[Federal Register Volume 79, Number 106 (Tuesday, June 3, 2014)]
[Proposed Rules]
[Pages 31892-31893]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-12758]



Internal Revenue Service

26 CFR Part 1

RIN 1545-BL78

Alternative Simplified Credit Election

AGENCY: Internal Revenue Service (IRS), Treasury.

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


SUMMARY: This document contains proposed regulations relating to the 
election of the alternative simplified credit. The proposed regulations 
will affect certain taxpayers claiming the credit. In the Rules and 
Regulations section of this issue of the Federal Register, the IRS is 
issuing temporary regulations concerning the election of the 
alternative simplified credit. The text of those regulations also 
serves as the text of these proposed regulations.

DATES: Comments and requests for a public hearing must be received by 
September 2, 2014.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-133495-13), room 
5205, 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-
133495-13), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue NW., Washington, DC, or sent electronically via the Federal 
eRulemaking Portal at http://www.regulations.gov (IRS REG-133495-13).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
David Selig, (202) 317-4137; concerning submission of comments and 
requests for a hearing, Oluwafunmilayo Taylor, (202) 317-6901 (not 
toll-free numbers).



    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 41. The temporary regulations provide 
guidance concerning the election of the alternative simplified credit 
(ASC) under section 41(c)(5). The text of those regulations also serves 
as the text of these proposed regulations. The preamble to the 
temporary regulations explains these proposed regulations.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866, as supplemented by Executive Order 13563. 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) 
does not apply to these regulations. 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. 
Although a substantial number of small entities may make an ASC 
election on an amended return pursuant to these regulations, the 
economic impact of any collection burden on these entities relating to 
this election is minimal because the regulations will result in a 
benefit to taxpayers by providing additional time for taxpayer to 
calculate and elect the ASC. 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, 
these regulations will be submitted to the Chief Counsel for Advocacy 
of the Small Business Administration for comment on their impact on 
small business.

Comments and Requests for Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any comments that are submitted timely 
to the IRS. The Treasury Department and the IRS request comments on all 
aspects of the proposed rules. All comments will be available at 
www.regulations.gov or upon request.
    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 David Selig, Office of 
Associate Chief Counsel (Passthroughs and Special Industries). However, 
other personnel from the IRS and the 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:


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

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

    Section 1.41-9 also issued under 26 U.S.C. 41(c)(5)(C). * * *

[[Page 31893]]

Par. 2. Section 1.41-9 is amended by revising paragraph (b)(2) to read 
as follows:

Sec.  1.41-9  Alternative simplified credit.

* * * * *
    (b) * * * (1) * * *
    (2) [The text of proposed Sec.  1.41-9(b)(2) is the same as the 
text of Sec.  1.41-9T(b)(2) published elsewhere in this issue of the 
Federal Register.]
* * * * *

John Dalrymple,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2014-12758 Filed 6-2-14; 8:45 am]