Estimated annual frequency of

responses: once.

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 control number

assigned by the Office of Management

and Budget.

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.

Background

Temporary regulations in the Rules

and Regulations section of this issue of

the Federal Register amend the Income

Tax Regulations (26 CFR part 1) relating

to section 45D. The temporary

regulations provide guidance for

taxpayers claiming the new markets tax

credit under section 45D. The text of

those regulations also serves as the text

of these proposed regulations. The

preamble to the temporary regulations

explains the amendments.

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

is hereby certified that the collection of

information in these regulations will not

have a significant economic impact on

a substantial number of small entities.

This certification is based upon the fact

that any burden on taxpayers is

minimal. Accordingly, a Regulatory

Flexibility Analysis under the

Regulatory Flexibility Act (5 U.S.C.

chapter 6) 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) or electronic comments

that are submitted timely to the IRS. The

IRS and Treasury Department

specifically request comments on the

clarity of the proposed rule and how it

may be made easier to understand. All

comments will be available for public

inspection and copying.

A public hearing has been scheduled

for March 14, 2002, at 10 a.m. in the IRS

Auditorium, Internal Revenue Building,

1111 Constitution Avenue, NW.,

Washington, DC. Due to building

security procedures, visitors must use

the main building entrance on

Constitution Avenue, NW. In addition,

all visitors must present photo

identification to enter the building.

Because of access restrictions, visitors

will not be admitted beyond the

immediate entrance area more than 15

Federal Register / Vol. 66, No. 247 / Wednesday, December 26, 2001 / Proposed Rules 66377

minutes before the hearing starts. For

information about having your name

placed on the building access list to

attend the hearing, see the FOR FURTHER

INFORMATION CONTACT section of this

preamble.

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

apply to the hearing.

Persons who wish to present oral

comments at the hearing must 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

February 21, 2002.

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 Paul F. Handleman, Office

of the Associate Chief Counsel

(Passthroughs and Special Industries),

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 1.45D–1 also issued under 26

U.S.C. 45D(i); * * *

Par. 2. Section 1.45D–1 is added to

read as follows:

§ 1.45D–1 New markets tax credit.

[The text of proposed § 1.45D–1 is the

same as the text of § 1.45D–1T

published elsewhere in this issue of the

Federal Register].

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

[FR Doc. 01–31529 Filed 12–21–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 918

[SPATS No. LA–021–FOR]

Louisiana Regulatory Program

AGENCY: Office of Surface Mining

Reclamation and Enforcement, Interior.

ACTION: Proposed rule; reopening and

extension of public comment period on

proposed amendment.

SUMMARY: We, the Office of Surface

Mining Reclamation and Enforcement

(OSM), are announcing receipt of

revisions to a previously proposed

amendment to the Louisiana regulatory

program (Louisiana program) under the

Surface Mining Control and

Reclamation Act of 1977 (SMCRA or the

Act). The revisions concern valid

existing rights. Louisiana intends to

revise its program to be consistent with

the corresponding Federal regulations.

DATES: We will accept written

comments until 4 p.m., c.s.t., January

10, 2002.

ADDRESSES: You should mail or hand

deliver written comments to Michael C.

Wolfrom, Director, Tulsa Field Office, at

the address listed below.

You may review copies of the

Louisiana program, the amendment, and

all written comments received in

response to this document at the

addresses listed below during normal

business hours, Monday through Friday,

excluding holidays. You may receive

one free copy of the amendment by

contacting OSM’s Tulsa Field Office.

Michael C. Wolfrom, Director, Tulsa

Field Office, Office of Surface Mining,

5100 East Skelly Drive, Suite 470,

Tulsa, Oklahoma 74135–6547,

Telephone: (918) 581–6430

Department of Natural Resources, Office

of Conservation, Injection and Mining

Division, 625 N. 4th Street, P. O. Box

94275, Baton Rouge, LA 70804,

Telephone: (225) 342–5540

FOR FURTHER INFORMATION CONTACT:

Michael C. Wolfrom, Director, Tulsa

Field Office. Telephone: (918) 581–

6430.

SUPPLEMENTARY INFORMATION:

I. Background on the Louisiana

Program

Section 503(a) of the Act permits a

State to assume primacy for the

regulation of surface coal mining and

reclamation operations on non-Federal

and non-Indian lands within its borders

by demonstrating that its program

includes, among other things, ‘‘* * * a

State law which provides for the

regulation of surface coal mining and

reclamation operations in accordance

with the requirements of the Act * * *;

and rules and regulations consistent

with regulations issued by the Secretary

pursuant to the Act.’’ See 30 U.S.C.

1253(a)(1) and (7). On the basis of these

criteria, the Secretary of the Interior

approved the Louisiana program on

October 10, 1980. You can find

background information on the

Louisiana program, including the

Secretary’s findings and the disposition

of comments in the October 10, 1980,

Federal Register (45 FR 67340). You can

find later actions concerning the

Louisiana program at 30 CFR 918.15 and

918.16.

II. Discussion of the Proposed

Amendment

By letter dated August 3, 2001

(Administrative Record No. LA–366.04),

Louisiana sent us an amendment to its

program under SMCRA and the Federal

regulations at 30 CFR 732.17(b).

Louisiana sent the amendment in

response to our letters dated August 23,

2000, and March 14, 2001

(Administrative Record Nos. LA–366

and LA–366.03, respectively), that we

sent to Louisiana under 30 CFR

732.17(c).

We announced receipt of the

amendment in the September 20, 2001,

Federal Register (66 FR 48393) and

invited public comment on its

adequacy. The public comment period

closed October 22, 2001.

During our review of the amendment,

we identified concerns about the

proposed amendment. We notified

Louisiana of these concerns by letter

dated November 14, 2001

(Administrative Record No. LA–366.08).

By letter dated November 20, 2001,

Louisiana sent us a revised amendment

(Administrative Record No. LA–366.09).

Louisiana submitted additional

revisions for the following provisions of

the amendment:

A. Section 105, Definition of Valid

Existing Rights

Louisiana proposes to add a provision

at paragraph c.4 of its proposed

definition to provide that a person who

claims valid existing rights to use or

construct a road across the surface of

protected lands may demonstrate that

valid existing rights exist under

§ 105.Valid Existing Rights a and b.