This revenue procedure updates the procedures in Rev. Proc. 2017-55 to set forth the procedure by which the sponsor of a defined benefit plan that is subject to the funding requirements of § 430 may request approval from the IRS for the use of plan-specific substitute mortality tables in accordance with § 430(h)(3)(C) and § 1.430(h)(3)-2. This revenue procedure also specifies the date by which the use of a previously approved substitute mortality table must be terminated in conjunction with the replacement of the generally applicable mortality tables specified in § 430(h)(3)(A) and § 1.430(h)(3)-1.

These regulations update the requirements that a plan sponsor of a single-employer defined benefit plan must meet to obtain IRS approval to use mortality tables specific to the plan in calculating present value for minimum funding purposes (as a substitute for the generally applicable mortality tables).

26 CFR 1.430(h)(3)-2

Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).

This notice describes the information that must be included in a written report described in § 1.45Q-4(c)(2) (LCA Report) and provides the procedures a taxpayer must follow to submit the LCA Report and required supporting information to the IRS and the Department of Energy for review under § 1.45Q-4(c)(5) before any credit for carbon oxide sequestration allowed under § 45Q(a)(2)(B)(ii) or (a)(4)(B)(ii) is determined for qualified carbon oxide utilized by any taxpayer in the manner described in § 45Q(f)(5) as implemented by § 1.45Q-4 (§ 45Q utilization credit).

The notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2024 calendar year. The format of the notice is identical to the format of previously published notices on this issue. The notice concludes that because the reference price for the 2023 calendar year ($76.10) exceeds $28 multiplied by the inflation adjustment factor for the 2024 calendar year ($28 multiplied by 2.0615 = $57.72) by $18.38, the enhanced oil recovery credit for qualified costs paid or incurred in 2024 is phased-out completely.

The final regulations provide the rules for taxpayers satisfying the prevailing wage and registered apprenticeship requirements to qualify for increased credit or deduction amounts under the Internal Revenue Code. The final regulations provide guidance regarding correction and penalty procedures that allow taxpayers who initially fail to satisfy the prevailing wage and apprenticeship requirements to claim the increased credit or deduction amounts. The final regulations also address specific prevailing wage and apprenticeship recordkeeping and reporting requirements. Published: TD 9998 [June 25, 2024].

26 CFR 1.30C-3; 1.45-6 through 1.45-8; 1.45-12; 1.45L-3; 1.45Q-6; 1.45U-3; 1.45V-3; 1.45Y-3; 1.45Z-3; 1.48C-3; 1.179D-3