Bulletin No. 2012-20 HIGHLIGHTS OF THIS ISSUENotice 2012–32, page 910. This notice requests...
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Bulletin No. 2012-20 May 14, 2012 HIGHLIGHTS OF THIS ISSUE These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations. INCOME TAX T.D. 9584, page 900. Final regulations under section 6049 of the Code provide guid- ance regarding the reporting requirements for interest paid to the U.S. accounts of certain nonresident alien individuals. The reporting required by these final regulations will support the U.S. government’s efforts to combat offshore tax evasion. Notice 2012–31, page 906. This notice describes and requests comments on several ap- proaches for determining whether health coverage under an eligible employer-sponsored plan provides minimum value for purposes of sections 36B and 4980H of the Code. Notice 2012–32, page 910. This notice requests comments on information reporting under section 6055 of the Code by health insurance issuers, govern- ment agencies, employers that sponsor self-insured plans, and other persons that provide minimum essential coverage to an individual. Notice 2012–33, page 912. This notice invites comments on reporting under section 6056 of the Code by applicable large employers (as defined in section 4980H(c)(2)) that are subject to section 4980H. Section 6056 requires reporting of certain information on employer-provided health care coverage provided on or after January 1, 2014. The notice also advises the public that the Treasury and IRS intend to propose regulations implementing section 6056 and invites comments on issues arising under section 6056, includ- ing on possible approaches for coordinating and minimizing du- plication between the information required to be reported and furnished by employers under section 6056 and information re- quired to be reported and/or furnished by employers or other persons under other applicable Code provisions. Rev. Proc. 2012–24, page 913. This procedure provides guidance for implementing final regu- lations under section 6049 of the Code. The procedure con- tains two lists of countries with which the IRS has an income tax or other convention or bilateral agreement relating to the exchange of information for tax administration purposes. Rev. Proc. 2012–26, page 933. This procedure provides the 2013 inflation adjusted amounts for Health Savings Accounts (HSAs) under section 223 of the Code. EMPLOYEE PLANS Notice 2012–31, page 906. This notice describes and requests comments on several ap- proaches for determining whether health coverage under an eligible employer-sponsored plan provides minimum value for purposes of sections 36B and 4980H of the Code. EXEMPT ORGANIZATIONS Announcement 2012–19, page 934. This announcement makes it optional for Form 990 filers for Tax Year 2011 to report their interests in the income, expenses, and assets of partnerships using information from Schedule K-1 of Form 1065, as opposed to using their books and records. (Continued on the next page) Finding Lists begin on page ii.
Transcript of Bulletin No. 2012-20 HIGHLIGHTS OF THIS ISSUENotice 2012–32, page 910. This notice requests...
Bulletin No. 2012-20May 14, 2012
HIGHLIGHTSOF THIS ISSUEThese synopses are intended only as aids to the reader inidentifying the subject matter covered. They may not berelied upon as authoritative interpretations.
INCOME TAX
T.D. 9584, page 900.Final regulations under section 6049 of the Code provide guid-ance regarding the reporting requirements for interest paid tothe U.S. accounts of certain nonresident alien individuals. Thereporting required by these final regulations will support theU.S. government’s efforts to combat offshore tax evasion.
Notice 2012–31, page 906.This notice describes and requests comments on several ap-proaches for determining whether health coverage under aneligible employer-sponsored plan provides minimum value forpurposes of sections 36B and 4980H of the Code.
Notice 2012–32, page 910.This notice requests comments on information reporting undersection 6055 of the Code by health insurance issuers, govern-ment agencies, employers that sponsor self-insured plans, andother persons that provide minimum essential coverage to anindividual.
Notice 2012–33, page 912.This notice invites comments on reporting under section 6056of the Code by applicable large employers (as defined in section4980H(c)(2)) that are subject to section 4980H. Section 6056requires reporting of certain information on employer-providedhealth care coverage provided on or after January 1, 2014.The notice also advises the public that the Treasury and IRSintend to propose regulations implementing section 6056 andinvites comments on issues arising under section 6056, includ-ing on possible approaches for coordinating and minimizing du-plication between the information required to be reported andfurnished by employers under section 6056 and information re-
quired to be reported and/or furnished by employers or otherpersons under other applicable Code provisions.
Rev. Proc. 2012–24, page 913.This procedure provides guidance for implementing final regu-lations under section 6049 of the Code. The procedure con-tains two lists of countries with which the IRS has an incometax or other convention or bilateral agreement relating to theexchange of information for tax administration purposes.
Rev. Proc. 2012–26, page 933.This procedure provides the 2013 inflation adjusted amountsfor Health Savings Accounts (HSAs) under section 223 of theCode.
EMPLOYEE PLANS
Notice 2012–31, page 906.This notice describes and requests comments on several ap-proaches for determining whether health coverage under aneligible employer-sponsored plan provides minimum value forpurposes of sections 36B and 4980H of the Code.
EXEMPT ORGANIZATIONS
Announcement 2012–19, page 934.This announcement makes it optional for Form 990 filersfor Tax Year 2011 to report their interests in the income,expenses, and assets of partnerships using information fromSchedule K-1 of Form 1065, as opposed to using their booksand records.
(Continued on the next page)
Finding Lists begin on page ii.
ADMINISTRATIVE
T.D. 9584, page 900.Final regulations under section 6049 of the Code provide guid-ance regarding the reporting requirements for interest paid tothe U.S. accounts of certain nonresident alien individuals. Thereporting required by these final regulations will support theU.S. government’s efforts to combat offshore tax evasion.
Notice 2012–32, page 910.This notice requests comments on information reporting undersection 6055 of the Code by health insurance issuers, govern-ment agencies, employers that sponsor self-insured plans, andother persons that provide minimum essential coverage to anindividual.
Notice 2012–33, page 912.This notice invites comments on reporting under section 6056of the Code by applicable large employers (as defined in section4980H(c)(2)) that are subject to section 4980H. Section 6056requires reporting of certain information on employer-providedhealth care coverage provided on or after January 1, 2014.The notice also advises the public that the Treasury and IRSintend to propose regulations implementing section 6056 andinvites comments on issues arising under section 6056, includ-ing on possible approaches for coordinating and minimizing du-plication between the information required to be reported andfurnished by employers under section 6056 and information re-quired to be reported and/or furnished by employers or otherpersons under other applicable Code provisions.
Rev. Proc. 2012–24, page 913.This procedure provides guidance for implementing final regu-lations under section 6049 of the Code. The procedure con-tains two lists of countries with which the IRS has an incometax or other convention or bilateral agreement relating to theexchange of information for tax administration purposes.
Rev. Proc. 2012–25, page 914.This procedure provides issuers of qualified mortgage bonds(QMBs) and qualified mortgage credit certificates (MCCs) withaverage area purchase price safe harbors for statistical areasin the United States and with a nationwide average purchaseprice for residences in the United States for purposes of theQMB rules under section 143 of the Code and the MCC rulesunder section 25. Rev. Proc. 2011–23 obsoleted in part.
May 14, 2012 2012–20 I.R.B.
The IRS MissionProvide America’s taxpayers top-quality service by helpingthem understand and meet their tax responsibilities and en-
force the law with integrity and fairness to all.
IntroductionThe Internal Revenue Bulletin is the authoritative instrument ofthe Commissioner of Internal Revenue for announcing officialrulings and procedures of the Internal Revenue Service and forpublishing Treasury Decisions, Executive Orders, Tax Conven-tions, legislation, court decisions, and other items of generalinterest. It is published weekly and may be obtained from theSuperintendent of Documents on a subscription basis. Bulletincontents are compiled semiannually into Cumulative Bulletins,which are sold on a single-copy basis.
It is the policy of the Service to publish in the Bulletin all sub-stantive rulings necessary to promote a uniform application ofthe tax laws, including all rulings that supersede, revoke, mod-ify, or amend any of those previously published in the Bulletin.All published rulings apply retroactively unless otherwise indi-cated. Procedures relating solely to matters of internal man-agement are not published; however, statements of internalpractices and procedures that affect the rights and duties oftaxpayers are published.
Revenue rulings represent the conclusions of the Service on theapplication of the law to the pivotal facts stated in the revenueruling. In those based on positions taken in rulings to taxpayersor technical advice to Service field offices, identifying detailsand information of a confidential nature are deleted to preventunwarranted invasions of privacy and to comply with statutoryrequirements.
Rulings and procedures reported in the Bulletin do not have theforce and effect of Treasury Department Regulations, but theymay be used as precedents. Unpublished rulings will not berelied on, used, or cited as precedents by Service personnel inthe disposition of other cases. In applying published rulings andprocedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,and Service personnel and others concerned are cautionedagainst reaching the same conclusions in other cases unlessthe facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.This part includes rulings and decisions based on provisions ofthe Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.This part is divided into two subparts as follows: Subpart A,Tax Conventions and Other Related Items, and Subpart B, Leg-islation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.To the extent practicable, pertinent cross references to thesesubjects are contained in the other Parts and Subparts. Alsoincluded in this part are Bank Secrecy Act Administrative Rul-ings. Bank Secrecy Act Administrative Rulings are issued bythe Department of the Treasury’s Office of the Assistant Secre-tary (Enforcement).
Part IV.—Items of General Interest.This part includes notices of proposed rulemakings, disbar-ment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative indexfor the matters published during the preceding months. Thesemonthly indexes are cumulated on a semiannual basis, and arepublished in the last Bulletin of each semiannual period.
The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
2012–20 I.R.B. May 14, 2012
May 14, 2012 2012–20 I.R.B.
Part I. Rulings and Decisions Under the Internal Revenue Codeof 1986Section 6049.—ReturnsRegarding Paymentsof Interest26 CFR 1.6049–4: Return of information as to in-terest paid and original issue discount includible ingross income after December 31, 1982.
T.D. 9584
DEPARTMENT OF THETREASURYInternal Revenue Service26 CFR Parts 1 and 31
Guidance on ReportingInterest Paid to NonresidentAliens
AGENCY: Internal Revenue Service(IRS), Treasury.
ACTION: Final Regulations.
SUMMARY: This document contains fi-nal regulations regarding the reporting re-quirements for interest that relates to de-posits maintained at U.S. offices of certainfinancial institutions and is paid to certainnonresident alien individuals. These regu-lations will affect commercial banks, sav-ings institutions, credit unions, securitiesbrokerages, and insurance companies thatpay interest on deposits.
DATES: Effective Date: These regulationsare effective April 19, 2012.
Applicability Date: These regulationsapply to payments of interest made on orafter January 1, 2013.
FOR FURTHER INFORMATIONCONTACT: Kathryn Holman, (202)622–3840 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information con-tained in these final regulations has beenreviewed and approved by the Office ofManagement and Budget for review inaccordance with the Paperwork ReductionAct of 1995 (44 U.S.C. 3507(d)) under
control number 1545–1725. The col-lection of information in these proposedregulations is in §1.6049–4(b)(5)(i) and§1.6049–6(e)(4)(i) and (ii). The collec-tion of information is mandatory and therespondents are commercial banks, sav-ings institutions, credit unions, securitiesbrokerages, and insurance companies thatmaintain deposit accounts for nonresidentalien individuals.
An agency may not conduct or sponsor,and a person is not required to respond to, acollection of information unless it displaysa valid control number assigned by the Of-fice of Management and Budget.
Books or records relating to a collectionof information must be retained as long astheir contents may become material in theadministration of any internal revenue law.Information collected under these regula-tions will be return information as definedin 26 U.S.C. 6103. Tax returns and returninformation are confidential as required by26 U.S.C. 6103.
Background
On January 7, 2011, the Treasury De-partment and the IRS published a notice ofproposed rulemaking (REG–146097–09,2011–8 I.R.B. 516) (the 2011 proposedregulations) in the Federal Register (76FR 1105, corrected by 76 FR 2852, 76 FR20595, and 76 FR 22064) under section6049 of the Internal Revenue Code (Code).The 2011 proposed regulations withdrewproposed regulations that had beenissued on August 2, 2002 (67 FR 50386)(the 2002 proposed regulations). The2002 proposed regulations would haverequired reporting of interest paymentsto nonresident alien individuals that areresidents of certain specified countries.The 2011 proposed regulations providethat payments of interest aggregating $10or more on a deposit maintained at a U.S.office of a financial institution and paidto any nonresident alien individual aresubject to information reporting.
Written comments were receivedby the Treasury Department and theIRS in response to the 2011 proposedregulations. A public hearing on the2011 proposed regulations was held on
May 18, 2011, at which further commentswere received. All comments wereconsidered and are available for publicinspection at http://www.regulations.govor upon request. After consideration ofthe written comments and the commentsprovided at the public hearing, the 2011proposed regulations are adopted asrevised by this Treasury decision.
Explanation and Summary ofComments
Objectives of This Regulatory Action
The reporting required by these regula-tions is essential to the U.S. Government’sefforts to combat offshore tax evasion forseveral reasons. First, it ensures that theIRS can, in appropriate circumstances, ex-change information relating to tax enforce-ment with other jurisdictions. In order toensure that U.S. taxpayers cannot evadeU.S. tax by hiding income and assets off-shore, the United States must be able to ob-tain information from other countries re-garding income earned and assets held inthose countries by U.S. taxpayers. Un-der present law, the measures available toassist the United States in obtaining thisinformation include both treaty relation-ships and statutory provisions. The effec-tiveness of these measures depends signifi-cantly, however, on the United States’ abil-ity to reciprocate.
The United States has constructed anexpansive network of international agree-ments, including income tax or otherconventions and bilateral agreements re-lating to the exchange of tax information(collectively referred to as informationexchange agreements), which provide forthe exchange of information related totax enforcement under appropriate cir-cumstances. These information exchangerelationships are based on cooperation andreciprocity. A jurisdiction’s willingness toshare information with the IRS to combatoffshore tax evasion by U.S. taxpayersdepends, in large part, on the ability ofthe IRS to exchange information that willassist that jurisdiction in combating off-shore tax evasion by its own residents.These regulations, by requiring reportingof deposit interest to the IRS, will ensure
2012–20 I.R.B. 900 May 14, 2012
that the IRS is in a position to exchangesuch information reciprocally with a treatypartner when it is appropriate to do so.
Second, in 2010, Congress supple-mented the established network of infor-mation exchange agreements by enacting,as part of the Hiring Incentives to RestoreEmployment Act of 2010 (Public Law 111–147), provisions commonly known asthe Foreign Account Tax Compliance Act(FATCA) that require overseas financialinstitutions to identify U.S. accounts andreport information (including interest pay-ments) about those accounts to the IRS. Inmany cases, however, the implementationof FATCA will require the cooperation offoreign governments in order to overcomelegal impediments to reporting by theirresident financial institutions. Like theUnited States, those foreign governmentsare keenly interested in addressing off-shore tax evasion by their own residentsand need tax information from other ju-risdictions, including the United States,to support their efforts. These regulationswill facilitate intergovernmental coopera-tion on FATCA implementation by betterenabling the IRS, in appropriate circum-stances, to reciprocate by exchanginginformation with foreign governments fortax administration purposes.
