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Status of Treasury proposed regulations pending OIRA review

Status of Treasury proposed regulations pending OIRA re

U.S. Treasury Department regulatory projects pending review by OMB’s Office of Information and Regulatory Affairs (OIRA) this week are:


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  • Proposed regulations concerning enforcement of copyrights and the Digital Millennium Copyright Act
  • Proposed regulations under section 897(I) regarding requirements for a qualified foreign pension fund
  • Proposed regulations relating to qualified opportunity funds under section 1400Z-2 (enacted by Pub. L. No. 115-97, commonly referred to as the “Tax Cuts and Jobs Act”)

These proposed regulations were sent by the Treasury Department for OIRA review, having been identified as “major” regulations and thus subject to review by OMB’s OIRA before issuance pursuant to Executive Order 13771. Read TaxNewsFlash

According to a list of “frequently asked questions” (FAQs) on the OIRA website, the period for OIRA review is limited by Executive Order 12866 to 90 days. There is no minimum period for review. However, the review period may be extended indefinitely by the head of the rulemaking agency or, alternatively, by the OMB Director on a one-time basis for no more than 30 days.

The U.S. Treasury Department and IRS would be expected to release these proposed regulations once OIRA review is completed (according to information on the OIRA website).

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