These proposed regulations set forth rules specifying the methodology for constructing the corporate bond yield curve that is used to derive the interest rates used in calculating present value and making other calculations under a defined benefit plan, as well as for discounting unpaid losses and estimated salvage recoverable of insurance companies. These regulations affect participants in, beneficiaries of, employers maintaining, and administrators of certain retirement plans, as well as insurance companies.

The purposes of this announcement are to announce that: (1) taxpayers will not be required to report the new excise tax imposed by section 4501 of the Internal Revenue Code on repurchases of corporate stock during a covered corporation’s taxable year (stock repurchase excise tax) on any returns filed with the IRS, or to make any payments of such tax, before the time specified in forthcoming regulations; (2) there will be no addition to tax under section 6651(a) of the Internal Revenue Code (or any other provision of the Internal Revenue Code) for failure to file a return reporting the stock repurchase excise tax, or for failure to pay the stock repurchase excise tax, before the time specified in the forthcoming regulations; and (3) the forthcoming regulations will require covered corporations to keep complete and detailed records to establish accurately any amount of stock repurchases (including repurchases made after December 31, 2022, but before the forthcoming regulations are published) and to retain these records as long as their contents may become material.

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)

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)

In response to the end of the Coronavirus Disease 2019 (COVID-19) public health emergency and the National Emergency Concerning the Novel Coronavirus Disease 2019 Pandemic, this notice modifies prior guidance regarding benefits relating to testing for and treatment of COVID-19 that can be provided by a health plan that otherwise satisfies the requirements to be a high deductible health plan under section 223(c)(2)(A). Specifically, this notice provides that the relief described in Notice 2020-15, 2020-14 IRB 559, applies only with respect to plan years ending on or before December 31, 2024. This notice also clarifies whether certain items and services are treated as preventive care under section 223(c)(2)(C). Specifically, this notice clarifies that the preventive care safe harbor, as described in Notice 2004-23, 2004-15 IRB 725, does not include screening (i.e., testing) for COVID-19, effective as of the date of publication of this notice. This notice also provides that items and services recommended with an “A” or “B” rating by the United States Preventive Services Task Force on or after March 23, 2010, are treated as preventive care for purposes of section 223(c)(2)(C), regardless of whether these items and services must be covered, without cost sharing, under Public Health Service Act section 2713.

This notice announces that under § 613A(c)(6)(C) of the Internal Revenue Code, the applicable percentage for purposes of determining percentage depletion on marginal properties for calendar year 2023 is 15 percent. The format of the notice is identical to the format of notices previously published on this issue.

This notice publishes the inflation adjustment factor and reference price for calendar year 2023 for the renewable electricity production credit under section 45 of the Internal Revenue Code. The 2023 inflation adjustment factor and reference price are used in determining the availability of the credit and apply to calendar year 2023 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources. This notice also provides the credit amounts for calendar year 2023 under section 45.

This document contains final regulations that finalize, in part, proposed regulations issued on Oct. 9, 2019. The proposed regulations were published to facilitate an orderly transition in connection with the discontinuation of London interbank offer rates (LIBOR) and other IBORs. One issue addressed by those proposed regulations was to propose an alternative interest rate (specifically, yearly average Secured Overnight Financing Rate (SOFR)) for the election provided by § 1.882-5(d)(5)(ii)(B) (the published rate election). Generally, § 1.882-5 provides rules for determining the amount of a foreign corporation’s interest expense that is allocable to its income effectively connected with the conduct of a U.S. trade or business. The published rate election permits a foreign bank to elect to use the 30-day USD LIBOR rate to compute the interest expense attributable to its excess U.S.-connected liabilities. A comment to the proposed regulations asserted that SOFR was not an appropriate replacement for 30-day USD LIBOR and recommended that finalization be delayed until a suitable replacement could be identified. In July 2022, a comment recommended using the average published one-month Term SOFR plus a static spread adjustment of 0.11448%. This final regulation adopts that recommendation.