Finally, the reporting of informationrequired by these regulations will alsodirectly enhance U.S. tax compliance bymaking it more difficult for U.S. taxpayerswith U.S. deposits to falsely claim to benonresidents in order to avoid U.S. taxa-tion on their deposit interest income.
International Standard for Transparencyand Information Exchange
Under the international standard fortransparency and exchange of information,which is reflected in the Organisation forEconomic Cooperation and Development(OECD) Model Agreement on Exchangeof Information on Tax Matters, the OECDModel Tax Convention, and the UnitedNations Model Double Tax Conven-tion between Developed and DevelopingCountries, exchange of tax informationcannot be limited by domestic bank se-crecy laws or the absence of a specificdomestic tax interest in the informationto be exchanged. Accordingly, under thisglobal standard a country cannot refuse toshare tax information based on domestic
laws that do not require banks to sharethe information. In addition, under theglobal standard, a country cannot opt outof information exchange based on the factthat the country does not itself need theinformation to enforce its own tax rules.Thus, even countries that do not imposeincome taxes, and therefore do not havetax enforcement concerns, have enteredinto information exchange agreements toprovide information about the accounts ofnonresidents.
Comments Regarding Confidentiality andImproper Use of Information
Some comments on the 2011 proposedregulations expressed concerns that theinformation required to be reported underthose regulations might be misused. Forexample, comments expressed concernthat deposit interest information may beshared with a country that does not havelaws in place to protect the confidential-ity of the information exchanged or thatwould use the information for purposesother than the enforcement of its tax laws.These comments further suggested thatthese concerns could affect nonresidentalien investors’ decisions about the loca-tion of their deposits.
The Treasury Department and the IRSbelieve that the concerns raised by thecomments are addressed by existing legallimitations and administrative safeguardsgoverning tax information exchange. Asdiscussed herein, information reportedpursuant to these regulations will be ex-changed only with foreign governmentswith which the United States has an agree-ment providing for the exchange and whencertain additional requirements are satis-fied. Even when such an agreement exists,the IRS is not compelled to exchange in-formation, including information collectedpursuant to these regulations, if there isconcern regarding the use of the informa-tion or other factors exist that would makeexchange inappropriate.
First, information reported pursuant tothese regulations is return information un-der section 6103. Section 6103 imposesstrict confidentiality rules with respect toall return information. Moreover, section6103(k)(4) allows the IRS to exchange re-turn information with a foreign govern-ment only to the extent provided in, andsubject to the terms and conditions of an
information exchange agreement. Thus,the IRS can share the information reportedunder these regulations only with foreigngovernments with which the United Stateshas an information exchange agreement.Absent such an agreement, the IRS is statu-torily barred from sharing return informa-tion with another country, and these regu-lations cannot and do not change that rule.
Second, consistent with establishedinternational standards, all of the infor-mation exchange agreements to which theUnited States is a party require that theinformation exchanged under the agree-ment be treated and protected as secretby the foreign government. In addition,information exchange agreements gener-ally prohibit foreign governments fromusing any information exchanged undersuch an agreement for any purpose otherthan the purpose of administering, collect-ing, and enforcing the taxes covered bythe agreement. Accordingly, under theseagreements, neither country is permittedto release the information shared underthe agreement or use it for any other lawenforcement purposes.
Third, consistent with the internationalstandard for information exchange andUnited States law, the United States willnot enter into an information exchangeagreement unless the Treasury Departmentand the IRS are satisfied that the foreigngovernment has strict confidentiality pro-tections. Specifically, prior to enteringinto an information exchange agreementwith another jurisdiction, the TreasuryDepartment and the IRS closely reviewthe foreign jurisdiction’s legal frameworkfor maintaining the confidentiality of tax-payer information. In order to concludean information exchange agreement withanother country, the Treasury Departmentand the IRS must be satisfied that the for-eign jurisdiction has the necessary legalsafeguards in place to protect exchangedinformation and that adequate penaltiesapply to any breach of that confidentiality.
Finally, even if an information ex-change agreement is in effect, the IRSwill not exchange information on depositinterest or otherwise with a country if theIRS determines that the country is notcomplying with its obligations under theagreement to protect the confidentialityof information and to use the informationsolely for collecting and enforcing taxescovered by the agreement. The IRS also
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will not exchange any return informationwith a country that does not impose taxon the income being reported because theinformation could not be used for the en-forcement of tax laws within that country.
In addition, the IRS has options regard-ing the appropriate form of exchange. Forexample, the IRS might exchange infor-mation with another jurisdiction only uponspecific request. In the case of specific ex-change requests, the IRS evaluates the re-questing country’s current practices withrespect to information confidentiality. TheIRS also requires the requesting countryto explain the intended permitted use ofthe information and justify the relevance ofthat information to the permitted use. Al-ternatively, in appropriate circumstances,the IRS might exchange certain informa-tion on an automatic basis. The IRS cur-rently exchanges deposit interest informa-tion on an automatic basis with only onejurisdiction (Canada). The IRS will notenter into a new automatic exchange re-lationship with a jurisdiction unless it hasreviewed the country’s policies and prac-tices and has determined that such an ex-change relationship is appropriate. Fur-ther, the IRS generally will not enter intoan automatic exchange relationship withrespect to the information collected underthese regulations unless the other jurisdic-tion is willing and able to reciprocate ef-fectively.
The Treasury Department and the IRSbelieve that the legal and administrativesafeguards described in the precedingparagraphs regarding the use of infor-mation collected under these regulationsshould adequately address the concernsidentified by the comments and, therefore,these regulations should not significantlyimpact the investment and savings deci-sions of the vast majority of nonresidentswho are aware of and understand thesesafeguards and existing law and prac-tice. Nevertheless, to enhance awarenessand further address concerns, these finalregulations revise the 2011 proposed regu-lations to require reporting only in the caseof interest paid to a nonresident alien indi-vidual resident in a country with which theUnited States has in effect an informationexchange agreement pursuant to which theUnited States agrees to provide, as well asreceive, information and under which thecompetent authority is the Secretary of theTreasury or his delegate.
For this purpose, the Treasury Depart-ment and the IRS will publish a RevenueProcedure contemporaneously with thesefinal regulations specifically identifyingthe countries with which the United Stateshas in force such an information exchangeagreement. The Revenue Procedure willbe updated as appropriate. With respectto any calendar year, payors will onlybe required to report interest on depositsmaintained at an office within the UnitedStates and paid to a nonresident alien in-dividual who is a resident of a countryidentified in the Revenue Procedure as ofDecember 31 of the prior calendar yearas being a country with which the UnitedStates has in effect such an informationexchange agreement. To address any po-tential burden associated with reportingon this basis, the final regulations providethat for any year for which the informationreturn under §1.6049–4(b)(5) is required,a payor may elect to report interest pay-ments to all nonresident alien individuals.
As previously discussed, the identifi-cation of a country as having an informa-tion exchange agreement with the UnitedStates does not necessarily mean that theinformation collected under these regu-lations will be reported to such foreignjurisdiction. As an additional measure tofurther increase awareness among con-cerned nonresidents regarding the IRS’use of information collected under theseregulations, the Revenue Procedure alsowill include a second list identifying thecountries with which the Treasury De-partment and the IRS have determinedthat it is appropriate to have an automaticexchange relationship with respect to theinformation collected under these regu-lations. This determination will be madeonly after further assessment of a coun-try’s confidentiality laws and practices andthe extent to which the country is willingand able to reciprocate.
In addition, in response to comments,and given the information exchange prac-tices described in the preceding paragraphsand the information that will be availablein the Revenue Procedure, these final reg-ulations eliminate the requirement in the2011 proposed regulations for financialinstitutions to include in the informa-tion statement provided to nonresidentalien individuals a statement informingthe individual that the information maybe furnished to the government of the
country where the recipient resides. In ad-dition, these final regulations clarify that apayor or middleman may rely on the per-manent residence address provided on avalid Form W–8BEN, “Beneficial OwnersCertificate of Foreign Status for U.S. TaxWithholding”, for purposes of determiningthe country of residence of a nonresidentalien to whom reportable interest is paidunless the payor or middleman knowsor has reason to know that such docu-mentation of the country of residence isunreliable or incorrect. The final regula-tions also modify §31.3406(g)–1 of theproposed regulations to clarify that, con-sistent with the backup withholding rulesgenerally, a payment of interest describedin §1.6049–8(a) is not subject to withhold-ing under section 3406 if the payor maytreat the payee as a foreign person, withoutregard to whether the payor reported suchinterest (although a payor may be subjectto penalties if it fails to report as required).As under the prior regulations requiringthe reporting of interest paid to Canadiannon-resident alien individuals, the finalregulations define interest subject to re-porting to mean interest paid on depositsas defined under section 871(i)(2)(A) (in-cluding deposits with persons carrying ona banking business, deposits with certainsavings institutions, and certain amountsheld by insurance companies under agree-ments to pay interest thereon).
Comments Regarding Authority andCongressional Intent
Some comments expressed the viewthat the Treasury Department and the IRSlack the authority to require the report-ing required under the 2011 proposedregulations, or that the 2011 proposedregulations are contrary to Congressionalintent. The relevant statutory provisionsexpressly contemplate that the TreasuryDepartment and the IRS have authority torequire reporting on deposit interest paidto nonresidents. Section 6049(a) providesgenerally for reporting with respect tointerest payments. Section 6049(b)(2)(B)and (5) provides that, except to the extentotherwise provided in regulations, re-portable interest does not include interestpaid to nonresident alien individuals ondeposits described in section 871(i)(2)(A).Section 6049(b)(2)(B) and (5) thus pro-vides express authority for the Treasury
2012–20 I.R.B. 902 May 14, 2012
Department and the IRS to issue regula-tions requiring reporting of such interest.
Special Analyses
It has been determined that these reg-ulations are not a significant regulatoryaction as defined in Executive Order12866, as supplemented by ExecutiveOrder 13563. Therefore, a regulatoryassessment is not required. It also hasbeen determined that section 553(b) of theAdministrative Procedure Act (5 U.S.C.chapter 5) does not apply to these regula-tions.
When an agency promulgates a fi-nal rule, the Regulatory Flexibility Act,5 U.S.C. chapter 6 (RFA), requires theagency to prepare a final regulatory flexi-bility analysis describing the impact of thefinal rule on small entities. 5 U.S.C. 604.Section 605 of the RFA allows an agencyto certify a rule, in lieu of preparing aregulatory flexibility analysis, if the finalrule is not expected to have a significanteconomic impact on a substantial numberof small entities.
These regulations impose a collectionof information, and thus, the RegulatoryFlexibility Act (5 U.S.C. chapter 6) ap-plies. It is hereby certified that the col-lection of information contained in theseregulations will not have a significant eco-nomic impact on a substantial number ofsmall entities.
The preamble to the 2011 proposed reg-ulations sets forth an analysis of the num-ber of small entities that may be required toreport under these regulations. Althoughthis rule may affect a substantial number ofsmall entities, the IRS has determined thatthe impact on entities affected by these fi-nal regulations will not be significant.
Some comments expressed concernthat the regulations would impose a newadministrative burden on U.S. financialinstitutions. In addition, some commentsobjected that collecting and reporting thisinformation imposes burdens on certaintypes of financial institutions, includingcommunity banks and banks in certainstates that have a larger percentage ofcustomers who are nonresident alien indi-viduals.
The Treasury Department and the IRSdisagree. Under existing law, all U.S. fi-nancial institutions have responsibilities towithhold on and report with respect to de-
positors who are U.S. citizens, U.S. resi-dent individuals, and Canadian resident in-dividuals, and have developed the systemsto perform such withholding and reporting.
All nonresident alien individual ac-count holders who maintain accounts inthe United States are already required tocomplete a Form W–8BEN, declaring theirnon-U.S. status and the country in whichthey reside. U.S. financial institutionscan use their existing W–8 information toproduce Form 1042–S disclosures for therelevant nonresident alien individual ac-count holders. Nearly all U.S. banks andother financial institutions have automatedsystems to produce Form 1099–INT, “In-terest Income”, for U.S. accountholdersand Form 1042–S, “Foreign Person’s U.S.Source Income Subject to Withholding”,for Canadian accountholders. As a result,the information collection requirements inthese regulations build on reporting andinformation collection systems familiar toand currently used by U.S. financial insti-tutions, including small business entities.The amount of time required to completethe Form 1042 and Form 1042–S is min-imal, and the statement that is requiredto be collected is brief. Accordingly, itshould not be a significant burden to adaptthose systems to report with respect todepositors who are resident in other coun-tries with which the United States has aninformation exchange agreement. There-fore, a regulatory flexibility analysis is notrequired.
Pursuant to section 7805(f) of the Code,the notice of proposed rulemaking preced-ing these final regulations was submittedto the Chief Counsel for Advocacy of theSmall Business Administration for com-ment on its impact on small businesses.The Chief Counsel for Advocacy of theSmall Business Administration did notcomment on the notice of proposed rule-making.
Drafting Information
The principal author of the regulationsis Kathryn Holman, Office of AssociateChief Counsel (International). However,other personnel from the TreasuryDepartment and the IRS participated intheir development.
* * * * *
Adoption of Amendments to theRegulations
Accordingly, 26 CFR parts 1 and 31 areamended as follows:
PART 1—INCOME TAXES
Paragraph 1. The authority citation forpart 1 continues to read in part as follows:
Authority 26 U.S.C. 7805 * * *Par. 2. In §1.6049–4, paragraph (b)(5)
is revised to read as follows:
§1.6049–4 Return of information asto interest paid and original issuediscount includible in gross income afterDecember 31, 1982.
(b) * * *(5) Interest payments to certain nonres-
ident alien individuals—(i) General rule.In the case of interest aggregating $10 ormore paid to a nonresident alien individ-ual (as defined in section 7701(b)(1)(B))that is reportable under §1.6049–8(a), thepayor shall make an information returnon Form 1042–S, “Foreign Person’s U.S.Source Income Subject to Withholding,”for the calendar year in which the inter-est is paid. The payor or middleman shallprepare and file Form 1042–S at the timeand in the manner prescribed by section1461 and the regulations under that sec-tion and by the form and its accompany-ing instructions. See §§1.1461–1(b) (rulesregarding the preparation of a Form 1042)and 1.6049–6(e)(4) (rules for furnishing acopy of the Form 1042–S to the recipient).To determine whether an information re-turn is required for original issue discount,see §§1.6049–5(f) and 1.6049–8(a).
