The proposed regulations would provide guidance on the new tax credit for contributions by individuals to scholarship granting organizations, as added to the Internal Revenue Code by the enactment of section 70411 of Public Law 119-21 (July 4, 2025), commonly referred to as the One Big Beautiful Bill Act. The new regulations will implement IRC 25F by providing for enforcement of the requirements for scholarship granting organizations and State elections to participate under IRC 25F, as well as recordkeeping and information reporting requirements for purposes of administering the requirements of IRC 25F.