Notice 2021-38 provides guidance under § 432(k) of the Code to sponsors of multiemployer defined benefit pension plans that are required to reinstate certain previously suspended benefits as a condition of receiving special financial assistance from the Pension Benefit Guaranty Corporation under § 9704 of the American Rescue Plan Act of 2021. The notice also provides guidance on whether make-up payments with respect to previously suspended benefits are eligible to be rolled over to another eligible retirement plan under § 402(c), and the extent to which any special financial assistance received by the plan is not taken into account in determining contributions required under § 431.

This document sets forth proposed regulations regarding certain requirements regarding implementation of the protections against balance billing provided under the No Surprises Act. The text of the temporary regulations issued jointly with the Department of Health and Human Services, the Department of Labor, and the Office of Personnel Management serves as the text of these proposed regulations.

This document, issued jointly with the Department of Health and Human Services, the Department of Labor, and the Office of Personnel Management, provides initial guidance regarding implementation of the protections against balance billing provided under the No Surprises Act. The temporary regulations protect consumers from surprise medical bills for emergency services, air ambulance services furnished by nonparticipating providers, and non-emergency services furnished by nonparticipating providers at participating facilities in certain circumstances.

26 CFR 54.9816-1T through 7T: Preventing Surprise Medical Bills

This revenue procedure provides guidance regarding elections and revocations related to § 2303(e) of the Coronavirus Aid, Relief, and Economic Security Act, Public Law 116-136, 134 Stat. 281 (Mar. 27, 2020), as added by § 281 of the COVID-related Tax Relief Act of 2020, which was enacted as Subtitle B of Division N of the Consolidated Appropriations Act, 2021 (CAA 2021), Public Law 116-260, 134 Stat. 1182 (Dec. 27, 2020). Section 2303(e) of the CARES Act provides special rules for taxpayers with a net operating loss (NOL) for any taxable year beginning in 2018, 2019, or 2020, all or a portion of which consists of a “farming loss,” as defined by § 172(b)(1)(B)(ii) of the Internal Revenue Code.

26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of correct tax liability.

(Also Part I. § 172)

The revenue ruling explains that: (1) an acid gas removal unit at an industrial facility is a component of carbon capture equipment within the meaning of § 1.45Q-2(c); (2) an investor in certain components of carbon capture equipment at an industrial facility is not required to own every component of carbon capture equipment within a single process train at an industrial facility to be the person to whom the section 45Q credit is attributable under § 1.45Q-1(h), but must own at least one component of carbon capture equipment in the single process train of carbon capture equipment at the industrial facility; (3) solely for purposes of section 45Q(a), the original placed-in-service date of a single process train of carbon capture equipment at an industrial facility that includes the existing acid gas removal unit and new components of carbon capture equipment is the date that the single process train is placed in a condition or state of readiness and availability for the capture, processing, and preparation of carbon oxide for transport for disposal, injection, or utilization; and (4) the original placed-in-service date of the single process train for purposes of §§ 167 and 168.

26 CFR 1.45Q-1: Credit for Carbon Oxide Sequestration

(Also: 26 CFR 1.45Q-2, 26 CFR 1.45Q-3, 26 CFR 1.45Q-4, 26 CFR 1.45Q-5)