[Federal Register Volume 73, Number 220 (Thursday, November 13, 2008)]
[Rules and Regulations]
[Pages 67103-67104]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-26639]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 702
[TD 9432]
RIN 1545-BH36
Payments From the Presidential Primary Matching Payment Account
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations and removal of temporary regulations.
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SUMMARY: This document contains final regulations under section 9037 of
the Internal Revenue Code (Code) relating to the financing of
presidential primary campaigns. The regulations relate to Treasury
procedures for making payments from the Presidential Primary Matching
Payment Account (Primary Account) to eligible primary candidates. These
regulations affect all candidates eligible to receive payments from the
Primary Account.
DATES: Effective Date: These regulations are effective on November 13,
2008.
Applicability Date: For dates of applicability, see 702.9037-1(b)
and 702.9037-2(c).
FOR FURTHER INFORMATION CONTACT: Karla M. Meola, (202) 622-4930 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
This document contains amendments to 26 CFR part 702 under section
9037 of the Code. On February 14, 2008, the IRS published temporary
regulations (TD 9382, 2008-9 IRB 482) in the Federal Register (73 FR
8608). On the same date, the IRS published a notice of proposed
rulemaking (REG-149475-07, 2008-9 IRB 510) in the Federal Register (73
FR 8632) cross-referencing the temporary regulations.
The notice of proposed rulemaking provided that, pursuant to
section 9036, the Federal Election Commission (Commission) will certify
to the Treasury Secretary the full amount of payments to which a
candidate is entitled under section 9034. The Treasury Secretary will
pay promptly, but not before the start of a Presidential election year,
the amounts certified by the Commission from the Primary Account to the
candidate. The notice of proposed rulemaking also authorized the
Treasury Secretary to provide guidance prescribing rules and procedures
for the Primary Account. Contemporaneously with the publication of the
notice of proposed rulemaking, the IRS published Rev. Proc. 2008-15
(2008-9 IRB 489), which revises the procedures for making prompt
payment from the Primary Account to eligible primary candidates.
The notice of proposed rulemaking invited comments and requests for
a public hearing, but no comments were received and no public hearing
was requested or held. Accordingly, this Treasury decision adopts the
proposed regulations without modification as final regulations.
Special Analyses
It has been determined that this Treasury decision is not a
significant regulatory action as defined in Executive Order 12866.
Therefore, a regulatory assessment is not required. It has also been
determined that section 553(b) of the Administrative Procedure Act (5
U.S.C. chapter 5) does not apply to these regulations, and because the
regulation does not impose a collection of information on small
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not
apply. Pursuant to section 7805(f) of the Code, this regulation has
been submitted to the Chief Counsel for Advocacy of the Small Business
Administration for comment on its impact on small business.
Drafting Information
The principal author of these regulations is Karla M. Meola of the
Office of Associate Chief Counsel (Income Tax & Accounting). However,
other personnel from the IRS and Treasury Department participated in
their development.
Adoption of Amendments to the Regulations
0
Accordingly, 26 CFR part 702 is amended as follows:
PART 702--PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT
0
Paragraph 1. The authority citation for part 702 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Sec. Sec. 702.9037-1T [Removed]
0
Par. 2. Section 702.9037-1T is removed.
0
Par. 3. Revise Sec. 702.9037-1 to read as follows:
Sec. 702.9037-1 Transfer of amounts to the Presidential Primary
Matching Payment Account.
(a) In general. The Secretary will deposit amounts into the
Presidential Primary Matching Payment Account (Primary Account) only to
the extent that there are amounts in the Presidential Election Campaign
Fund (Fund) after the transfers prescribed by Sec. 701.9006-1(c) and
(d). The Secretary will make this deposit promptly from amounts that
have actually been transferred to the Fund under Sec. 701.9006-1(a).
Any amounts in the Primary Account after October 31 following a
presidential election will be returned to the Fund for the purpose of
making the transfers prescribed by Sec. 701.9006-1(c), (d), and (f)
for the next presidential election.
(b) Effective/applicability date. These regulations apply to the
Primary Account on or after February 2, 1996.
[[Page 67104]]
Sec. 702.9037-2T [Removed]
0
Par. 4. Section 702.9037-2T is removed.
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Par. 5. Revise Sec. 702.9037-2 to read as follows:
Sec. 702.9037-2 Payments from the Presidential Primary Matching
Payment Account.
(a) In general. Pursuant to section 9036, the Federal Election
Commission (Commission) will certify to the Secretary the full amount
of payment to which a candidate is entitled under section 9034. The
Secretary will pay promptly, but not before the start of the matching
payment period under section 9032(6), the amounts certified by the
Commission from the Presidential Primary Matching Payment Account
(Primary Account) to the candidate.
(b) Additional guidance. The Internal Revenue Service may publish
guidance in the Internal Revenue Bulletin (see Sec.
601.601(d)(2)(ii)(b) of this chapter) prescribing additional rules and
procedures for the Primary Account.
(c) Effective/applicability date. These regulations apply to the
Primary Account on or after February 2, 1996.
Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
Approved: October 28, 2008.
Eric Solomon,
Assistant Secretary of the Treasury (Tax Policy).
[FR Doc. E8-26639 Filed 11-12-08; 8:45 am]
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