Federal Register / Vol. 85, No. 209 / Wednesday, 28, 2020 / Rules and Regulations 68249

impose additional reporting, disclosure, interim final rules, which were under sections 250 and 861 of the or other requirements on insured published at 85 FR 16232, 85 FR 20387, Internal Revenue Code. depository institutions (IDIs), each and 85 FR 26835 on 23, 13, Need for Correction Federal banking agency must consider, and 6, 2020, are adopted as a final consistent with the principle of safety rule by the OCC, Board, and FDIC As published on 15, 2020 (85 FR and soundness and the public interest, without change. 43042), the final regulations (TD 9901; any administrative burdens that the FR Doc. 2020–14649) contains errors Brian P. Brooks, regulations would place on depository that need to be corrected. Acting Comptroller of the Currency. institutions, including small depository List of Subjects in 26 CFR Part 1 institutions and customers of depository By order of the Board of Governors of the institutions, as well as the benefits of Federal Reserve System. Income taxes, Reporting and the regulations. In addition, section Ann E. Misback, recordkeeping requirements. 302(b) of RCDRIA requires new Secretary of the Board. Correction of Publication regulations and amendments to Federal Deposit Insurance Corporation. Accordingly, 26 CFR part 1 is regulations that impose additional By order of the Board of Directors. reporting, disclosures, or other new corrected by making the following Dated at Washington, DC, on or about correcting amendments: requirements on IDIs generally to take 15, 2020. effect on the first day of a calendar James P. Sheesley, PART 1—INCOME TAXES quarter that begins on or after the date Assistant Executive Secretary. on which the regulations are published ■ Paragraph 1. The authority citation [FR Doc. 2020–21894 Filed 10–27–20; 8:45 am] in final form.23 Each Federal banking for part 1 continues to read in part as agency has determined that the final BILLING CODE 4810–33–6210–01–6714–01–P follows: rule would not impose additional Authority: 26 U.S.C. 7805 * * * reporting, disclosure, or other requirements; therefore the DEPARTMENT OF THE TREASURY § 1.250–1 [Amended] requirements of the RCDRIA do not ■ Par. 2. Section 1.250–1, paragraph (b), apply. Internal Revenue Service is amended by adding at the end of the E. Use of Plain Language 26 CFR Part 1 third sentence ‘‘, but once applied, Section 722 of the Gramm-Leach- taxpayers must apply the final Bliley Act 24 requires the Federal [TD 9901] regulations for all subsequent taxable years beginning before 1, 2021’’. banking agencies to use ‘‘plain RIN 1545–BO55 language’’ in all proposed and final § 1.250(b)–4 [Amended] rules published after , 2000. In Deduction for Foreign-Derived ■ light of this requirement, the agencies Intangible Income and Global Par. 3. Section 1.250(b)–4 is amended: ■ a. In the last sentence of paragraph have sought to present the final rule in Intangible Low-Taxed Income; (d)(1)(ii)(D), by adding ‘‘for the seller’s a simple and straightforward manner. Correcting Amendments The agencies did not receive any taxable year’’ after the words ‘‘less than comments on the use of plain language AGENCY: Internal Revenue Service (IRS), $50,000’’. ■ in the interim final rules. Treasury. b. In the last sentence of paragraph ACTION: Correcting amendments. (d)(2)(ii)(A), by adding ‘‘or (iii)’’ after F. OCC Unfunded Mandates Reform Act ‘‘(d)(1)(ii)’’. of 1995 SUMMARY: This document contains ■ c. In paragraph (d)(2)(iv)(B)(10)(ii), by As a general matter, the Unfunded corrections to the Treasury Decision removing ‘‘potion’’ and adding in its Mandates Act of 1995 (UMRA), 2 U.S.C. 9901, which was published in the place ‘‘portion’’. 