10364 Federal Register / Vol. 66, No. 32 / Thursday, February 15, 2001 / Rules and Regulations

companies to compete with foreignbased companies in domestic and

export markets.

Executive Order 12866

The Department of State does not

consider this rule to be a ‘‘significant

regulatory action’’ under Executive

Order 12866, section 3(f), Regulatory

Planning and Review, and the Office of

Management and Budget has waived its

review process under section

(6)(a)(3)(A).

Executive Order 131332

This regulation will not have

substantial direct effects on the States,

on the relationship between the national

government and the States, or on the

distribution of power and

responsibilities among the various

levels of government. Therefore, in

accordance with section 6 of Executive

Order 13132, it is determined that this

rule does not have sufficient federalism

implications to require consultations or

warrant the preparation of a federalism

summary impact statement.

Paperwork Reduction Act

This rule does not impose any new

reporting or record-keeping

requirements subject to the Paperwork

Reduction Act, 44 U.S.C. Chapter 35.

List of Subjects in 22 CFR Part 41

Aliens, Nonimmigrants, Passports and

visas.

Accordingly, the Department of State

amends 22 CFR chapter I as follows:

PART 41—[Amended]

1. The authority citation for Part 41

continues to read as follows:

Authority: 8 U.S.C. 1104.

2. Revise § 41.41(a) to read as follows:

§ 41.41 Crewmen.

(a) Alien classifiable as crewman. An

alien is classifiable as a nonimmigrant

crewman upon establishing to the

satisfaction of the consular officer the

qualifications prescribed by INA

101(a)(15)(D), provided that the alien

has permission to enter some foreign

country after a temporary landing in the

United States, unless the alien is barred

from such classification under the

provisions of INA 214(f).

* * * * *

3. Revise § 41.121(a) and (b) to read as

follows:

§ 41.121 Refusal of individual visas.

(a) Grounds for refusal. Nonimmigrant

visa refusals must be based on legal

grounds, such as one or more provisions

of INA 212(a), INA 212(e), INA 214(b),

(f) or (l) (as added by Section 625 of

Pub. L. 104–208), INA 221(g), or INA

222(g) or other applicable law. Certain

classes of nonimmigrant aliens are

exempted from specific provisions of

INA 212(a) under INA 102 and, upon a

basis of reciprocity, under INA

212(d)(8). When a visa application has

been properly completed and executed

in accordance with the provisions of

INA and the implementing regulations,

the consular officer must either issue or

refuse the visa.

(b) Refusal procedure. (1) When a

consular officer knows or has reason to

believe a visa applicant is ineligible and

refuses the issuance of a visa, he or she

must inform the alien of the ground(s)

of ineligibility (unless disclosure is

barred under INA 212(b)(2) or (3)) and

whether there is, in law or regulations,

a mechanism (such as a waiver) to

overcome the refusal. The officer shall

note the reason for the refusal on the

application. Upon refusing the

nonimmigrant visa, the consular officer

shall retain the original of each

document upon which the refusal was

based, as well as each document

indicating a possible ground of

ineligibility, and should return all other

supporting documents supplied by the

applicant.

(2) If an alien, who has not yet filed

a visa application, seeks advice from a

consular officer, who knows or has

reason to believe that the alien is

ineligible to receive a visa on grounds

which cannot be overcome by the

presentation of additional evidence, the

officer shall so inform the alien. The

consular officer shall inform the

applicant of the provision of law or

regulations upon which a refusal of a

visa, if applied for, would be based

(subject to the exception in paragraph

(b)(1) of this section). If practicable, the

consular officer should request the alien

to execute a nonimmigrant visa

application in order to make a formal

refusal. If the individual fails to execute

a visa application in these

circumstances, the consular officer shall

treat the matter as if a visa had been

refused and create a record of the

presumed ineligibilty which shall be

filed in the consular office.

* * * * *

4. Amend § 41.122(a)(1) by adding

before the semicolon ‘‘, or was issued a

visa in contravention of INA 222(g)’’.

