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TREAS/IRS | RIN: 1545-BQ79 | Publication ID: Fall 2023 |
Title: ●Recapture of Interest on Excess Credits Under FFCRA, CARES Act, and ARP Act | |
Abstract:
These regulations provide the IRS with the regulatory authority to assess as an underpayment of tax any interest paid to a taxpayer on an erroneous refund of the tax credits provided under the Families First Coronavirus Response Act (Families First Act), Public Law No. 116-127, 134 Stat. 178 (March 18, 2020), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, 134 Stat. 281 (March 27, 2020) and the American Rescue Plan Act (ARP Act), Public Law 117-2, 135 Stat. 4 (March 11, 2021). |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 26 U.S.C. secs. 3131 to 3134 26 U.S.C. 7805 Families First Coronavirus Response Act, Pub. L. 116-127 Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 |
Legal Deadline:
None |
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Timetable:
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Additional Information: 1. Drafter attorney: NaLee Park, (202) 317-3602 2. Reviewer attorney: Andrew Holubeck, (202) 317-4787 3. Treasury attorney: Boyd Brown, (771) 201-0022 4. REG-109032-23 (NPRM) CC:EEE | |
Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Local, State, Tribal |
Small Entities Affected: Businesses, Governmental Jurisdictions, Organizations | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Andrew Holubeck Senior Counsel Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 4311A, Washington, DC 20224 Phone:202 317-4787 Email: andrew.k.holubeck@irscounsel.treas.gov |