1531 et seq., requires the preparation of Federal Register on Wednesday , ■ Par. 4. Section 1.250(b)–5 is amended: a budgetary impact statement before 2020. Treasury Decision 9901 contained ■ a. In paragraph (c)(1), by removing ‘‘to promulgating a rule that includes a final regulations that provide guidance consumers’’; Federal mandate that may result in the regarding the deduction for foreign- ■ b. In the first sentence of paragraph expenditure by State, local, and tribal derived intangible income (FDII) and (e)(2)(iii), by removing ‘‘accesses the governments, in the aggregate, or by the global intangible low-taxed income service’’ and adding in its place private sector, of $100 million or more (GILTI) and for coordinating the ‘‘accesses or otherwise uses the in any one year. However, the UMRA deduction for FDII and GILTI with other service’’; does not apply to final rules for which provisions in the Internal Revenue ■ c. By revising paragraph a general notice of proposed rulemaking Code. (e)(5)(ii)(F)(1); and 25 ■ was not published. Because there was DATES: These corrections are effective d. By revising the third and fourth no general notice of proposed on October 28, 2020. For dates of sentences of paragraph (e)(5)(ii)(F)(2). rulemaking associated with the interim applicability, see §§ 1.250–1(b) and The revisions read as follows: final rules or the final rule, the OCC 1.861–8(h). § 1.250(b)–5 Foreign-derived deduction concludes that the requirements of the FOR FURTHER INFORMATION CONTACT: Brad eligible income (FDDEI) services. UMRA do not apply to this final rule. McCormack at (202) 317–6911 and * * * * * Authority and Issuance Lorraine Rodriguez at (202) 317–6726 (e) * * * For the reasons set forth in the joint (not toll-free numbers). (5) * * * SUPPLEMENTARY INFORMATION section, the SUPPLEMENTARY INFORMATION: (ii) * * * (F) Example 6: Electronically supplied Background 23 12 U.S.C. 4802. services that are accessed by the 24 12 U.S.C. 4809. The final regulations (TD 9901) that business recipient—(1) Facts. DC 25 See 2 U.S.C. 1532(a). are the subject of this correction are maintains an inventory management

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website for R, a company that sells SUMMARY: The Coast Guard is aware of the event on , consumer goods online. R’s offices and establishing a temporary special local 2020, and the scheduled event occurring all of its employees, who use the regulation (SLR) on the waters of San on 1, 2020. The marine event website, are located in the United Diego Bay, California to provide for the sponsor of this boat parade is expecting States, but R sells its products to safety of the participants, crew, to draw a high concentration of vessels customers both within and outside the spectators, sponsor vessels, and general to the San Diego Bay area along the United States. users of the waterway during a boat proposed parade route. Traditionally, (2) * * * Accordingly, under parade. This SLR temporarily the San Diego Bay area serves as a major paragraph (e)(2)(i) of this section, as encompasses all navigable waters, from thoroughfare for commercial traffic, modified by paragraph (e)(2)(iii) of this surface to bottom, on a pre-determined naval operations, ferry routes, and a section, R’s operations that benefit from course in the northern portion of the number of other recreational uses. The DC’s services are deemed to be located San Diego Main Ship Channel from Coast Guard is establishing this SLR to where the service is accessed by Shelter Island Basin, past the minimize impacts on this congested employees. Therefore, none of the Embarcadero, crossing the federal waterway. We must establish this SLR provision of the inventory management navigable channel and ending off of by , 2020 to ensure the website is treated as a service to a Coronado Island. This SLR also safety of individuals, property, and the person located outside the United States establishes a designated section of the marine environment and we do not have and none is a FDDEI service under commercial anchorage area as a First sufficient time to request and respond to paragraph (b)(2) of this section. Amendment area to be used at the comments. * * * * * discretion of the Captain of the Port, or Under 5 U.S.C. 553(d)(3), the Coast his designated representative, as a Guard finds that good cause exists for § 1.250(b)–6 [Amended] spectator area. making this rule effective less than 30 ■ Par. 5. Section 1.250(b)–6 paragraph DATES: This rule is effective from noon days after publication in the