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| TREAS/IRS | RIN: 1545-BC54 | Publication ID: Fall 2008 |
| Title: Coordination of United States and Certain Possessions Income Taxes | |
| Abstract: Internal Revenue Code section 7654 contains provisions for coordination of United States and certain possessions income taxes. Specifically, section 7654 provides for "cover over" of the net collection of taxes imposed under chapter 1 or deducted and withheld under chapter 24. Section 7654 of the Internal Revenue Code of 1986 provides specific rules for cover over with regard to the possessions American Samoa and the U.S. Virgin Islands. Section 7654 of the 1954 Code, as amended in 1972 by Public Law 92-606, provides specific rules for cover over with regard to the possessions Guam and the Northern Mariana Islands (NMI). Section 7654 of the 1954 Code remains applicable to Guam and the NMI because neither of these two possessions has an effective implementing agreement with the United States, in accordance with the Tax Reform Act of 1986, Public Law 99-514. The regulations will provide rules under both the 1954 Code and the 1986 Code versions of section 7654. | |
| Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
| RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
| Major: No | Unfunded Mandates: Undetermined |
| CFR Citation: 26 CFR 1 26 CFR 301 | |
| Legal Authority: 26 USC 7805 | |
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Legal Deadline:
None |
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Timetable:
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| Additional Information: REG-139900-03 Drafting attorney: Cleve Lisecki (202) 435-5262 Reviewing attorney: Ricardo A. Cadenas (202) 435-5262 Treasury attorney: Gretchen Sierra (202) 622-1755 CC: INTL | |
| Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
| Small Entities Affected: No | Federalism: No |
| Included in the Regulatory Plan: No | |
| RIN Data Printed in the FR: No | |
| Related RINs: Related to 1545-BD32 | |
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Agency Contact: Cleve Lisecki Attorney-Advisor Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room M4-163, Washington, DC 20224 Phone:202 515-4405 Email: cleve.lisecki@irscounsel.treas.gov |
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