PART 42—[AMENDED]

5. The authority citation for Part 42

continues to read as follows:

Authority: 8. U.S.C. 1104.

6. Revise § 42.81(a) to read as follows:

§ 42.81 Procedure in refusing individual

visas.

(a) Issuance or refusal mandatory.

When a visa application has been

properly completed and executed before

a consular officer in accordance with

the provisions of INA and the

implementing regulations, the consular

officer must either issue or refuse the

visa under INA 212(a) or INA 221(g) or

other applicable law. Every refusal must

be in conformance with the provisions

of 22 CFR 40.6.

* * * * *

Dated: December 19, 2001.

Mary A. Ryan,

Assistant Secretary for Consular Affairs.

[FR Doc. 01–3754 Filed 2–14–01; 8:45 am]

BILLING CODE 4710–06–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 301

[TD 8911]

RIN 1545–AV92

Relief for Service in Combat Zone and

for Presidentially Declared Disaster;

Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains

corrections to final regulations that were

published in the Federal Register on

December 15, 2000 (65 FR 78409). This

document relates to the postponement

of certain tax-related deadlines due

either to service in a combat zone or a

Presidentially declared disaster.

DATES: This correction is effective

December 15, 2000.

FOR FURTHER INFORMATION CONTACT:

Bridget E. Finkenaur (202) 622–4940

(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the

subject of these corrections are under

section 7508 of the Internal Revenue

Code.

Need for Correction

As published, the final regulations

(TD 8911) contain errors that may prove

to be misleading and are in need of

clarification.

Correction of Publication

Accordingly, the publication of the

final regulations (TD 8911), which are

Federal Register / Vol. 66, No. 32 / Thursday, February 15, 2001 / Rules and Regulations 10365

the subject of FR Doc. 00–31500, is

corrected as follows:

§ 301.7508A–1 [Corrected]

1. On page 78412, column 2,

§ 301.7508A–1, paragraph (g), paragraph

(i) of Example 4, the second line from

the bottom of the paragraph, the

language ‘‘payments. H and W’s

principal residence is’’ is corrected to

read ‘‘payments. H’s and W’s principal

residence is.’’

2. On page 78412, column 2,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 4, line 1, the language

‘‘Because H and W’s principal

residence’’ is corrected to read ‘‘Because

H’s and W’s principal residence’’.

3. On page 78412, column 2,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 4, line 4, the language

‘‘date of H and W’s 2001 Form 1040

and’’ is corrected to read ‘‘date of H’s

and W’s 2001 Form 1040 and’’.

4. On page 78412, column 3,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 4, line 6 from the top

of the column, the language

‘‘Accordingly, H and W’s 2001 Form

1040 and’’ is corrected to read

‘‘Accordingly, H’s and W’s 2001 Form

1040 and’’.

5. On page 78412, column 3,

§ 301.7508A–1, paragraph (g), paragraph

(i) of Example 5, line 6, the language ‘‘of

section 7508A, under section 6511(a),

H’’ is corrected to read ‘‘of section

7508A, under section 6511(a), H’s’’.

6. On page 78413, column 1,

§ 301.7508A–1, paragraph (g), paragraph

(i)of Example 8, second line from the

bottom of the paragraph, the language

‘‘the 2001 taxable year. H and W’s

principal’’ is corrected to read ‘‘the 2001

taxable year . H’s and W’s principal’’.

7. On page 78413, column 1,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 8, line 1, the language

‘‘Because H and W’s principal

residence’’ is corrected to read ‘‘Because

H’s and W’s principal residence’’.

8. On page 78413, column 1,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 8, line 12, the language

‘‘extension. Therefore, H and W’s return

and’’ is corrected to read ‘‘extension.

Therefore, H’s and W’s return and’’.

Cynthia E. Grigsby,

Chief, Regulations Unit, Office of Special

Counsel (Modernization and Strategic

Planning).