(ii) Effective/applicability date. Para-graph (b)(5)(i) of this section shall be ap-plicable for payments made on or after Jan-uary 1, 2013. (For interest paid to a Cana-dian nonresident alien individual on or be-fore December 31, 2012, see paragraph(b)(5) of this section as in effect and con-tained in 26 CFR part 1 revised April 1,2000.)
* * * * *Par. 3. Section 1.6049–5 is amended as
follows:1. In paragraph (b)(12), the last sen-
tence is revised.2. In paragraph (f), the last sentence is
revised.The revisions read as follows:
May 14, 2012 903 2012–20 I.R.B.
§1.6049–5 Interest and original issuediscount subject to reporting afterDecember 31, 1982.
* * * * *(b) * * *(12) * * * This paragraph (b)(12) does
not apply to interest paid on or after Jan-uary 1, 2013, to a nonresident alien indi-vidual to the extent provided in §1.6049–8.
* * * * *(f) * * * Original issue discount on an
obligation (including an obligation with amaturity of not more than six months fromthe date of original issue) held by a non-resident alien individual or foreign corpo-ration is interest described in paragraph(b)(1)(vi)(A) or (B) of this section and,therefore is not interest subject to reportingunder section 6049 unless it is describedin §1.6049–8(a) (relating to deposit inter-est paid on or after January 1, 2013, to cer-tain nonresident alien individuals).
* * * * *Par. 4. Section 1.6049–6 is amended as
follows:1. The paragraph heading and text of
paragraph (e)(4) is revised.2. In paragraph (e)(5), the paragraph
heading and first sentence are revised anda new sentence is added at the end of theparagraph.
The additions and revisions read as fol-lows:
§1.6049–6 Statements to recipientsof interest payments and holders ofobligations for attributed original issuediscount.
* * * * *(e) * * *(4) Special rule for amounts described
in §1.6049–8(a). In the case of amountsdescribed in §1.6049–8(a) (relating topayments of deposit interest to certainnonresident alien individuals) paid onor after January 1, 2013, any personwho makes a Form 1042–S, “ForeignPerson’s U.S. Source Income Subject toWithholding,” under section 6049(a) and§1.6049–4(b)(5) shall furnish a statementto the recipient either in person or by firstclass mail to the recipient’s last knownaddress. The statement shall include acopy of the Form 1042–S required to beprepared pursuant to §1.6049–4(b)(5) and
a statement to the effect that the informa-tion on the form is being furnished to theUnited States Internal Revenue Service.
(5) Effective/applicability date. Para-graph (e)(4) of this section applies to payeestatements reporting payments of depositinterest to nonresident alien individualspaid on or after January 1, 2013. * * * (Forinterest paid to a Canadian nonresidentalien individual on or before December 31,2012, see paragraph (e)(4) of this sectionas in effect and contained in 26 CFR part1 revised April 1, 2000.)
Par. 5. In §1.6049–8, the section head-ing and paragraph (a) are revised to read asfollows:
§1.6049–8 Interest and original issuediscount paid to certain nonresidentaliens.
(a) Interest subject to reporting re-quirement. For purposes of §§1.6049–4,1.6049–6, and this section, and except asprovided in paragraph (b) of this section,the term interest means interest describedin section 871(i)(2)(A) that relates to adeposit maintained at an office within theUnited States, and that is paid to a nonresi-dent alien individual who is a resident of acountry that is identified, in an applicablerevenue procedure (see §601.601(d)(2) ofthis chapter) as of December 31 prior tothe calendar year in which the interest ispaid, as a country with which the UnitedStates has in effect an income tax or otherconvention or bilateral agreement relatingto the exchange of tax information withinthe meaning of section 6103(k)(4), un-der which the competent authority is theSecretary of the Treasury or his delegateand the United States agrees to provide,as well as receive, information. Notwith-standing the foregoing, for purposes of§§1.6049–4, 1.6049–6, and this section,for any year for which the informationreturn under §1.6049–4(b)(5) is required,a payor may elect to treat interest as in-cluding all interest described in section871(i)(2)(A) that relates to a deposit main-tained at an office within the United Statesand that is paid to any nonresident alienindividual. A payor shall make this elec-tion by reporting all such interest. Forpurposes of the regulations under section6049 (§§1.6049–1 through 1.6049–8), anonresident alien individual is a persondescribed in section 7701(b)(1)(B). A
payor or middleman may rely upon thepermanent residence address provided ona valid Form W–8BEN, “Beneficial Own-ers Certificate of Foreign Status for U.S.Tax Withholding”, to determine the coun-try in which a nonresident alien individualis resident unless such payor or middle-man knows or has reason to know thatsuch documentation of the country of res-idence is unreliable or incorrect. Amountsdescribed in this paragraph (a) are not sub-ject to backup withholding under section3406 if the payor may treat the payee as aforeign beneficial owner or foreign payeeunder the rules of §1.6049–5(b)(12). See§31.3406(g)–1(d) of this chapter. How-ever, if the payor or middleman does nothave either a valid Form W–8BEN orvalid Form W–9, “Request for TaxpayerIdentification Number and Certification”,the payor or middleman must report thepayment as made to a U.S. non-exemptrecipient if it must so treat the payee underthe presumption rules of §1.6049–5(d)(2)and §1.1441–1(b)(3)(iii), and the payormust also backup withhold under section3406. (For interest paid to a Canadiannonresident alien individual on or beforeDecember 31, 2012, see paragraph (a) ofthis section as in effect and contained in26 CFR part 1 revised April 1, 2000).
* * * * *
PART 31—EMPLOYMENT TAXESAND COLLECTION OF INCOME TAXAT THE SOURCE
Par. 6. The authority citation for part31 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *Par. 7. In §31.3406(g)–1, paragraph (d)
is revised to read as follows:
§31.3406(g)–1 Exception for paymentsto certain payees and certain otherpayments.
* * * * *(d) Reportable payments made to non-
resident alien individuals. A paymentof interest to a nonresident alien individ-ual that is described in §1.6049–(8)(a) ofthis chapter is not subject to withhold-ing under section 3406 if the payor maytreat the payee as a foreign beneficialowner or foreign payee under the rulesof §1.6049–5(b)(12). (For interest paid
2012–20 I.R.B. 904 May 14, 2012
to a Canadian nonresident alien individ-ual on or before December 31, 2012, seeparagraph (d) of this section as in effectand contained in 26 CFR part 1 revisedApril 1, 2000.)
* * * * *
Steven T. Miller,Deputy Commissioner forServices and Enforcement.
Approved April 12, 2012.
Emily S. McMahon,(Acting) Assistant Secretaryof the Treasury (Tax Policy).
(Filed by the Office of the Federal Register on April 17, 2012,4:15 p.m., and published in the issue of the Federal Registerfor April 19, 2012, 77 F.R. 23391)
May 14, 2012 905 2012–20 I.R.B.
Part III. Administrative, Procedural, and MiscellaneousMinimum Value of anEmployer-Sponsored HealthPlan
Notice 2012–31
I. PURPOSE AND OVERVIEW
This notice describes and requestscomments on several possible approachesto determining whether health coverageunder an eligible employer-sponsoredplan, as defined in § 5000A of the In-ternal Revenue Code (“employer-spon-sored plan”), provides minimum valuewithin the meaning of § 36B(c)(2)(C)(ii).Beginning in 2014, eligible individualswho purchase coverage under a quali-fied health plan through an AffordableInsurance Exchange may receive a pre-mium tax credit under § 36B unless theyare eligible for other minimum essentialcoverage, including coverage under anemployer-sponsored plan that is affordableto the employee and provides minimumvalue. Under § 36B(c)(2)(C)(ii), a planfails to provide minimum value if “theplan’s share of the total allowed costs ofbenefits provided under the plan is lessthan 60 percent of such costs.” If thecoverage offered by the employer failsto provide minimum value, an employeemay be eligible to receive a premium taxcredit. An applicable large employer (asdefined in § 4980H(c)(2)) may be liablefor an assessable payment under § 4980Hif any full-time employee receives a pre-mium tax credit.
The Treasury Department and the In-ternal Revenue Service intend to issueproposed regulations on determining mini-mum value and are considering incorporat-ing the approach described in this notice.As described below, under anticipatedfuture guidance, an employer-sponsoredplan would be able to use one of severalalternative approaches to ascertain that theplan provides minimum value. Specifi-cally, this notice seeks comment on thefollowing three potential approaches thatcould be used to determine whether an
employer-sponsored plan provides mini-mum value:
• The actuarial value calculator (AVcalculator), referred to below, or aminimum value calculator (MV cal-culator) to be made available by theDepartment of Health and HumanServices (HHS) and the Treasury De-partment. In either case, the calculatorwould permit an employer-sponsoredplan to enter information about theplan’s benefits, coverage of services,and cost-sharing terms to determinewhether the plan provides minimumvalue. The data underlying the MVcalculator (which would be designedfor use by employer-sponsored self-in-sured plans and insured large groupplans) are expected to be claims datareflecting typical self-insured em-ployer plans.
• An array of design-based safe harborsin the form of checklists that wouldprovide a simple, straightforward wayto ascertain that employer-sponsoredplans provide minimum value withoutthe need to perform any calculations orobtain the assistance of an actuary.
• For plans with nonstandard featuresthat preclude the use of the AV cal-culator or the MV calculator withoutadjustments, an appropriate certifi-cation by a certified actuary, in ac-cordance with prescribed continuancetables, recognized actuarial standards,and other conditions that may be pre-scribed in administrative guidance,that the plan provides minimum value.
Section VI of this notice describes thesepotential approaches in greater detail.
Under the statute, certain of therules for determining whether anemployer-sponsored plan providesminimum value are to be based onforthcoming regulations to be issued byHHS that will specify the methods fordetermining the actuarial value of aqualified health plan (QHP) offeredthrough an Affordable InsuranceExchange and non-grandfathered plans
in the individual and small groupmarkets. On February 24, 2012,HHS issued the “Actuarial Valueand Cost-Sharing Bulletin” (HHSactuarial value bulletin) describing theassumptions and methodology thatHHS anticipates will govern thecalculation of actuarial value.1 (Seehttp://cciio.cms.gov/resources/files/Files2/02242012/Av-csr-bulletin.pdf.) Thisnotice describes how guidance issuedby HHS on the determination ofactuarial value is expected to be appliedin determining minimum value. Thisnotice also outlines ways in which thedetermination of minimum value isexpected to differ from the determinationof the actuarial value of QHPs inorder to reflect differences betweenQHPs and employer-sponsored plans,such as differences in their levels ofstandardization and the populationscovered.
Employer-sponsored self-insured andinsured large group plans are not requiredto conform their plans to any of the es-sential health benefit (EHB) benchmarksthat HHS intends to propose to apply toQHPs.2 These employer-sponsored plansneed not offer all of the EHBs or evencover each of the ten statutory EHB cate-gories.
This notice provides information re-garding the actuarial value of existingemployer-sponsored plans (Section II)and the statutory background of the pre-mium tax credit and the minimum valueprovision (Section III). The notice thendescribes, by way of background, the in-tended methodology laid out in the HHSactuarial value bulletin for determiningthe actuarial value of a QHP (SectionIV) and explains the assumptions ex-pected to be used to determine whether anemployer-sponsored plan meets the min-imum value threshold (Section V). Thenotice describes the options that are beingconsidered for determining whether anemployer-sponsored plan has an actuarialvalue of at least 60 percent and thereforeprovides minimum value (Section VI).
1 The actuarial value rules under § 1302(d) and the essential health benefit provision under § 1302(b) apply to QHPs offered on an Affordable Insurance Exchange and also to non-grandfatheredplans in the individual and small group insurance market. See § 2707(a) of the Public Health Service Act, as added by § 1201 of the Affordable Care Act, which provides that non-grandfatheredplans in the individual and small group insurance markets must cover the “essential health benefits package,” as defined in § 1302(a) of the Affordable Care Act.
2 The EHB benchmarks that HHS intends to propose also apply to non-grandfathered plans in the individual and small group insurance markets.
2012–20 I.R.B. 906 May 14, 2012
Finally, the notice also invites public com-ments (Section VII).
II. ACTUARIAL VALUE OF EXISTINGEMPLOYER-SPONSORED PLANS
The actuarial value of a health planis a measure of the percentage of healthcare costs, on average, that the plan isexpected to cover. A report issued lastfall by HHS found that approximately 98percent of individuals currently coveredby employer-sponsored plans are enrolledin plans that have an actuarial value ofat least 60 percent using methods andassumptions similar to those describedin this notice for determining minimumvalue. (See Actuarial Value and Em-ployer-Sponsored Insurance, ASPE Re-search Brief, U.S. Department of Healthand Human Services (November 2011)http://aspe.hhs.gov/health/reports/2011/AV-ESI/rb.shtml.) The HHS report alsoconcludes that four core categoriesof benefits and services are thegreatest contributors to a health plan’sactuarial value: physician and mid-levelpractitioner care; hospital and emergencyroom services; pharmacy benefits; andlaboratory and imaging services. Becausethey account for only a very small portionof overall medical expenditures, benefitsand services beyond these four corecategories of benefits that are covered by aplan generally have only a limited impacton the plan’s actuarial value. For example,a plan that does not include coverage forrehabilitative services, durable medicalequipment, acupuncture and chiropracticservices, and home health services mayhave an actuarial value that is only 5percent less than a plan that includescoverage for these services. (See ASPEResearch Brief.) We seek input on whetherother analyses using different data orassumptions produce similar or differentresults.
III. STATUTORY BACKGROUND
Section 36B was added by § 1401 ofthe Patient Protection and Affordable Care
Act, Public Law 111–148, and modifiedby the Health Care and Education Recon-ciliation Act of 2010, Public Law 111–152(collectively, the Affordable Care Act).Beginning in 2014, certain taxpayers areallowed a refundable premium tax creditunder § 36B to assist in purchasing QHPcoverage through an Affordable InsuranceExchange. The premium tax credit isdesigned to make QHP coverage afford-able by reducing an eligible taxpayer’sout-of-pocket premium cost. (Under§ 1402 of the Affordable Care Act, eligi-ble individuals are entitled to an advancepayment of the premium tax credit, whichis paid directly to the QHP issuer selectedby the individual.)
An employee, or a member of theemployee’s family, who is eligible toenroll in an employer-sponsored planis not eligible for a premium tax creditunless the plan’s coverage for the em-ployee either is unaffordable, as definedin § 36B(c)(2)(C)(i)(II), or does notprovide minimum value, as defined in§ 36B(2)(c)(2)(C)(ii). An employee (ormember of the employee’s family) also isnot eligible if he or she actually enrollsin the employer-sponsored plan, even ifthe plan is not affordable or fails to pro-vide minimum value. Under § 4980H, an“applicable large employer” is generallyliable for an assessable payment if anyfull-time employee receives a premiumtax credit.
