Reg-121475-03 (2007)

38802

Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Proposed Rules

(AMM) P.180 Avanti report 9066) or
Temporary Revision 11 into the maintenance
program (AMM P.180 Avanti II report 180–
MAN–0200–01105). The temporary revisions
require confirmation that the steering
manifold and steering actuator are compliant
with Piaggio Aero Industries S.p.A. Service
Bulletin (Mandatory) N.: 80–0236 Rev. 1,
dated May 15, 2007.
FAA AD Differences
Note 2: This AD differs from the MCAI
and/or service information as follows: The
MCAI requires the initial inspection action
within 5 hours TIS. We consider 5 hours TIS
an urgent safety of flight compliance time,
and we do not consider this unsafe condition
to be an urgent safety of flight condition.
Because we do not consider this unsafe
condition to be an urgent safety of flight
condition, we are issuing this proposed
action through the normal notice of proposed
rulemaking (NPRM) AD process. The initial
inspection time of 30 hours TIS or 30 days,
whichever occurs first, is an adequate
compliance time for this proposed AD action
and meets the FAA requirements for an
NPRM followed by a final rule.
Other FAA AD Provisions
(g) The following provisions also apply to
this AD:
(1) Alternative Methods of Compliance
(AMOCs): The Manager, Standards Staff,
FAA, has the authority to approve AMOCs
for this AD, if requested using the procedures
found in 14 CFR 39.19. Send information to
ATTN: Sarjapur Nagarajan, Aerospace
Engineer, FAA, Small Airplane Directorate,
901 Locust, Room 301, Kansas City, Missouri
64106; telephone: (816) 329–4145; fax: (816)
329–4090. Before using any approved AMOC
on any airplane to which the AMOC applies,
notify your appropriate principal inspector
(PI) in the FAA Flight Standards District
Office (FSDO), or lacking a PI, your local
FSDO.
(2) Airworthy Product: For any requirement
in this AD to obtain corrective actions from
a manufacturer or other source, use these
actions if they are FAA-approved. Corrective
actions are considered FAA-approved if they
are approved by the State of Design Authority
(or their delegated agent). You are required
to assure the product is airworthy before it
is returned to service.
(3) Reporting Requirements: For any
reporting requirement in this AD, under the
provisions of the Paperwork Reduction Act
(44 U.S.C. 3501 et.seq.), the Office of
Management and Budget (OMB) has
approved the information collection
requirements and has assigned OMB Control
Number 2120–0056.

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Related Information
(h) Refer to MCAI European Aviation
Safety Agency (EASA) Emergency
Airworthiness Directive EAD No: 2007–
0147–E, dated May 22, 2007; and Piaggio
Aero Industries S.p.A. Service Bulletin
(Mandatory) N.: 80–0236 Rev. 1, dated May
15, 2007, for related information.

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Issued in Kansas City, Missouri, on July 9,
2007.
Sandra J. Campbell,
Acting Manager, Small Airplane Directorate,
Aircraft Certification Service.
[FR Doc. E7–13713 Filed 7–13–07; 8:45 am]
BILLING CODE 4910–13–P

www.regulations.gov/ (IRS REG–
121475–03).
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations,
Zoran Stojanovic, (202) 622–3980;
concerning submissions of comments
and/or requests for a hearing, Richard A.
Hurst, (202) 622–7180 (not toll-free
numbers).

DEPARTMENT OF THE TREASURY

SUPPLEMENTARY INFORMATION:

Internal Revenue Service

Paperwork Reduction Act

26 CFR Part 1
[REG–121475–03]
RIN 1545–BC61

Qualified Zone Academy Bonds;
Obligations of States and Political
Subdivisions
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking
by cross-reference to temporary
regulations and withdrawal of proposed
regulations.
AGENCY:

SUMMARY: In the Rules and Regulations
section of this issue of the Federal
Register, the IRS is issuing temporary
regulations relating to the Federal
income tax treatment of qualified zone
academy bonds. This document
contains proposed regulations that
provide guidance to state and local
governments that issue qualified zone
academy bonds and to banks, insurance
companies, and other taxpayers that
hold those bonds on the program
requirements for qualified zone
academy bonds. The regulations
implement the amendments to section
1397E of the Internal Revenue Code
(Code) and provide guidance on the
maximum term, permissible use of
proceeds, and remedial actions for
qualified zone academy bonds. The text
of those regulations also serves as the
text of these proposed regulations. This
document also withdraws proposed
regulations published March 26, 2004.
DATES: Written or electronic comments
and requests for a public hearing must
be received by October 15, 2007.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR (REG–121475–03), room
5203, Internal Revenue Service, PO Box
7604, Ben Franklin Station, Washington,
DC 20044. Submissions may be hand
delivered Monday through Friday
between the hours of 8 a.m. and 4 p.m.
to CC:PA:LPD:PR (REG–121475–03),
Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue,
NW., Washington, DC, or sent
electronically, via the Federal
eRulemaking Portal at http://

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The collection of information
contained in these proposed regulations
has been reviewed and approved by the
Office of Management and Budget in
accordance with the Paperwork
Reduction Act (44 U.S.C. 3507) under
control number 1545–1908. Responses
to this collection of information are
required to obtain or retain a benefit.
This collection of information is
required by the IRS to verify compliance
with section 1397E. Comments on the
collection of information should be sent
to the Office of Management and
Budget, Attn: Desk Officer for the
Department of the Treasury, Office of
Information and Regulatory Affairs,
Washington, DC 20503, with copies to
the Internal Revenue Service, Attn: IRS
Reports Clearance Officer,
SE:W:CAR:MP:T:T:SP; Washington, DC
20224. Comments on the collection of
information should be received by
September 14, 2007. Comments are
specifically requested concerning:
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Internal Revenue Service, including
whether the information will have
practical utility;
The accuracy of the estimated burden
associated with the proposed collection
of information;
How the quality, utility, and clarity of
the information to be collected may be
enhanced;
How the burden of complying with
the proposed collection of information
may be minimized, including through
the application of automated collection
techniques or other forms of information
technology; and
Estimates of capital or start-up costs
and costs of operation, maintenance,
and purchase of services to provide
information.
The collection of information in this
proposed regulation is in § 1.1397E–
1(h). This collection of information is
required by the IRS to verify compliance
with section 1397E. This information
will be used to identify issuers of
qualified zone academy bonds that have
established a defeasance escrow as a
remedial action taken because of failure

