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TREAS/IRS | RIN: 1545-BP40 | Publication ID: Spring 2020 |
Title: Treatment of Payments to Charitable Entities in Return for Consideration | |
Abstract:
The NPRM provides proposed amendments to the regulations under sections 162, 164, and 170. First, the proposed amendments provide safe harbors under section 162 for certain payments made by business entities to or for the use of an entity described in section 170(c) if the business entity receives, or expects to receive, a state or local tax credit in return. Second, the proposed amendments provide a safe harbor under section 164 for payments made to an entity described in section 170(c) by individuals who itemize deductions and receive or expect to receive a state or local tax credit in return. Third, the proposed amendments clarify the application of the quid pro quo principle under section 170 to benefits received or expected to be received by a donor from a third party. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: 26 CFR 1.162-15 26 CFR 1.164-3 26 CFR 1.170A-1 26 CFR 1.170A-13 | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 162 26 U.S.C. 164 26 U.S.C. 170 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-107431-19 (NPRM) Drafting attorney: Mon L. Lam (202) 317-4859 Reviewing attorney: Merrill Feldstein (202) 317-4902 Treasury attorney: N/A CC:ITA | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Mon Lam Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 317-4859 Fax:855 576-2337 Email: mon.l.lam@irscounsel.treas.gov |