To satisfy the minimum value require-ment under § 36B(c)(2)(C)(ii), a plan’sshare of the “total allowed costs of bene-fits provided under the plan” must equal orexceed 60 percent of such costs. Section1302(d)(2)(C) of the Affordable Care Actdirects that the statutory phrase — “per-centage of the total allowed costs of bene-fits provided under a group health plan” —is determined under rules contained in theregulations to be promulgated by HHS un-der § 1302(d)(2) (titled “Actuarial Value”).The requirements applicable to these HHSregulations are set forth in subparagraphs(A) and (B) of § 1302(d)(2).3 Consistentwith these statutory requirements, the de-
termination of whether an employer-spon-sored plan provides minimum value willbe based on the actuarial value rules withappropriate modifications.
Subparagraph (B) of § 1302(d)(2) re-quires HHS to issue regulations underwhich employer contributions to a healthsavings account (HSA) may be takeninto account in determining the actuarialvalue of an employer-sponsored plan. Inaddition, § 1302(d)(3) of the AffordableCare Act authorizes the Secretary of HHSto determine a reasonable “de minimis”variation in the actuarial values used indetermining the level of coverage of aplan to account for differences in actuarialestimates.
IV. HHS INTENTIONS WITH RESPECTTO ACTUARIAL VALUE FORQUALIFIED HEALTH PLANS
The HHS actuarial value bulletin ex-plains that, in accordance with the require-ments of subparagraph (A) of § 1302(d)(2)of the Affordable Care Act, the actuar-ial value of QHPs offered through anAffordable Insurance Exchange (and ofnon-grandfathered plans in the individualand small group insurance markets) isdetermined by computing the ratio of (1)the total expected payments by the plan,computed in accordance with the plan’scost-sharing rules (deductibles, co-insur-ance, co-payments, out-of-pocket limits),toward the costs a standard population isexpected to incur at standard pricing forEHBs; over (2) the total costs a standardpopulation is expected to incur at standardpricing for the EHBs.4 This actuarial valueis used to determine the “metal level” ofa QHP (that is, platinum, gold, silver, orbronze). For example, bronze plans musthave a 60 percent actuarial value.
HHS announced that it intends to makeavailable to the public an AV calculatorthat could be used to determine the ac-tuarial value of QHPs (and non-grandfa-thered plans in the individual and smallgroup insurance markets). The AV cal-culator would be designed so that issuers
3 Subparagraph (A) of § 1302(d)(2) requires the level of coverage of a plan to be “determined on the basis that the essential health benefits described in subsection [1302](b) shall be providedto a standard population. . . .”
4 On December 16, 2011, HHS issued the “Essential Health Benefits Bulletin,” which outlined the approach HHS plans to use to define the EHBs. (Seehttp://cciio.cms.gov/resources/files/Files2/12162011/essential_health_benefits_bulletin.pdf.) Under this approach, each state would have the flexibility to select a “benchmark plan” from alist of permissible options specified by HHS in the bulletin. The scope of benefits provided under the state-specific benchmark plan would determine the scope of EHBs for QHPs in thatstate. In addition, the EHBs must encompass the ten categories of benefits listed in § 1302(a) of the Affordable Care Act. If the benchmark plan in a state does not offer coverage in each ofthe ten categories, the bulletin provides an intended method for supplementing deficient categories of benefits so all QHPs in the state would include benefits in all ten categories. Thebulletin also provides an intended method for determining the benchmark plan in a state if the state fails to make a selection.
May 14, 2012 907 2012–20 I.R.B.
would be able to input a limited set of in-formation on the benefits provided underthe plan, and the calculator would providethe actuarial value of the plan. The claimsdata underlying the AV calculator wouldrepresent the entire range of EHB bench-mark benefits that states would be permit-ted to select.
Although HHS anticipates that theoverwhelming majority of issuers of QHPswould be able to calculate the actuarialvalue of their health plans using the AVcalculator, HHS requested comments onwhether a QHP issuer whose plan designdoes not fit into the basic AV calculatorlogic should be able to obtain an actuar-ial certification in limited circumstances.HHS is considering options to permit suchQHP issuers to obtain an actuarial certi-fication that the plan design fits into thecalculator logic or to obtain an actuarialcertification that adjustments to the AVcalculator-produced value are appropriate.
The HHS actuarial value bulletin alsostates that HHS intends to permit a de min-imis variation of plus or minus 2 percent(so that, for example, a bronze plan couldhave an actuarial value between 58 and62 percent). The bulletin also providesthat amounts contributed by an employerto an HSA or first made available to an em-ployee under a health reimbursement ar-rangement (HRA) would be taken into ac-count by the AV calculator. The intendedmethod for accounting for these contribu-tions is discussed further below.
V. ASSUMPTIONS TO BE USEDIN THE MINIMUM VALUEDETERMINATION
As discussed above, an employer-spon-sored plan provides minimum value if itsactuarial value is at least 60 percent. Foremployer-sponsored plans in the smallgroup market, minimum value must bedetermined using a method that is consis-tent with the actuarial value rules under§ 1302(d) of the Affordable Care Actand HHS guidance provided under thatprovision. It is expected that whether anemployer-sponsored self-insured plan orinsured large group plan provides min-imum value would be determined in a
manner generally consistent with the rulesproposed by HHS for the calculation ofactuarial value for plans subject to theactuarial value rules under § 1302(d),with appropriate modifications that re-flect differences in the markets and alsoaccount for the fact that employer-spon-sored self-insured and insured large groupplans are not required to offer EHBs ineach of the 10 categories. Accordingly,it is expected that the minimum value ofan employer-sponsored self-insured planand insured large group plan would be de-termined in the same manner as actuarialvalue under § 1302(b) of the AffordableCare Act, except that these plans might bevalued using a comparison to claims datareflecting typical self-insured employerplans, which would be based on continu-ance tables5 published specifically for useby such plans.6 Moreover, employer-spon-sored self-insured and insured large groupplans, as noted above, are neither requiredto cover each of the categories of EHBsnor to conform their plans to any of theEHB benchmarks that HHS intends toapply to QHPs, but would be permittedto take into account all benefits providedby the plan that are included in any of theEHB benchmarks.
In addition, an employer-sponsoredplan would be permitted to add to theplan’s value the employer contributionsto an HSA and amounts made availableunder an HRA using a method similar tothe method used by QHPs that are offeredthrough a SHOP Exchange, as defined in§ 1311(b)(1)(B) of the Affordable CareAct.
A. Standard Population and Utilization
Section 1302(d)(2)(A) of the Afford-able Care Act specifies that actuarialvalue is computed based on the healthexpenses that are expected to be incurredby a standard population, rather than thepopulation that a plan actually covers. Forpurposes of determining minimum valuein a manner that meets this standard, itis expected that two types of continuancetables would be made available for useby employer-sponsored plans. First, asdescribed in the AV bulletin, HHS intends
to publish continuance tables based onclaims representing the entire range ofEHB benchmark benefits and populationdata for employer-sponsored and individ-ual market plans, with permissible stateor regional adjustments to the standardpopulation, utilization and pricing. Thesecontinuance tables would be incorporatedinto the AV calculator and would be usedby QHPs and employer-sponsored plans inthe small group market. Second, to reflectthe differences between the populationcovered by QHPs (and plans in the smallgroup market) and the population coveredby employer-sponsored self-insured andinsured large group plans, HHS intendsto publish continuance tables based onclaims and population data for typicalself-insured employer-sponsored plans.This second set of continuance tableswould be incorporated into an MV calcu-lator, which would be provided and couldbe used to calculate the actuarial value ofan employer-sponsored self-insured planor an insured large group plan. This setof continuance tables would not includeclaims or population data for plans that arerequired under the law to provide EHBs orto meet state benefit mandates.
B. Treatment of HSAs and HRAs inCalculating Minimum Value
As noted above, the HHS actuarialvalue bulletin provides a potential ap-proach to the calculation of actuarial valuefor a high deductible health plan (HDHP)that is linked to an HSA, as defined in§ 223, or a group health plan that is inte-grated with an HRA described in Notice2002–45, 2002–2 C.B. 93, and Rev. Rul.2002–41, 2002–2 C.B. 75.
The HHS actuarial value bulletin saysthat HHS intends to propose that, in cal-culating the actuarial value of the com-bined HDHP and HSA or combined em-ployer-sponsored plan and HRA, the cal-culation would assume that the employercontribution to the HSA or amount firstmade available under an HRA is used bythe employee to pay for cost-sharing. Ac-cordingly, an appropriate portion of theseamounts would be credited to the numera-tor of the actuarial value calculation. This
5 A health insurance continuance table is a distribution of annual paid claims arranged in a format that shows the amount of claims paid at each increasing level of expenditure, adding up tothe total amount of expenditures for a covered group of enrollees.
6 This use of claims data reflected in the continuance tables would be relevant only for the purpose of determining minimum value, and does not imply that a plan must provide a particularset of benefits.
2012–20 I.R.B. 908 May 14, 2012
means that any current year HSA contri-butions and amounts first made availableunder an HRA could be used to determinethe actuarial value of an employer-spon-sored plan. Generally, the employer wouldreceive the same credit for HSA contri-butions in the numerator of the actuar-ial value calculation as it would receivefor the same amount of first-dollar insur-ance coverage. The same rule would applyfor amounts first made available under anHRA. (See HHS actuarial value bulletin,“Treatment of Health Savings Accountsand Health Reimbursement Arrangementsin Calculating Actuarial Value.”)
Treasury and the Service intend to fol-low HHS’s rules for including employercontributions to an HSA and amountsmade available under an HRA in the valueof an employer-sponsored HDHP com-bined with an HSA or an employer-spon-sored plan combined with an HRA whencalculating the actuarial value of an em-ployer-sponsored plan for purposes ofdetermining whether it provides minimumvalue.
VI. OPTIONS FOR DETERMININGMINIMUM VALUE
Under guidance to be issued by Trea-sury and the Service, and consistent withrules to be promulgated by HHS, em-ployer-sponsored plans would be able touse any one of several tests to determinewhether the plan meets minimum value.Comments are requested on three potentialapproaches described below.
A. AV and MV Calculators
Under this option, employer-sponsoredplans would be able to determine their ac-tuarial value by entering information aboutthe cost-sharing features of the plan for dif-ferent categories of benefits into a calcu-lator. As described in the HHS actuarialvalue bulletin (in the section entitled “Op-erational Method for AV Calculation Us-ing Standard Data”), HHS intends to pro-vide an AV calculator that QHPs and plansin the small group market could use to de-termine the actuarial value of their plans.In addition, HHS and Treasury intend todevelop an MV calculator, into which anemployer-sponsored self-insured plan and
insured large group plan would be able toenter cost sharing information that wouldbe similar in design to the AV calculatorbut based on continuance tables reflect-ing claims data of typical self-insured em-ployer plans. As such, the data underly-ing the MV calculator would represent therange of benefits covered by self-insuredplans.
A calculator generally would be usedto make minimum value determinationsby employer-sponsored plans that havestandard cost-sharing features. An em-ployer-sponsored plan would be able toinput a limited set of information on thebenefits offered under the plan and spec-ified cost-sharing features (for example,deductibles, co-insurance, and maximumout-of-pocket costs) for the four core cate-gories of benefits: physician and mid-levelpractitioner care, hospital and emergencyroom services, pharmacy benefits, andlaboratory and imaging services. The cal-culator would also take into considerationthe annual employer contributions to anHSA or amounts made available under anHRA, if applicable.
B. Design-Based Safe Harbor Checklists
Based on analysis and information pro-vided by HHS, Treasury and the Serviceintend to issue guidance that would givecertain employer-sponsored plans an easymeans to determine whether a plan pro-vides minimum value without using a cal-culator or performing any calculations andwithout the need for actuarial expertise.This alternative would provide an array ofsafe harbor checklists that employer-spon-sored plans may compare to their plan’scoverage. If the employer-sponsoredplan’s terms are consistent with or moregenerous than any one of the safe harborchecklists, the plan would be treated asproviding minimum value.
The safe harbor checklists would beused to make minimum value determina-tions for plans that cover all of the fourcore categories of benefits and servicesand have specified cost-sharing amounts.Each safe harbor checklist would describethe cost-sharing attributes of a plan (suchas deductibles, co-pays, co-insurance andmaximum out of pocket costs) that apply tothe four core categories of benefits and ser-
vices.7 The guidance would provide sev-eral safe harbor options, including cover-age equivalent to an HDHP combined withan employer-funded HSA, that would sat-isfy the MV requirement. An employer-sponsored plan providing the four core cat-egories would be treated as providing min-imum value if its cost-sharing attributesare at least as generous as any one of thesafe harbor checklist options.
Treasury and the Service expect to re-lease the safe harbor checklists when HHSand Treasury release the MV calculator.
C. Actuarial Certification
Neither a calculator nor the safe harborchecklists would be able to accommodateemployer-sponsored plans with “nonstan-dard” features, such as quantitative limitson any of the four core categories of ben-efits (including, for example, a limit onthe number of physician visits or covereddays in the hospital). Under a third op-tion, consistent with the options proposedin the HHS actuarial value bulletin, em-ployer-sponsored plans with nonstandardfeatures would be able to generate an ini-tial value using a calculator and then en-gage a certified actuary to make appropri-ate adjustments that take into considera-tion the nonstandard features.
Employer-sponsored plans with non-standard features of a certain type andmagnitude would also have the option ofengaging a certified actuary to determinethe plan’s actuarial value without the useof a calculator. The actuarial value wouldbe determined in such case in accordancewith the Actuarial Standards of Practiceestablished by the Actuarial StandardsBoard. The certified actuary would makethis determination based on the plan’s ben-efits and coverage data and the standardpopulation, utilization and pricing tablespublished by HHS in consultation withTreasury in the form of the continuancetables available for purposes of the val-uation of employer-sponsored plans andconsistent with applicable administrativeguidance.
VII. REQUEST FOR COMMENTS
Comments are requested on issues tobe addressed in guidance on determining
7 Although employer-sponsored plans are not required to cover all four categories of coverage, it is anticipated that plans failing to cover these categories would not satisfy any of the design-based safe harbors.
May 14, 2012 909 2012–20 I.R.B.
minimum value for an employer-spon-sored plan. Comments are requested onissues plan sponsors, issuers, and employ-ers may face in evaluating plan designsthat will cover part or all of 2014, includ-ing suggestions for transitional relief forplan years that start before and end in2014.
