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FRS RIN: 7100-AG14 Publication ID: Fall 2023 
Title: Income Tax Allocation Agreements (Docket No: R-1746) 
Abstract:

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the Agencies) are inviting comment on a proposed rule (proposal) under section 39 of the Federal Deposit Insurance Act that would establish requirements for tax allocation agreements between institutions and their holding companies in a consolidated tax filing group. The proposal would promote safety and soundness by preserving depository institutions' ownership rights in tax refunds and ensuring equitable allocation of tax liabilities among entities in a holding company structure. Under the proposal, national banks, state banks, and savings associations that file tax returns as part of a consolidated tax filing group would be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that join in the filing of a consolidated group tax return. The proposal also would describe specific mandatory provisions in these tax allocation agreements, including provisions addressing the ownership of tax refunds received. If the Agencies were to adopt the proposal as a final rule, the Agencies would rescind the interagency policy statement on tax allocation agreements that was issued in 1998 and supplemented in 2014.

 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 208   
Legal Authority: 12 U.S.C. 183   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Requested Comment  05/10/2021  86 FR 24755   
Board Expects Further Action  01/00/2024 
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:
Helen Xu
Manager, Policy Development
Federal Reserve System
Supervision and Regulation,
Washington, DC 20551
Phone:202 530-6204

Asad Kudiya
Deputy Associate General Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 475-6358