Proposed regulations relating to the allocation of the credit for increasing research activities to corporations and trades or businesses under common control. Also contains proposed regulations relating to the allocation of the railroad track maintenance credit, and the election for a reduced research credit.

Final and temporary regulations relating to the allocation of the credit for increasing research activities to corporations and trades or businesses under common control. Also contains final and temporary regulations relating to the allocation of the railroad track maintenance credit, and the election for a reduced research credit.

This revenue procedure contains modifications to Revenue Procedure 2013–12, 2013–4 I.R.B. 313. The modifications reflected in this revenue procedure include miscellaneous changes made to improve EPCRS, such as reducing VCP compliance fees relating to failures to meet the requirements of § 72(p) with respect to participant loans, and clarifying that for certain Overpayments, as defined in sections 5.01(3)(c) and 5.02(4) of Rev. Proc. 2013–12, a plan may use correction methods other than the correction methods set forth in section 6.06(3) and 6.06(4) of Rev. Proc. 2013–12. This revenue procedure also requests comments on recoupment of Overpayments.

This revenue procedure contains modifications to Revenue Procedure 2013–12, 2013–4 I.R.B. 313. The modifications reflected in this revenue procedure include new safe harbor EPCRS correction methods relating to automatic contribution features (including automatic enrollment and automatic escalation of elective deferrals) in plans described in § 401(k) and § 403(b); and special safe harbor correction methods established for plans (including those with automatic contribution features) that have failures that are of limited duration involving elective deferrals.