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Federal Register / Vol. 72, No. 135 / Monday, July 16, 2007 / Proposed Rules
to satisfy certain requirements of section
1397E. The collection of information is
required to obtain or retain a benefit.
The likely respondents are states or
local governments that issue qualified
zone academy bonds.
Estimated total annual reporting
burden: 3 hours.
Estimated average annual burden
hours per respondent: 30 minutes.
Estimated number of respondents: 6.
Estimated annual frequency of
responses: varies.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a valid control
number assigned by the Office of
Management and Budget.
Books and records relating to a
collection of information must be
retained as long as their contents may
become material in the administration
of any internal revenue law. Generally,
tax returns and tax return information
are confidential, as required by 26
U.S.C. 6103.

ycherry on PRODPC74 with PROPOSALS

Background and Explanation of
Provisions
Temporary regulations in the Rules
and Regulations section of this issue of
the Federal Register amend the Income
Tax Regulations (26 CFR part 1) relating
to section 1397E. The temporary
regulations amend the final regulations
adopted September 26, 2000 (TD 8903)
(65 FR 57732), and provide guidance to
state and local governments that issue
qualified zone academy bonds and to
bank, insurance companies, and other
taxpayers that hold those bonds. The
temporary regulations provide guidance
on the program requirements for
qualified zone academy bonds. The text
of those regulations also serves as the
text of these proposed regulations. The
preamble to the temporary regulations
explains the temporary regulations and
these proposed regulations.
Special Analyses
It has been determined that this notice
of proposed rule rulemaking 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. It is hereby
certified that the collection of
information in these regulations will not
have a significant economic impact on
a substantial number of small entities. It
is estimated that each year six issuers of
QZABs will be required to report the
establishment of a defeasance escrow,
and the average estimated burden of

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each such reporting is 30 minutes. In
addition, the establishment of a
defeasance escrow need only be
reported once. Therefore, a regulatory
flexibility analysis under the Regulatory
Flexibility Act (5 U.S.C. chapter 6) is
not required. Pursuant to section 7805(f)
of the Internal Revenue 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.
Comments and Requests for a Public
Hearing
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
written comments (a signed original and
eight (8) copies) or electronic comments
that are submitted timely to the IRS. The
IRS and Treasury Department
specifically request comments on the
clarity of the proposed rules and how
they may be made easier to understand.
All comments will be available for
public inspection and copying. A public
hearing will be scheduled if requested
in writing by any person that submits
written comments. If a public hearing is
scheduled, notice of the date, time, and
place for the public hearing will be
published in the Federal Register.
Drafting Information
The principal authors of these
regulations are Timothy L. Jones and
Zoran Stojanovic, Office of Division
Counsel/Associate Chief Counsel, IRS
(Tax Exempt and Government Entities).
However, other personnel from the IRS
and the Treasury Department
participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Withdrawal of Proposed Regulations
Under the authority of 26 U.S.C. 7805,
the notice of proposed rulemaking
(REG–121475–03) published in the
Federal Register on March 26, 2004 (69
FR 15747) is withdrawn.
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:

Par. 2. Section 1.1397E–1 is amended
by revising paragraphs (a), (d), (h), (i),
(j), (k), (l), and (m) to read as follows:
§ 1.1397E–1
bonds.

Kevin M. Brown,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. E7–13663 Filed 7–13–07; 8:45 am]
BILLING CODE 4830–01–P

Paragraph 1. The authority citation
for part 1 is amended by adding an entry
in numerical order to read as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.1397E–1 also issued under 26
U.S.C. 1397E. * * *

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Qualified zone academy

(a) [The text of the proposed
amendment to § 1.1397E–1(a) is the
same as the text of § 1.1397E–1T(a)
published elsewhere in this issue of the
Federal Register].
*
*
*
*
*
(d) [The text of the proposed
amendment to § 1.1397E–1(d) is the
same as the text of § 1.1397E–1T(d)
published elsewhere in this issue of the
Federal Register].
*
*
*
*
*
(h) [The text of the proposed
amendment to § 1.1397E–1(h) is the
same as the text of § 1.1397E–1T(h)
published elsewhere in this issue of the
Federal Register].
(i) [The text of the proposed
amendment to § 1.1397E–1(i) is the
same as the text of § 1.1397E–1T(i)
published elsewhere in this issue of the
Federal Register].
(j) [The text of the proposed
amendment to § 1.1397E–1(j) is the
same as the text of § 1.1397E–1T(j)
published elsewhere in this issue of the
Federal Register].
(k) [The text of the proposed
amendment to § 1.1397E–1(k) is the
same as the text of § 1.1397E–1T(k)
published elsewhere in this issue of the
Federal Register].
(l) [The text of the proposed
amendment to § 1.1397E–1(l) is the
same as the text of § 1.1397E–1T(l)
published elsewhere in this issue of the
Federal Register].
(m) [The text of the proposed
amendment to § 1.1397E–1(m) is the
same as the text of § 1.1397E–1T(m)(1)
and (m)(2) published elsewhere in this
issue of the Federal Register].
*
*
*
*
*

PART 1—INCOME TAXES

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