[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR204.50]

[Page 213]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 204--RULES RELATING TO DEBT COLLECTION--Table of Contents
 
                      Subpart C--Tax Refund Offset
 
Sec. 204.50  Purpose.

    Authority: 5 U.S.C. 8347(a) and 8461(g), 31 U.S.C. 3720A.

    Source: 58 FR 64372, Dec. 7, 1993, unless otherwise noted.


    This subpart establishes procedures for the Commission to refer 
past-due legally enforceable debts to the Internal Revenue Service (IRS) 
for offset against the income tax refunds of an individual, sole 
proprietorship, partnership, corporation, nonprofit organization or any 
other form of business association, (31 U.S.C. 3720A(4)) owing debts to 
the Commission. In the case of refunds of business associations, this 
section applies only to refunds payable on or after January 1, 1995 (31 
U.S.C. 3720A(5). It specifies the agency procedures and the rights of 
the debtor applicable to claims referred under the Federal Tax Refund 
Offset Program for the collection of debts owed to the Commission.