Comments are requested on the poten-tial alternative methods for determiningwhether an employer-sponsored plan pro-vides minimum value. Comments arespecifically requested on the followingpoints:
1. The AV calculator or MV calculatorwould permit sponsors and issuers ofemployer-sponsored plans to enter in-formation reflecting the benefits theycover and the cost-sharing features re-lating to the four core categories ofbenefits. Comments are requested onwhether and how the actuarial valueinitially generated by the AV calcula-tor or the MV calculator could be ad-justed to take into consideration otherbenefits provided under the plan. Forexample, how could benefits such aswellness benefits be added to the ac-tuarial value initially generated by theAV calculator or the MV calculator todetermine whether an employer-spon-sored plan provides minimum value?Are there other examples of benefitsthat employer-sponsored plans covertoday or are likely to cover that mightnot be captured by the MV calcula-tor and, if so, are employer-sponsoredplans that cover those benefits typi-cally near 60 percent actuarial valueor more likely to be well above 60 per-cent actuarial value?
2. As discussed above, employer-spon-sored plans with nonstandard features,such as quantitative limits on the fourcore categories of benefits, would notbe able to use the AV calculator orthe MV calculator (without an adjust-ment) to determine whether the planprovides minimum value. Commentsare requested on nonstandard featureswithin the four core categories that aresufficiently narrow that the AV calcu-lator or the MV calculator could stillbe used without adjustment to deter-mine whether a plan provides min-imum value and on the quantitativelimits that employer-sponsored plans
commonly use today. Comments arealso requested on other plan featuresthat could require the plan to adjust thevaluation generated by the AV calcu-lator or MV calculator.
3. Comments are requested on the termsthat should be included in the safeharbor checklists and the types ofplans for which safe harbor checklistsshould be developed.
4. With respect to a possible independentactuarial value certification, com-ments are requested on standards andsafeguards that should be applied toensure that the plan meets the 60 per-cent actuarial value threshold for theminimum value determination.
Comments may be submitted in writ-ing on or before June 11, 2012. Com-ments should be submitted to InternalRevenue Service, CC:PA:LPD:PR (No-tice 2012–31), Room 5203, P.O. Box7604, Ben Franklin Station, Washing-ton, DC 20044, or electronically [email protected] include “Notice 2012–31” inthe subject line of any electroniccommunications. Alternatively,comments may be hand deliveredbetween the hours of 8:00 a.m. and4:00 p.m. Monday to Friday toCC:PA:LPD:PR (Notice 2012–31),Courier’s Desk, Internal RevenueService, 1111 Constitution Avenue NW,Washington, D.C. All comments willbe available for public inspection andcopying.
FOR ADDITIONAL INFORMATION
For further information on this notice,call the Office of the Division Counsel/As-sociate Chief Counsel (Tax Exempt &Government Entities) at (202) 927–9639(not a toll-free call).
Request for Comments onReporting of Health InsuranceCoverage
Notice 2012–32
I. PURPOSE
This notice invites comments con-cerning the reporting requirements under
§ 6055 of the Internal Revenue Codefor health insurance issuers, governmentagencies, employers that sponsor self-in-sured plans, and other persons that provideminimum essential coverage to an individ-ual. Section 6055 was added by § 1502(a)of the Patient Protection and AffordableCare Act, Public Law 111–148, which wasamended by the Health Care and Educa-tion Reconciliation Act of 2010, PublicLaw 111–152 (collectively, the AffordableCare Act). The reporting requirementsapply to coverage provided on or after Jan-uary 1, 2014. The first information returnswill be filed in 2015. The Departmentof the Treasury and the Internal RevenueService plan to propose regulations im-plementing the reporting requirementsunder § 6055. The proposed regulationsare expected to include guidance intendedto minimize administrative burden andduplicative reporting. To assist in the de-velopment of the proposed regulations,this notice invites comments on issuesarising under § 6055.
II. BACKGROUND
“Minimum essential coverage” is aterm defined to include health insur-ance coverage offered in the individualmarket (such as a qualified health planenrolled in through an Affordable Insur-ance Exchange (Exchange)), an eligibleemployer-sponsored plan, or govern-ment-sponsored coverage such as Medi-care, Medicaid, the Children’s HealthInsurance Program, TRICARE, or veter-ans’ health care under chapter 17 or 18of Title 38 U.S.C. Section 5000A(f). Un-der § 5000A(f)(1)(E), the Department ofHealth and Human Services, in coordina-tion with the Treasury Department, maydesignate other health benefits coverageas minimum essential coverage.
Section 6055(a) requires every healthinsurance issuer, sponsor of a self-insuredhealth plan, government agency that ad-ministers government-sponsored healthinsurance programs and other entity thatprovides minimum essential coverage tofile annual returns reporting informationfor each individual for whom minimumessential coverage is provided. If healthinsurance coverage is provided by a healthinsurance issuer and consists of coverageprovided through a group health plan ofan employer, it is anticipated that the reg-
2012–20 I.R.B. 910 May 14, 2012
ulations would make the health insuranceissuer responsible for the reporting.
Section 6055(b)(1) provides that allinformation returns reporting minimumessential coverage are to contain (1) thename, address, and taxpayer identificationnumber of the primary insured and eachother individual covered under the policyor plan, (2) the dates each individual wascovered under minimum essential cover-age during the calendar year, (3) in thecase of health insurance coverage, whetherthe coverage is a qualified health planoffered through an Exchange, (4) if thecoverage is a qualified health plan offeredthrough an Exchange, the amount (if any)of any advance payment of the premiumtax credit under § 1412 of the AffordableCare Act or of any cost-sharing reductionunder § 1402 of the Affordable Care Actfor each covered individual, and (5) otherinformation that the Secretary requires.
Section 6055(b)(2) provides that infor-mation returns for minimum essential cov-erage provided by a health insurance is-suer through an employer’s group healthplan also include the name, address, andemployer identification number of the em-ployer maintaining the plan, the portion ofthe premium to be paid by the employer,and any other information that the Secre-tary may require for administering the taxcredit under § 45R (credit for employeehealth insurance expenses of small em-ployers).
Section 6055(c)(1) directs the entity fil-ing an information return reporting mini-mum essential coverage to furnish a writ-ten statement to each individual listed onthe return that shows the information thatmust be reported to the Service for that in-dividual.
In addition, effective for years begin-ning after 2013, § 6056 directs every ap-plicable large employer (within the mean-ing of § 4980H(c)(2)) that is required tomeet the shared employer responsibilityrequirements of § 4980H during a calendaryear to file a return with the Service that re-ports the terms and conditions of the healthcare coverage provided to the employer’sfull-time employees for the year. The re-turn also is required to include informa-tion on the employer’s full-time employ-ees, including those who received the cov-erage and when they received it. Section
6056(d) permits the Secretary to provide,to the maximum extent feasible, that anyreturn or statement required under § 6056may be provided as part of a return or state-ment under § 6055 or § 6051 (relating toreporting by employers on the Form W–2,Wage and Tax Statement), and that an ap-plicable large employer offering coverageof an issuer may agree with the issuer toinclude information under § 6056 with thereturn and statement provided by the is-suer under § 6055. See Notice 2012–33,2012–20 I.R.B. 912 (May 14, 2012).
III. REQUEST FOR COMMENTS
The Treasury Department and the Ser-vice request comments on issues thatshould be addressed in regulations imple-menting reporting under § 6055, includingbut not limited to:
1. How to determine when an individ-ual’s coverage begins and ends forpurposes of reporting the dates of cov-erage.
2. How to minimize duplication betweenthe reporting by health insurance is-suers and employers under § 6055and the reporting by Exchanges under§ 36B(f)(3).
3. How to coordinate and minimize du-plication between the reporting under§ 6055, § 6056, and any other ap-plicable Code provision for employ-ers that sponsor self-insured plans, in-cluding but not limited to the poten-tial combined reporting referred to in§ 6056(d), as described above.
4. When minimum essential coverage isprovided through a voluntary employ-ees’ beneficiary association or othertype of welfare benefit fund, who isrequired to report under § 6055 andwhat, if any, special rules should ap-ply.
5. Whether there are any specific con-cerns that should be taken into accountin any of the following circumstances:
a. In the case of electronic infor-mation reporting and delivery ofstatements to individuals and theService;
b. If a third party administrator hasinformation that is relevant to re-porting for a self-insured plan;
c. If an individual is covered underone type of coverage for part ofthe year and another type of cov-erage for another part of the year;or
d. When minimum essential cover-age is provided under a multiem-ployer plan.
6. Whether any difficulties exist in iden-tifying the person responsible for ad-ministering information reporting forgovernmental coverage, for examplein state-administered programs suchas Medicaid.
7. Any additional suggestions for mini-mizing burden on entities reporting in-formation under § 6055.
Comments may be submitted in writ-ing on or before June 11, 2012. Com-ments should be submitted to InternalRevenue Service, CC:PA:LPD:PR (No-tice 2012–32), Room 5203, P.O. Box7604, Ben Franklin Station, Washing-ton, DC 20044, or electronically [email protected] include “Notice 2012–32” inthe subject line of any electroniccommunications. Alternatively,comments may be hand deliveredbetween the hours of 8:00 a.m. and4:00 p.m. Monday to Friday toCC:PA:LPD:PR (Notice 2012–32),Courier’s Desk, Internal RevenueService, 1111 Constitution Avenue NW,Washington, D.C. All comments willbe available for public inspection andcopying.
IV. DRAFTING INFORMATION
The principal authors of this notice areAndrew Braden and Frank W. Dunham IIIof the Office of Associate Chief Counsel(Income Tax & Accounting). For furtherinformation, please contact Mr. Bradenor Mr. Dunham at (202) 622–4960 (not atoll-free call).
May 14, 2012 911 2012–20 I.R.B.
Request for Comments onReporting by ApplicableLarge Employers on HealthInsurance Coverage UnderEmployer-Sponsored Plans
Notice 2012–33
I. PURPOSE
This notice invites comments on report-ing under § 6056 of the Internal RevenueCode for applicable large employers (asdefined in § 4980H(c)(2)) that are sub-ject to § 4980H. Section 6056 was enactedby § 1514(a) of the Patient Protection andAffordable Care Act, Pub. L. 111–148(enacted on March 23, 2010), which wasamended by the Health Care and Educa-tion Reconciliation Act, Pub. L. 111–152(enacted on March 30, 2010) (collectively,the Affordable Care Act). Section 6056requires reporting of certain informationon employer-provided health care cover-age provided on or after January 1, 2014and the furnishing of related statements toemployees. The first information returnswill be filed in 2015. The Internal Rev-enue Service will use the information thatemployers report under § 6056 to verifyemployer-sponsored coverage and to ad-minister the shared employer responsibil-ity provisions under § 4980H(a) and (b).See generally Notice 2011–36, 2011–21I.R.B. 792, and Notice 2011–73, 2011–40I.R.B. 74.
The Department of the Treasury andthe Service intend to propose regulationsimplementing the reporting requirementsof § 6056. The proposed regulations areexpected to include guidance intended tominimize administrative burden and du-plicative reporting. To assist in the devel-opment of the proposed regulations, thisnotice invites comments on issues aris-ing under § 6056, including on possibleapproaches for coordinating and minimiz-ing duplication between the informationrequired to be reported and furnished byemployers under § 6056 and informationrequired to be reported and/or furnishedby employers or other persons under otherapplicable Code provisions. For exam-ple, § 6056(d) permits the Secretary ofthe Treasury to provide, to the maximumextent feasible, that any return or state-ment required under § 6056 may be pro-
vided as part of a return or statement un-der § 6055 (relating to reporting by entitiesthat provide minimum essential coverage)or § 6051 (relating to reporting by employ-ers on the Form W–2, Wage and Tax State-ment), and that an applicable large em-ployer offering coverage of an issuer mayagree with the issuer to include informa-tion under § 6056 with the return and state-ment required to be provided by the issuerunder § 6055.
II. BACKGROUND
A. Reporting to the Service
Section 6056(a), effective for years be-ginning after December 31, 2013, directsevery applicable large employer (withinthe meaning of § 4980H(c)(2)) that mustmeet the shared employer responsibilityrequirements of § 4980H during a calen-dar year to file a return with the Servicethat reports the terms and conditions of thehealth care coverage provided to the em-ployer’s full-time employees for the year.
Section 6056(b) generally provides thatthe return used to satisfy the requirementsunder § 6056 must:
• Include the name and Employer Identi-fication Number (EIN) of the applica-ble large employer;
• Include the date the return is filed;• Certify whether the applicable large
employer offers its full-time em-ployees (and their dependents) theopportunity to enroll in minimumessential coverage under an eligibleemployer-sponsored plan (as definedin § 5000A(f)(2)) and, if so, certify
1. The duration of any waiting period(as defined in § 6056(b)(2)(C))with respect to such coverage;
2. The months during the calendaryear when coverage under the planwas available;
3. The monthly premium for the low-est cost option in each enrollmentcategory under the plan; and
4. The employer’s share of the totalallowed costs of benefits providedunder the plan.
• Report the number of full-time em-ployees for each month of the calendaryear;
• Report, for each full-time employee,the name, address, and taxpayer identi-fication number (TIN) of the employeeand the months (if any) during whichthe full-time employee (or any depen-dents) were covered under the eligibleemployer-sponsored plan; and
• Include such other information as maybe required by the Secretary of theTreasury.
B. Reporting to Employees
Section 6056(c) provides that, no laterthan January 31 following the calendaryear referred to in § 6056(a) and (b), theapplicable large employer will furnish toeach full-time employee whose informa-tion is required to be reported to the Ser-vice under § 6056(b) a written statementthat includes:
• The applicable large employer’s nameand address;
• The applicable large employer’s con-tact information (including a contactphone number);
• The information relating to coverageprovided to that employee (and depen-dents) that is required to be reported onthe § 6056 return.
Section 6056(e) generally permits gov-ernmental units or any agency or instru-mentality thereof to designate a person tocomply with the § 6056 reporting on behalfof the governmental unit, agency or instru-mentality.
III. REQUEST FOR COMMENTS
Treasury and the Service anticipateproposing regulations under § 6056, andthis notice requests comments on issuesarising under § 6056 that would be helpfulfor the regulations to address, includinghow to coordinate and minimize dupli-cation between the data employers mustreport under § 6056 and the data they mustreport under § 6055 (which provides forannual reporting by employers that spon-sor self-insured plans) or other applicableCode or Affordable Care Act provisions.See Notice 2012–32, 2012–20 I.R.B. 910(May 14, 2012).
Comments must be submitted byJune 11, 2012. Comments should besubmitted to Internal Revenue Service,CC:PA:LPD:RU (Notice 2012–33), Room
2012–20 I.R.B. 912 May 14, 2012
5203, PO Box 7604, Ben Franklin Sta-tion, Washington, DC 20224. Submis-sions may also be hand-delivered Mondaythrough Friday between the hours of 8 a.m.and 4 p.m. to the Courier’s Desk, 1111Constitution Avenue, NW, Washington,DC 20224, Attn: CC:PA:LPD:RU (Notice2012–33), Room 5203. Submissionsmay also be sent electronically via theinternet to the following e-mail address:[email protected] the notice number (Notice2012–33) in the subject line.