[FR Doc. 01–3774 Filed 2–14–01; 8:45 am]

BILLING CODE 4830–01–P

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Parts 4022 and 4044

Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets

in Single-Employer Plans; Interest

Assumptions for Valuing and Paying

Benefits

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: The Pension Benefit Guaranty

Corporation’s regulations on Benefits

Payable in Terminated Single-Employer

Plans and Allocation of Assets in

Single-Employer Plans prescribe interest

assumptions for valuing and paying

benefits under terminating singleemployer plans. This final rule amends

the regulations to adopt interest

assumptions for plans with valuation

dates in March 2001. Interest

assumptions are also published on the

PBGC’s web site (http://www.pbgc.gov).

EFFECTIVE DATE: March 1, 2001.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, Office of the General Counsel,

Pension Benefit Guaranty Corporation,

1200 K Street, NW., Washington, DC

20005, 202–326–4024. (For TTY/TDD

users, call the Federal relay service tollfree at 1–800–877–8339 and ask to be

connected to 202–326–4024.)

SUPPLEMENTARY INFORMATION: The

PBGC’s regulations prescribe actuarial

assumptions—including interest

assumptions—for valuing and paying

plan benefits of terminating singleemployer plans covered by title IV of

the Employee Retirement Income

Security Act of 1974. The interest

assumptions are intended to reflect

current conditions in the financial and

annuity markets.

Three sets of interest assumptions are

prescribed: (1) A set for the valuation of

benefits for allocation purposes under

section 4044 (found in Appendix B to

Part 4044), (2) a set for the PBGC to use

to determine whether a benefit is

payable as a lump sum and to determine

lump-sum amounts to be paid by the

PBGC (found in Appendix B to Part

4022), and (3) a set for private-sector

pension practitioners to refer to if they

wish to use lump-sum interest rates

determined using the PBGC’s historical

methodology (found in Appendix C to

Part 4022).

Accordingly, this amendment (1) adds

to Appendix B to Part 4044 the interest

assumptions for valuing benefits for

allocation purposes in plans with

valuation dates during March 2001, (2)

adds to Appendix B to Part 4022 the

interest assumptions for the PBGC to

use for its own lump-sum payments in

plans with valuation dates during

March 2001, and (3) adds to Appendix

C to Part 4022 the interest assumptions

for private-sector pension practitioners

to refer to if they wish to use lump-sum

interest rates determined using the

PBGC’s historical methodology for

valuation dates during March 2001.

For valuation of benefits for allocation

purposes, the interest assumptions that

the PBGC will use (set forth in

Appendix B to part 4044) will be 6.40

percent for the first 20 years following

the valuation date and 6.25 percent

thereafter. These interest assumptions

represent a decrease (from those in

effect for February 2001) of 0.10 percent

for the first 20 years following the

valuation date and are otherwise

unchanged.

The interest assumptions that the

PBGC will use for its own lump-sum

payments (set forth in Appendix B to

part 4022) will be 4.75 percent for the

period during which a benefit is in pay

status, and 4.00 percent during any

years preceding the benefit’s placement

in pay status. These interest

assumptions are unchanged from those

in effect for February 2001.

For private-sector payments, the

interest assumptions (set forth in

Appendix C to part 4022) will be the

same as those used by the PBGC for

determining and paying lump sums (set

forth in Appendix B to part 4022).

The PBGC has determined that notice

and public comment on this amendment

are impracticable and contrary to the

public interest. This finding is based on

the need to determine and issue new

interest assumptions promptly so that

the assumptions can reflect, as

accurately as possible, current market

conditions.

Because of the need to provide

immediate guidance for the valuation

and payment of benefits in plans with

valuation dates during March 2001, the

PBGC finds that good cause exists for

making the assumptions set forth in this

amendment effective less than 30 days

after publication.

The PBGC has determined that this

action is not a ‘‘significant regulatory

action’’ under the criteria set forth in

Executive Order 12866.

Because no general notice of proposed

rulemaking is required for this

amendment, the Regulatory Flexibility

Act of 1980 does not apply. See 5 U.S.C.

601(2).