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TREAS/IRS

RIN: 1545-BI09

Publication ID: Spring 2009

Title: Election of Reduced Credit Under Section 280C(c)(3)
Abstract: These proposed regulations revise the reduced section 41 credit election in section 1.280C-4(a). Under section 1.280C-4(a), the election under section 280C(c)(3) is made by claiming the reduced credit under section 41(a) on an original return for the taxable year, filed at any time on or before the due date (including extensions) for filing the income tax return for such year. The guidance would amend section 1.280C-4(a) in light of the generic legal advice memo (AM-2008-02, Feb. 8, 2008) on section 280(c)(3) which provides that a taxpayer should be treated as having made a valid reduced section 41 credit election if the taxpayer clearly indicates the intent to claim the reduced credit on a timely filed original return for the taxable year.
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 1.280C-4(a)
Legal Authority: 26 USC 7805 26 USC 280C(c)(3)(c)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM	06/00/2009

Additional Information: REG-130200-08 Drafting attorney: David A. Selig (202) 622-3040 Reviewing attorney: Paul F. Handleman (202) 622-3040 Treasury attorney: Brandon Carlton (202) 622-6865 CC: PSI
Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: James W. Rider Attorney-Advisor (Tax) Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5107, Washington, DC 20224 Phone:202 317-4137 Fax:855 591-7867 Email: james.w.rider@irscounsel.treas.gov