IV. DRAFTING INFORMATION
The principal author of this no-tice is R. Lisa Mojiri-Azad of theOffice of Division Counsel/AssociateChief Counsel (Tax Exempt andGovernment Entities), though otherTreasury Department and Service officialsparticipated in its development. Forfurther information on all other provisionsof this notice, contact R. Lisa Mojiri-Azadat (202) 622–6080 (not a toll-free number).
26 CFR 1.6049.00–00: Returns relating to paymentsof interest.(Also: 1.3406.07–00: Exceptions to backup with-holding.)
Implementation ofNonresident Alien DepositInterest Regulations
Rev. Proc. 2012–24
SECTION 1. PURPOSE
Sections 1.6049–4(b)(5) and 1.6049–8of the Income Tax Regulations, as revisedby T.D. 9584, require the reporting of cer-tain deposit interest paid to nonresidentalien individuals on or after January 1,2013. The purpose of this revenue pro-cedure is to list, in Section 3, the coun-tries with which the United States has ineffect an income tax or other conventionor bilateral agreement relating to the ex-change of information within the meaningof section 6103(k)(4) pursuant to whichthe United States agrees to provide, as wellas receive, information and under whichthe competent authority is the Secretaryof the Treasury or his delegate, as de-scribed in §1.6049–8(a). As discussed in
the preamble to the regulations, even whensuch an agreement exists, the Internal Rev-enue Service (IRS) is not compelled to ex-change information, including informationcollected pursuant to the regulations, ifthere is concern regarding the use of the in-formation or other factors exist that wouldmake exchange inappropriate. This rev-enue procedure also identifies in Section 4the countries with which the Treasury De-partment and the IRS have determined thatit is appropriate to have an automatic ex-change relationship with respect to the in-formation collected under the regulations.This revenue procedure will be updated asappropriate.
SECTION 2. BACKGROUND
The regulations provide that in the caseof reportable interest aggregating $10 ormore paid to a nonresident alien individ-ual (as defined in section 7701(b)(1)(B)of the Internal Revenue Code), the payorshall make an information return on Form1042–S for the calendar year in which theinterest is paid. Reportable interest is inter-est described in section 871(i)(2)(A) thatrelates to a deposit maintained at an officewithin the United States, and that is paid toa nonresident alien individual who is a res-ident of a country identified, in an applica-ble revenue procedure (see §601.601(d)(2)of this chapter) as of December 31 priorto the calendar year in which the inter-est is paid, as a country with which theUnited States has in effect an income taxor other convention or bilateral agreementrelating to the exchange of informationwithin the meaning of section 6103(k)(4)pursuant to which United States agrees toprovide, as well as receive, informationand under which the competent author-ity is the Secretary of the Treasury or hisdelegate. This revenue procedure consti-tutes the revenue procedure referenced in§1.6049–8(a) and will be updated by sub-sequent revenue procedures as appropri-ate.
SECTION 3. COUNTRIES OFRESIDENCE WITH RESPECTTO WHICH THE REPORTINGREQUIREMENT APPLIES
The following are countries with whichthe United States has in effect an income
tax or other convention or bilateral agree-ment relating to the exchange of tax in-formation within the meaning of section6103(k)(4) pursuant to which the UnitedStates agrees to provide, as well as receive,information and under which the compe-tent authority is the Secretary of the Trea-sury or his delegate:
Antigua & BarbudaArubaAustraliaAustriaAzerbaijanBangladeshBarbadosBelgiumBermudaBritish Virgin IslandsBulgariaCanadaChinaCosta RicaCyprusCzech RepublicDenmarkDominicaDominican RepublicEgyptEstoniaFinlandFranceGermanyGibraltarGreeceGrenadaGuernseyGuyanaHondurasHungaryIcelandIndiaIndonesiaIrelandIsle of ManIsraelItalyJamaicaJapanJerseyKazakhstanKorea (South)LatviaLiechtensteinLithuaniaLuxembourgMaltaMarshall IslandsMexicoMonacoMoroccoNetherlands
May 14, 2012 913 2012–20 I.R.B.
Netherlands island territories: Bonaire,Curacao, Saba, St. Eustatius andSt. Maarten (Dutch part)
New ZealandNorwayPakistanPanamaPeruPhilippinesPolandPortugalRomaniaRussian FederationSlovak Rep.SloveniaSouth AfricaSpainSri LankaSwedenSwitzerlandThailandTrinidad and TobagoTunisiaTurkeyUkraineUnited KingdomVenezuela
SECTION 4. COUNTRIES WITHWHICH TREASURY AND THEIRS HAVE DETERMINED THATAUTOMATIC EXCHANGE OFDEPOSIT INTEREST INFORMATIONIS APPROPRIATE
The following list identifies thecountries with which the automatic ex-change of the information collected under§§1.6049–4(b)(5) and 1.6049–8 has beendetermined by the Treasury Departmentand the IRS to be appropriate:
Canada
SECTION 5. EFFECTIVE DATE
This revenue procedure is effective forinterest paid on or after January 1, 2013.
SECTION 6. DRAFTINGINFORMATION
The principal author of this revenueprocedure is Kathryn T. Holman of theOffice of Chief Counsel International(International). For further informationregarding this revenue procedure, contactKathryn T. Holman at (202) 622–3840(not a toll-free call).
26 CFR 601.201: Rulings and determination letters.(Also: Part I, §§ 25, 103, 143.)
Rev. Proc. 2012–25
SECTION 1. PURPOSE
This revenue procedure provides is-suers of qualified mortgage bonds, asdefined in section 143(a) of the InternalRevenue Code, and issuers of mortgagecredit certificates, as defined in section25(c), with (1) the nationwide averagepurchase price for residences located inthe United States, and (2) average areapurchase price safe harbors for residenceslocated in statistical areas in each state,the District of Columbia, Puerto Rico,the Northern Mariana Islands, AmericanSamoa, the Virgin Islands, and Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, exceptas provided in section 103(b), gross in-come does not include interest on any stateor local bond. Section 103(b)(1) providesthat section 103(a) shall not apply to anyprivate activity bond that is not a “qualifiedbond” within the meaning of section 141.Section 141(e) provides, in part, that theterm “qualified bond” means any privateactivity bond if such bond (1) is a quali-fied mortgage bond under section 143, (2)meets the volume cap requirements undersection 146, and (3) meets the applicablerequirements under section 147.
.02 Section 143(a)(1) provides that theterm “qualified mortgage bond” means abond that is issued as part of a qualifiedmortgage issue. Section 143(a)(2)(A) pro-vides that the term “qualified mortgage is-sue” means an issue of one or more bondsby a state or political subdivision thereof,but only if: (i) all proceeds of the issue (ex-clusive of issuance costs and a reasonablyrequired reserve) are to be used to financeowner-occupied residences; (ii) the issuemeets the requirements of subsections (c),(d), (e), (f), (g), (h), (i), and (m)(7) of sec-tion 143; (iii) the issue does not meet theprivate business tests of paragraphs (1) and(2) of section 141(b); and (iv) with respectto amounts received more than 10 yearsafter the date of issuance, repayments of$250,000 or more of principal on mortgagefinancing provided by the issue are used by
the close of the first semiannual period be-ginning after the date the prepayment (orcomplete repayment) is received to redeembonds that are part of the issue.
Average Area Purchase Price
.03 Section 143(e)(1) provides that anissue of bonds meets the purchase pricerequirements of section 143(e) if the ac-quisition cost of each residence financedby the issue does not exceed 90 percent ofthe average area purchase price applicableto such residence. Section 143(e)(5) pro-vides that, in the case of a targeted area res-idence (as defined in section 143(j)), sec-tion 143(e)(1) shall be applied by substi-tuting 110 percent for 90 percent.
.04 Section 143(e)(2) provides that theterm “average area purchase price” means,with respect to any residence, the averagepurchase price of single-family residences(in the statistical area in which the resi-dence is located) that were purchased dur-ing the most recent 12-month period forwhich sufficient statistical information isavailable. Under sections 143(e)(3) and(4), respectively, separate determinationsare to be made for new and existing resi-dences, and for two-, three-, and four-fam-ily residences.
.05 Section 143(e)(2) provides that thedetermination of the average area purchaseprice for a statistical area shall be made asof the date on which the commitment toprovide the financing is made or, if earlier,the date of the purchase of the residence.
.06 Section 143(k)(2)(A) provides thatthe term “statistical area” means (i) ametropolitan statistical area (MSA), and(ii) any county (or the portion thereof)that is not within an MSA. Section143(k)(2)(C) further provides that if suf-ficient recent statistical information withrespect to a county (or portion thereof)is unavailable, the Secretary may sub-stitute another area for which there issufficient recent statistical information forsuch county (or portion thereof). In thecase of any portion of a State which isnot within a county, section 143(k)(2)(D)provides that the Secretary may designateas a county any area that is the equivalentof a county. Section 6a.103A–1(b)(4)(i)of the Temporary Income Tax Regulations(issued under section 103A of the InternalRevenue Code of 1954, the predecessor ofsection 143) provides that the term “State”
2012–20 I.R.B. 914 May 14, 2012
includes a possession of the United Statesand the District of Columbia.
.07 Section 6a.103A–2(f)(5)(i) pro-vides that an issuer may rely upon the aver-age area purchase price safe harbors pub-lished by the Department of the Treasuryfor the statistical area in which a residenceis located. Section 6a.103A–2(f)(5)(i)further provides that an issuer may usean average area purchase price limitationdifferent from the published safe harbor ifthe issuer has more accurate and compre-hensive data for the statistical area.
Qualified Mortgage Credit CertificateProgram
.08 Section 25(c) permits a state orpolitical subdivision to establish a quali-fied mortgage credit certificate program.In general, a qualified mortgage creditcertificate program is a program underwhich the issuing authority elects not toissue an amount of private activity bondsthat it may otherwise issue during thecalendar year under section 146, and intheir place, issues mortgage credit certifi-cates to taxpayers in connection with theacquisition of their principal residences.Section 25(a)(1) provides, in general, thatthe holder of a mortgage credit certificatemay claim a federal income tax creditequal to the product of the credit ratespecified in the certificate and the interestpaid or accrued during the tax year on theremaining principal of the indebtednessincurred to acquire the residence. Section25(c)(2)(A)(iii)(III) generally providesthat residences acquired in connectionwith the issuance of mortgage credit cer-tificates must meet the purchase pricerequirements of section 143(e).
Income Limitations for QualifiedMortgage Bonds and Mortgage CreditCertificates
.09 Section 143(f) imposes limitationson the income of mortgagors for whomfinancing may be provided by qualifiedmortgage bonds. In addition, section25(c)(2)(A)(iii)(IV) provides that holdersof mortgage credit certificates must meetthe income requirement of section 143(f).Generally, under sections 143(f)(1) and25(c)(2)(A)(iii)(IV), the income require-ment is met only if all owner-financingunder a qualified mortgage bond and all
mortgage credit certificates issued under aqualified mortgage credit certificate pro-gram are provided to mortgagors whosefamily income is 115 percent or less of theapplicable median family income. Section143(f)(5), however, generally providesfor an upward adjustment to the percent-age limitation in high housing cost areas.High housing cost areas are defined insection 143(f)(5)(C) as any statistical areafor which the housing cost/income ratio isgreater than 1.2.
.10 Under section 143(f)(5)(D), thehousing cost/income ratio with respect toany statistical area is determined by divid-ing (a) the applicable housing price ratiofor such area by (b) the ratio that the areamedian gross income for such area bearsto the median gross income for the UnitedStates. The applicable housing price ratiois the new housing price ratio (new hous-ing average area purchase price divided bythe new housing average purchase pricefor the United States) or the existing hous-ing price ratio (existing housing averagearea purchase price divided by the existinghousing average purchase price for theUnited States), whichever results in thehousing cost/income ratio being closer to1.
Average Area and Nationwide PurchasePrice Limitations
.11 Average area purchase price safeharbors for each state, the District of Co-lumbia, Puerto Rico, the Northern Mari-ana Islands, American Samoa, the VirginIslands, and Guam were last published inRev. Proc. 2011–23, 2011–15 I.R.B. 626.
.12 The nationwide average purchaseprice limitation was last published insection 4.02 of Rev. Proc. 2011–23.Guidance with respect to the United Statesand area median gross income figures thatare to be used in computing the housingcost/income ratio described in section143(f)(5) was last published in Rev. Proc.2012–16, 2012–10 I.R.B. 452.
.13 This revenue procedure uses FHAloan limits for a given statistical area tocalculate the average area purchase pricesafe harbor for that area. FHA sets lim-its on the dollar value of loans it will in-sure based on median home prices andconforming loan limits established by theFederal Home Loan Mortgage Corpora-tion. In particular, FHA sets an area’s loan
limit at 95 percent of the median homesales price for the area, subject to certainfloors and caps measured against conform-ing loan limits.
.14 To calculate the average area pur-chase price safe harbors in this revenueprocedure, the FHA loan limits are ad-justed to take into account the differencesbetween average and median purchaseprices. Because FHA loan limits do notdifferentiate between new and existingresidences, this revenue procedure con-tains a single average area purchase pricesafe harbor for both new and existingresidences in a statistical area. The Trea-sury Department and the Internal RevenueService have determined that FHA loanlimits provide a reasonable basis for de-termining average area purchase pricesafe harbors. If the Treasury Departmentand the Internal Revenue Service becomeaware of other sources of average purchaseprice data, including data that differentiatebetween new and existing residences, con-sideration will be given as to whether suchdata provide a more accurate method forcalculating average area purchase pricesafe harbors.
.15 The average area purchase pricesafe harbors listed in section 4.01 of thisrevenue procedure are based on FHA loanlimits released December 02, 2011. FHAloan limits are available for statistical ar-eas in each state, the District of Columbia,Puerto Rico, the Northern Mariana Islands,American Samoa, the Virgin Islands, andGuam. See section 3.03 of this revenueprocedure with respect to FHA loan lim-its revised after December 02, 2011.
.16 OMB Bulletin No. 03–04, datedand effective June 6, 2003, revised the def-initions of the nation’s metropolitan areasand recognized 49 new metropolitan sta-tistical areas. The OMB bulletin no longerincludes primary metropolitan statisticalareas.