Federal (c)(3) is amended by adding ‘‘the seller through 3:30 p.m. on November 1, 2020. Register. Delaying the effective date of and’’ before the words ‘‘all related ADDRESSES: To view documents this rule would be contrary to public parties of the seller’’. mentioned in this preamble as being interest because prompt action is ■ Par. 6. Section 1.861–8 is amended by available in the docket, go to https:// needed to respond to the potential revising paragraph (h) to read as www.regulations.gov, type USCG–2020– safety hazards associated with the follows: 0611 in the ‘‘SEARCH’’ box and click location, size and complexity of the boat ‘‘SEARCH.’’ Click on Open Docket parade that is planned to take place on § 1.861–8 Computation of taxable income Folder on the line associated with this November 1, 2020. from sources within the United States and rule. III. Legal Authority and Need for Rule from other sources and activities. FOR FURTHER INFORMATION CONTACT: If * * * * * you have questions on this rule, call or The Coast Guard is issuing this rule (h) Applicability date. Except as email Lieutenant John Santorum, under authority in 46 U.S.C. 70041. The provided in this paragraph (h), this Waterways Management, U.S. Coast Captain of the Port (COTP) Sector San section applies to taxable years that both Guard Sector San Diego, CA; telephone Diego has determined that potential begin after 31, 2017 and end (619) 278–7656, email hazards associated with the proposed on or after , 2018. The last [email protected]. parade will be a safety concern for sentence of paragraph (d)(2)(ii)(C)(1) of SUPPLEMENTARY INFORMATION: anyone within the vicinity of the parade this section, and paragraph (f)(1)(vi)(N) route. This rule is needed to protect I. Table of Abbreviations of this section, apply to taxable years personnel, vessels, spectators, and the beginning on or after January 1, 2021. CFR Code of Federal Regulations marine environment in the navigable DHS Department of Homeland Security Crystal Pemberton, waters of the San Diego Bay in the FR Federal Register vicinity of the marine event during the Senior Federal Register Liaison, Publications NPRM Notice of proposed rulemaking and Regulations Branch, Legal Processing § Section enforcement period of this rule. Division, Associate Chief Counsel (Procedure U.S.C. United States Code IV. Discussion of the Rule and Administration). II. Background Information and This rule establishes an SLR from [FR Doc. 2020–21175 Filed 10–27–20; 8:45 am] Regulatory History BILLING CODE 4830–01–P noon until 3:30 p.m. on November 1, The Coast Guard is issuing this 2020. The SLR will cover all navigable temporary rule without prior notice and waters on a pre-determined course in opportunity to comment pursuant to the northern portion of the San Diego DEPARTMENT OF HOMELAND authority under section 4(a) of the Main Ship Channel from Shelter Island SECURITY Administrative Procedure Act (APA) (5 Basin, past the Embarcadero, crossing Coast Guard U.S.C. 553(b)). This provision the federal navigable channel and authorizes an agency to issue a rule ending off of Coronado Island. This SLR 33 CFR Part 100 without prior notice and opportunity to will also temporarily establish a 200- comment when the agency for good yard radius within the commercial [Docket Number USCG–2020–0611] cause finds that those procedures are anchorage as a First Amendment area to ‘‘impracticable, unnecessary, or contrary be used as authorized by the Captain of RIN 1625–AA08 to the public interest.’’ Under 5 U.S.C. the Port, or his designated 553(b)(B), the Coast Guard finds that representative. The First Amendment Special Local Regulation; Boat Parade; good cause exists for not publishing a area will encompass all navigable San Diego, CA notice of proposed rulemaking (NPRM) waters, from surface to bottom, within ° ′ ″ ° ′ ″ AGENCY: Coast Guard, DHS. with respect to this rule because it is 200 yards of 32 43 11.0 N, 117 10 59.8 impracticable due to the short time W, within the commercial vessel ACTION: Temporary final rule. between the Coast Guard becoming anchorage.

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