SECTION 3. APPLICATION
Average Area Purchase Price SafeHarbors
.01 Average area purchase price safeharbors for statistical areas in each state,the District of Columbia, Puerto Rico,the Northern Mariana Islands, AmericanSamoa, the Virgin Islands, and Guam areset forth in section 4.01 of this revenue
May 14, 2012 915 2012–20 I.R.B.
procedure. Average area purchase pricesafe harbors are provided for single-familyand two to four-family residences. Foreach type of residence, section 4.01 of thisrevenue procedure contains a single safeharbor that may be used for both new andexisting residences. Issuers of qualifiedmortgage bonds and issuers of mortgagecredit certificates may rely on these safeharbors to satisfy the requirements of sec-tions 143(e) and (f). Section 4.01 of thisrevenue procedure provides safe harborsfor MSAs and for certain counties andcounty equivalents. If no purchase pricesafe harbor is available for a statisticalarea, the safe harbor for “ALL OTHERAREAS” may be used for that statisticalarea.
.02 If a residence is in an MSA, the safeharbor applicable to it is the limitation ofthat MSA. If an MSA falls in more thanone state, the MSA is listed in section 4.01of this revenue procedure under each state.
.03 If the FHA revises the FHA loanlimit for any statistical area after Decem-ber 02, 2011, an issuer of qualified mort-gage bonds or mortgage credit certificatesmay use the revised FHA loan limit for thatstatistical area to compute (as provided inthe next sentence) a revised average areapurchase price safe harbor for the statisti-cal area provided that the issuer maintainsrecords evidencing the revised FHA loanlimit. The revised average area purchaseprice safe harbor for that statistical areais computed by dividing the revised FHAloan limit by .975.
.04 If, pursuant to section6a.103A–2(f)(5)(i), an issuer uses more
accurate and comprehensive data todetermine the average area purchase pricefor a statistical area, the issuer must makeseparate average area purchase pricedeterminations for new and existing resi-dences. Moreover, when computing theaverage area purchase price for a statisticalarea that is an MSA, as defined in OMBBulletin No. 03–04, the issuer must makethe computation for the entire applicableMSA. When computing the average areapurchase price for a statistical area thatis not an MSA, the issuer must make thecomputation for the entire statistical areaand may not combine statistical areas.Thus, for example, the issuer may notcombine two or more counties.
.05 If an issuer receives a ruling permit-ting it to rely on an average area purchaseprice limitation that is higher than theapplicable safe harbor in this revenueprocedure, the issuer may rely on thathigher limitation for the purpose of satis-fying the requirements of section 143(e)and (f) for bonds sold, and mortgagecredit certificates issued, not more than 30months following the termination date ofthe 12-month period used by the issuer tocompute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue proce-dure sets forth a single nationwide averagepurchase price for purposes of computingthe housing cost/income ratio under sec-tion 143(f)(5).
.07 Issuers must use the nationwide av-erage purchase price set forth in section
4.02 of this revenue procedure when com-puting the housing cost/income ratio un-der section 143(f)(5) regardless of whetherthey are relying on the average area pur-chase price safe harbors contained in thisrevenue procedure or using more accurateand comprehensive data to determine av-erage area purchase prices for new and ex-isting residences for a statistical area thatare different from the published safe har-bors in this revenue procedure.
.08 If, pursuant to section 6.02 of thisrevenue procedure, an issuer relies on theaverage area purchase price safe harborscontained in Rev. Proc. 2011–23, the is-suer must use the nationwide average pur-chase price set forth in section 4.02 of Rev.Proc. 2011–23 in computing the housingcost/income ratio under section 143(f)(5).Likewise, if, pursuant to section 6.05 ofthis revenue procedure, an issuer relieson the nationwide average purchase pricepublished in Rev. Proc. 2011–23, the is-suer may not rely on the average area pur-chase price safe harbors published in thisrevenue procedure.
SECTION 4. AVERAGE AREA ANDNATIONWIDE AVERAGE PURCHASEPRICES
.01 Average area purchase prices forsingle-family and two to four-family res-idences in MSAs, and for certain countiesand county equivalents are set forth below.The safe harbor for “ALL OTHER AR-EAS” (found at the end of the table below)may be used for a statistical area that is notlisted below.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
ALEUTIANS WEST AK $365,641 $468,051 $565,795 $703,128ANCHORAGE AK $356,410 $456,256 $551,538 $685,385BRISTOL BAY AK $300,769 $385,026 $465,385 $578,410DENALI AK $324,359 $415,231 $501,897 $623,744DILLINGHAM AK $341,026 $436,564 $527,692 $655,795FAIRBANKS NORTH AK $324,359 $415,231 $501,897 $623,744JUNEAU AK $408,974 $523,538 $632,872 $786,513KETCHIKAN GATEW AK $330,256 $422,769 $511,026 $635,128KODIAK ISLAND AK $343,231 $439,385 $531,128 $660,051MATANUSKA-SUSIT AK $356,410 $456,256 $551,538 $685,385NOME AK $281,897 $360,872 $436,205 $542,103NORTH SLOPE AK $314,923 $403,128 $487,333 $605,641PETERSBURG CENS AK $297,231 $380,513 $459,949 $571,590
2012–20 I.R.B. 916 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
SITKA AK $442,308 $566,205 $684,462 $850,615VALDEZ-CORDOVA AK $278,359 $356,359 $430,718 $535,282YAKUTAT CITY AK $398,667 $510,359 $616,923 $766,667
BALDWIN AL $292,308 $374,205 $452,308 $562,103RUSSELL AL $297,231 $380,513 $459,949 $571,590
APACHE AZ $288,462 $369,282 $446,359 $554,718COCONINO AZ $461,538 $590,821 $714,205 $887,590GILA AZ $333,333 $426,718 $515,795 $641,026MARICOPA AZ $355,128 $454,615 $549,538 $682,923MOHAVE AZ $330,769 $423,436 $511,846 $636,103NAVAJO AZ $316,667 $405,385 $490,000 $608,974PIMA AZ $324,359 $415,231 $501,897 $623,744PINAL AZ $355,128 $454,615 $549,538 $682,923YAVAPAI AZ $400,000 $512,051 $618,974 $769,231
ALAMEDA CA $748,462 $958,154 $1,158,205 $1,439,385ALPINE CA $561,538 $718,872 $868,923 $1,079,897AMADOR CA $455,128 $582,615 $704,256 $875,231BUTTE CA $410,256 $525,179 $634,821 $788,974CALAVERAS CA $474,359 $607,231 $734,051 $912,256COLUSA CA $407,692 $521,897 $630,872 $784,000CONTRA COSTA CA $748,462 $958,154 $1,158,205 $1,439,385DEL NORTE CA $319,231 $408,667 $494,000 $613,897EL DORADO CA $594,872 $761,538 $920,513 $1,144,000FRESNO CA $391,026 $500,564 $605,077 $751,949GLENN CA $294,872 $377,487 $456,308 $567,077HUMBOLDT CA $403,846 $516,974 $624,923 $776,615IMPERIAL CA $333,333 $426,718 $515,795 $641,026INYO CA $448,718 $574,410 $694,359 $862,923KERN CA $378,205 $484,154 $585,231 $727,333KINGS CA $333,333 $426,718 $515,795 $641,026LAKE CA $411,538 $526,821 $636,821 $791,436LASSEN CA $292,308 $374,205 $452,308 $562,103LOS ANGELES CA $748,462 $958,154 $1,158,205 $1,439,385MADERA CA $435,897 $558,000 $674,513 $838,256MARIN CA $748,462 $958,154 $1,158,205 $1,439,385MARIPOSA CA $423,077 $541,590 $654,667 $813,590MENDOCINO CA $525,641 $672,923 $813,385 $1,010,872MERCED CA $484,615 $620,410 $749,897 $931,949MONO CA $542,564 $694,564 $839,590 $1,043,385MONTEREY CA $748,462 $958,154 $1,158,205 $1,439,385NAPA CA $748,462 $958,154 $1,158,205 $1,439,385NEVADA CA $576,923 $738,564 $892,769 $1,109,487ORANGE CA $748,462 $958,154 $1,158,205 $1,439,385PLACER CA $594,872 $761,538 $920,513 $1,144,000PLUMAS CA $420,513 $538,308 $650,718 $808,667RIVERSIDE CA $512,821 $656,513 $793,538 $986,205SACRAMENTO CA $594,872 $761,538 $920,513 $1,144,000SAN BENITO CA $748,462 $958,154 $1,158,205 $1,439,385SAN BERNARDINO CA $512,821 $656,513 $793,538 $986,205
May 14, 2012 917 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
SAN DIEGO CA $715,385 $915,846 $1,107,026 $1,375,744SAN FRANCISCO CA $748,462 $958,154 $1,158,205 $1,439,385SAN JOAQUIN CA $501,282 $641,744 $775,692 $964,000SAN LUIS OBISPO CA $705,128 $902,667 $1,091,128 $1,356,051SAN MATEO CA $748,462 $958,154 $1,158,205 $1,439,385SANTA BARBARA CA $748,462 $958,154 $1,158,205 $1,439,385SANTA CLARA CA $748,462 $958,154 $1,158,205 $1,439,385SANTA CRUZ CA $748,462 $958,154 $1,158,205 $1,439,385SHASTA CA $434,615 $556,359 $672,513 $835,795SIERRA CA $312,564 $400,103 $483,641 $601,077SISKIYOU CA $301,282 $385,692 $466,205 $579,385SOLANO CA $571,795 $732,000 $884,821 $1,099,641SONOMA CA $679,487 $869,846 $1,051,487 $1,306,718STANISLAUS CA $434,615 $556,359 $672,513 $835,795SUTTER CA $435,897 $558,000 $674,513 $838,256TEHAMA CA $320,513 $410,308 $495,949 $616,359TULARE CA $333,333 $426,718 $515,795 $641,026TUOLUMNE CA $448,718 $574,410 $694,359 $862,923VENTURA CA $748,462 $958,154 $1,158,205 $1,439,385YOLO CA $594,872 $761,538 $920,513 $1,144,000YUBA CA $435,897 $558,000 $674,513 $838,256
ADAMS CO $416,667 $533,385 $644,769 $801,282ARAPAHOE CO $416,667 $533,385 $644,769 $801,282ARCHULETA CO $325,641 $416,872 $503,897 $626,205BOULDER CO $471,795 $603,949 $730,051 $907,282BROOMFIELD CO $416,667 $533,385 $644,769 $801,282CHAFFEE CO $287,179 $367,641 $444,359 $552,256CLEAR CREEK CO $416,667 $533,385 $644,769 $801,282DENVER CO $416,667 $533,385 $644,769 $801,282DOUGLAS CO $416,667 $533,385 $644,769 $801,282EAGLE CO $748,462 $958,154 $1,158,205 $1,439,385ELBERT CO $416,667 $533,385 $644,769 $801,282EL PASO CO $333,333 $426,718 $515,795 $641,026GARFIELD CO $435,897 $558,000 $674,513 $838,256GILPIN CO $416,667 $533,385 $644,769 $801,282GRAND CO $365,385 $467,744 $565,385 $702,667GUNNISON CO $444,872 $569,487 $688,410 $855,538HINSDALE CO $571,795 $732,000 $884,821 $1,099,641JEFFERSON CO $416,667 $533,385 $644,769 $801,282LAKE CO $748,462 $958,154 $1,158,205 $1,439,385LA PLATA CO $455,128 $582,615 $704,256 $875,231LARIMER CO $320,513 $410,308 $495,949 $616,359MESA CO $380,769 $487,436 $589,231 $732,256MINERAL CO $307,692 $393,897 $476,103 $591,692OURAY CO $494,872 $633,538 $765,795 $951,692PARK CO $416,667 $533,385 $644,769 $801,282PITKIN CO $748,462 $958,154 $1,158,205 $1,439,385ROUTT CO $692,308 $886,256 $1,071,333 $1,331,385SAN JUAN CO $435,897 $558,000 $674,513 $838,256SAN MIGUEL CO $667,949 $855,077 $1,033,590 $1,284,513
2012–20 I.R.B. 918 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
SUMMIT CO $748,462 $958,154 $1,158,205 $1,439,385TELLER CO $333,333 $426,718 $515,795 $641,026WELD CO $428,205 $548,154 $662,615 $823,487
FAIRFIELD CT $726,923 $930,615 $1,124,872 $1,397,949HARTFORD CT $451,282 $577,692 $698,308 $867,846LITCHFIELD CT $384,615 $492,359 $595,179 $739,641MIDDLESEX CT $451,282 $577,692 $698,308 $867,846NEW HAVEN CT $397,436 $508,769 $614,974 $764,308NEW LONDON CT $408,974 $523,538 $632,872 $786,513TOLLAND CT $451,282 $577,692 $698,308 $867,846WINDHAM CT $279,487 $357,795 $432,462 $537,487
DISTRICT OF COL DC $748,462 $958,154 $1,158,205 $1,439,385
KENT DE $385,897 $494,000 $597,128 $742,103NEW CASTLE DE $430,769 $551,436 $666,564 $828,410SUSSEX DE $384,615 $492,359 $595,179 $739,641
BAKER FL $397,436 $508,769 $614,974 $764,308BAY FL $406,410 $520,256 $628,872 $781,538BREVARD FL $298,718 $382,410 $462,256 $574,462BROWARD FL $434,615 $556,359 $672,513 $835,795CHARLOTTE FL $303,846 $388,974 $470,154 $584,308CLAY FL $397,436 $508,769 $614,974 $764,308COLLIER FL $544,872 $697,538 $843,128 $1,047,846DUVAL FL $397,436 $508,769 $614,974 $764,308FLAGLER FL $294,872 $377,487 $456,308 $567,077FRANKLIN FL $312,821 $400,462 $484,051 $601,590HERNANDO FL $300,000 $384,051 $464,205 $576,923HILLSBOROUGH FL $300,000 $384,051 $464,205 $576,923INDIAN RIVER FL $291,026 $372,564 $450,308 $559,641LAKE FL $362,821 $464,462 $561,436 $697,744LEE FL $365,385 $467,744 $565,385 $702,667MANATEE FL $453,846 $580,974 $702,308 $872,769MARTIN FL $384,615 $492,359 $595,179 $739,641MIAMI-DADE FL $434,615 $556,359 $672,513 $835,795MONROE FL $748,462 $958,154 $1,158,205 $1,439,385NASSAU FL $397,436 $508,769 $614,974 $764,308OKALOOSA FL $320,513 $410,308 $495,949 $616,359ORANGE FL $362,821 $464,462 $561,436 $697,744OSCEOLA FL $362,821 $464,462 $561,436 $697,744PALM BEACH FL $434,615 $556,359 $672,513 $835,795PASCO FL $300,000 $384,051 $464,205 $576,923PINELLAS FL $300,000 $384,051 $464,205 $576,923ST. JOHNS FL $397,436 $508,769 $614,974 $764,308ST. LUCIE FL $384,615 $492,359 $595,179 $739,641SARASOTA FL $453,846 $580,974 $702,308 $872,769SEMINOLE FL $362,821 $464,462 $561,436 $697,744SUMTER FL $285,897 $366,000 $442,410 $549,795VOLUSIA FL $311,538 $398,821 $482,051 $599,128WALTON FL $372,092 $476,308 $575,795 $715,538
BARROW GA $355,128 $454,615 $549,538 $682,923
May 14, 2012 919 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
BARTOW GA $355,128 $454,615 $549,538 $682,923BRANTLEY GA $283,333 $362,718 $438,410 $544,872BUTTS GA $355,128 $454,615 $549,538 $682,923CARROLL GA $355,128 $454,615 $549,538 $682,923CHATTAHOOCHEE GA $297,231 $380,513 $459,949 $571,590CHEROKEE GA $355,128 $454,615 $549,538 $682,923CLARKE GA $306,410 $392,256 $474,154 $589,231CLAYTON GA $355,128 $454,615 $549,538 $682,923COBB GA $355,128 $454,615 $549,538 $682,923COWETA GA $355,128 $454,615 $549,538 $682,923DAWSON GA $355,128 $454,615 $549,538 $682,923DEKALB GA $355,128 $454,615 $549,538 $682,923DOUGLAS GA $355,128 $454,615 $549,538 $682,923FAYETTE GA $355,128 $454,615 $549,538 $682,923FORSYTH GA $355,128 $454,615 $549,538 $682,923FULTON GA $355,128 $454,615 $549,538 $682,923GLYNN GA $283,333 $362,718 $438,410 $544,872GREENE GA $679,487 $869,846 $1,051,487 $1,306,718GWINNETT GA $355,128 $454,615 $549,538 $682,923HARALSON GA $355,128 $454,615 $549,538 $682,923HARRIS GA $297,231 $380,513 $459,949 $571,590HEARD GA $355,128 $454,615 $549,538 $682,923HENRY GA $355,128 $454,615 $549,538 $682,923JASPER GA $355,128 $454,615 $549,538 $682,923LAMAR GA $355,128 $454,615 $549,538 $682,923MCINTOSH GA $283,333 $362,718 $438,410 $544,872MADISON GA $306,410 $392,256 $474,154 $589,231MARION GA $297,231 $380,513 $459,949 $571,590MERIWETHER GA $355,128 $454,615 $549,538 $682,923MUSCOGEE GA $297,231 $380,513 $459,949 $571,590NEWTON GA $355,128 $454,615 $549,538 $682,923OCONEE GA $306,410 $392,256 $474,154 $589,231OGLETHORPE GA $306,410 $392,256 $474,154 $589,231PAULDING GA $355,128 $454,615 $549,538 $682,923PICKENS GA $355,128 $454,615 $549,538 $682,923PIKE GA $355,128 $454,615 $549,538 $682,923ROCKDALE GA $355,128 $454,615 $549,538 $682,923SPALDING GA $355,128 $454,615 $549,538 $682,923WALTON GA $355,128 $454,615 $549,538 $682,923
HAWAII HI $634,615 $812,410 $982,051 $1,220,410HONOLULU HI $814,103 $1,042,205 $1,259,795 $1,565,590KALAWAO HI $734,615 $940,462 $1,136,769 $1,412,769KAUAI HI $793,590 $1,015,949 $1,228,051 $1,526,154MAUI HI $810,256 $1,037,282 $1,253,846 $1,558,205
ADA ID $311,538 $398,821 $482,051 $599,128ADAMS ID $280,769 $359,436 $434,462 $539,949BLAINE ID $748,462 $958,154 $1,158,205 $1,439,385BOISE ID $311,538 $398,821 $482,051 $599,128CANYON ID $311,538 $398,821 $482,051 $599,128GEM ID $311,538 $398,821 $482,051 $599,128
2012–20 I.R.B. 920 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
KOOTENAI ID $293,590 $375,846 $454,308 $564,564OWYHEE ID $311,538 $398,821 $482,051 $599,128TETON ID $711,538 $910,872 $1,101,077 $1,368,359VALLEY ID $474,359 $607,231 $734,051 $912,256
BOND IL $288,462 $369,282 $446,359 $554,718BOONE IL $347,949 $445,436 $538,410 $669,128CALHOUN IL $288,462 $369,282 $446,359 $554,718CLINTON IL $288,462 $369,282 $446,359 $554,718COOK IL $420,513 $538,308 $650,718 $808,667DEKALB IL $420,513 $538,308 $650,718 $808,667DUPAGE IL $420,513 $538,308 $650,718 $808,667GRUNDY IL $420,513 $538,308 $650,718 $808,667JERSEY IL $288,462 $369,282 $446,359 $554,718KANE IL $420,513 $538,308 $650,718 $808,667KENDALL IL $420,513 $538,308 $650,718 $808,667LAKE IL $420,513 $538,308 $650,718 $808,667MCHENRY IL $420,513 $538,308 $650,718 $808,667MACOUPIN IL $288,462 $369,282 $446,359 $554,718MADISON IL $288,462 $369,282 $446,359 $554,718MONROE IL $288,462 $369,282 $446,359 $554,718ST. CLAIR IL $288,462 $369,282 $446,359 $554,718WILL IL $420,513 $538,308 $650,718 $808,667WINNEBAGO IL $347,949 $445,436 $538,410 $669,128
CLARK IN $310,256 $397,179 $480,103 $596,667DEARBORN IN $346,154 $443,128 $535,641 $665,692FLOYD IN $310,256 $397,179 $480,103 $596,667FRANKLIN IN $346,154 $443,128 $535,641 $665,692HARRISON IN $310,256 $397,179 $480,103 $596,667JASPER IN $420,513 $538,308 $650,718 $808,667LAKE IN $420,513 $538,308 $650,718 $808,667NEWTON IN $420,513 $538,308 $650,718 $808,667OHIO IN $346,154 $443,128 $535,641 $665,692PORTER IN $420,513 $538,308 $650,718 $808,667WASHINGTON IN $310,256 $397,179 $480,103 $596,667
BOONE KY $346,154 $443,128 $535,641 $665,692BRACKEN KY $346,154 $443,128 $535,641 $665,692BULLITT KY $310,256 $397,179 $480,103 $596,667CAMPBELL KY $346,154 $443,128 $535,641 $665,692GALLATIN KY $346,154 $443,128 $535,641 $665,692GRANT KY $346,154 $443,128 $535,641 $665,692HENRY KY $310,256 $397,179 $480,103 $596,667JEFFERSON KY $310,256 $397,179 $480,103 $596,667KENTON KY $346,154 $443,128 $535,641 $665,692MEADE KY $310,256 $397,179 $480,103 $596,667NELSON KY $310,256 $397,179 $480,103 $596,667OLDHAM KY $310,256 $397,179 $480,103 $596,667PENDLETON KY $346,154 $443,128 $535,641 $665,692SHELBY KY $310,256 $397,179 $480,103 $596,667SPENCER KY $310,256 $397,179 $480,103 $596,667
May 14, 2012 921 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
TRIMBLE KY $310,256 $397,179 $480,103 $596,667
ASCENSION LA $287,179 $367,641 $444,359 $552,256EAST BATON ROUG LA $287,179 $367,641 $444,359 $552,256EAST FELICIANA LA $287,179 $367,641 $444,359 $552,256IBERVILLE LA $287,179 $367,641 $444,359 $552,256JEFFERSON LA $294,872 $377,487 $456,308 $567,077LIVINGSTON LA $287,179 $367,641 $444,359 $552,256ORLEANS LA $294,872 $377,487 $456,308 $567,077PLAQUEMINES LA $294,872 $377,487 $456,308 $567,077POINTE COUPEE LA $287,179 $367,641 $444,359 $552,256ST. BERNARD LA $294,872 $377,487 $456,308 $567,077ST. CHARLES LA $294,872 $377,487 $456,308 $567,077ST. HELENA LA $287,179 $367,641 $444,359 $552,256ST. JOHN THE BA LA $294,872 $377,487 $456,308 $567,077ST. TAMMANY LA $294,872 $377,487 $456,308 $567,077WEST BATON ROUG LA $287,179 $367,641 $444,359 $552,256WEST FELICIANA LA $287,179 $367,641 $444,359 $552,256
BARNSTABLE MA $474,359 $607,231 $734,051 $912,256BRISTOL MA $487,179 $623,692 $753,897 $936,872DUKES MA $748,462 $958,154 $1,158,205 $1,439,385ESSEX MA $537,179 $687,692 $831,231 $1,033,026FRANKLIN MA $326,923 $418,513 $505,897 $628,718HAMPDEN MA $326,923 $418,513 $505,897 $628,718HAMPSHIRE MA $326,923 $418,513 $505,897 $628,718MIDDLESEX MA $537,179 $687,692 $831,231 $1,033,026NANTUCKET MA $748,462 $958,154 $1,158,205 $1,439,385NORFOLK MA $537,179 $687,692 $831,231 $1,033,026PLYMOUTH MA $537,179 $687,692 $831,231 $1,033,026SUFFOLK MA $537,179 $687,692 $831,231 $1,033,026WORCESTER MA $394,872 $505,487 $611,026 $759,385
ANNE ARUNDEL MD $574,359 $735,282 $888,769 $1,104,564BALTIMORE MD $574,359 $735,282 $888,769 $1,104,564CALVERT MD $748,462 $958,154 $1,158,205 $1,439,385CARROLL MD $574,359 $735,282 $888,769 $1,104,564CECIL MD $430,769 $551,436 $666,564 $828,410CHARLES MD $748,462 $958,154 $1,158,205 $1,439,385FREDERICK MD $748,462 $958,154 $1,158,205 $1,439,385GARRETT MD $448,718 $574,410 $694,359 $862,923HARFORD MD $574,359 $735,282 $888,769 $1,104,564HOWARD MD $574,359 $735,282 $888,769 $1,104,564KENT MD $352,564 $451,333 $545,538 $678,000MONTGOMERY MD $748,462 $958,154 $1,158,205 $1,439,385PRINCE GEORGE’S MD $748,462 $958,154 $1,158,205 $1,439,385QUEEN ANNE’S MD $574,359 $735,282 $888,769 $1,104,564ST. MARY’S MD $410,256 $525,179 $634,821 $788,974SOMERSET MD $337,179 $431,641 $521,744 $648,410TALBOT MD $455,128 $582,615 $704,256 $875,231WASHINGTON MD $387,179 $495,641 $599,128 $744,564WICOMICO MD $337,179 $431,641 $521,744 $648,410
2012–20 I.R.B. 922 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
WORCESTER MD $448,718 $574,410 $694,359 $862,923BALTIMORE CITY MD $574,359 $735,282 $888,769 $1,104,564
CUMBERLAND ME $346,154 $443,128 $535,641 $665,692HANCOCK ME $279,487 $357,795 $432,462 $537,487KNOX ME $286,615 $366,923 $443,487 $551,179LINCOLN ME $326,923 $418,513 $505,897 $628,718SAGADAHOC ME $346,154 $443,128 $535,641 $665,692YORK ME $346,154 $443,128 $535,641 $665,692
BERRIEN MI $306,410 $392,256 $474,154 $589,231KALAMAZOO MI $293,590 $375,846 $454,308 $564,564LAPEER MI $305,128 $390,615 $472,154 $586,769LENAWEE MI $305,128 $390,615 $472,154 $586,769LIVINGSTON MI $305,128 $390,615 $472,154 $586,769MACOMB MI $305,128 $390,615 $472,154 $586,769MONROE MI $305,128 $390,615 $472,154 $586,769OAKLAND MI $305,128 $390,615 $472,154 $586,769ST. CLAIR MI $305,128 $390,615 $472,154 $586,769VAN BUREN MI $293,590 $375,846 $454,308 $564,564WASHTENAW MI $353,846 $452,974 $547,538 $680,462WAYNE MI $305,128 $390,615 $472,154 $586,769
ANOKA MN $374,359 $479,231 $579,282 $719,897CARVER MN $374,359 $479,231 $579,282 $719,897CHISAGO MN $374,359 $479,231 $579,282 $719,897COOK MN $303,846 $388,974 $470,154 $584,308DAKOTA MN $374,359 $479,231 $579,282 $719,897HENNEPIN MN $374,359 $479,231 $579,282 $719,897ISANTI MN $374,359 $479,231 $579,282 $719,897RAMSEY MN $374,359 $479,231 $579,282 $719,897SCOTT MN $374,359 $479,231 $579,282 $719,897SHERBURNE MN $374,359 $479,231 $579,282 $719,897WASHINGTON MN $374,359 $479,231 $579,282 $719,897WRIGHT MN $374,359 $479,231 $579,282 $719,897
CRAWFORD MO $288,462 $369,282 $446,359 $554,718FRANKLIN MO $288,462 $369,282 $446,359 $554,718JEFFERSON MO $288,462 $369,282 $446,359 $554,718LINCOLN MO $288,462 $369,282 $446,359 $554,718ST. CHARLES MO $288,462 $369,282 $446,359 $554,718ST. LOUIS MO $288,462 $369,282 $446,359 $554,718WARREN MO $288,462 $369,282 $446,359 $554,718WASHINGTON MO $288,462 $369,282 $446,359 $554,718ST. LOUIS CITY MO $288,462 $369,282 $446,359 $554,718
CARBON MT $298,718 $382,410 $462,256 $574,462FLATHEAD MT $309,026 $395,590 $478,205 $594,256GALLATIN MT $396,154 $507,128 $613,026 $761,846JEFFERSON MT $350,000 $448,051 $541,590 $673,077LAKE MT $308,974 $395,538 $478,103 $594,154LEWIS AND CLARK MT $350,000 $448,051 $541,590 $673,077MADISON MT $288,974 $369,949 $447,179 $555,692MISSOULA MT $298,718 $382,410 $462,256 $574,462
May 14, 2012 923 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
RAVALLI MT $311,538 $398,821 $482,051 $599,128SWEET GRASS MT $355,128 $454,615 $549,538 $682,923YELLOWSTONE MT $298,718 $382,410 $462,256 $574,462
ANSON NC $311,538 $398,821 $482,051 $599,128BRUNSWICK NC $311,538 $398,821 $482,051 $599,128BUNCOMBE NC $311,538 $398,821 $482,051 $599,128CABARRUS NC $311,538 $398,821 $482,051 $599,128CAMDEN NC $748,462 $958,154 $1,158,205 $1,439,385CARTERET NC $294,872 $377,487 $456,308 $567,077CHATHAM NC $343,231 $439,385 $531,128 $660,051CURRITUCK NC $470,615 $602,462 $728,256 $905,026DARE NC $471,795 $603,949 $730,051 $907,282DURHAM NC $343,231 $439,385 $531,128 $660,051FRANKLIN NC $302,564 $387,333 $468,205 $581,846GASTON NC $311,538 $398,821 $482,051 $599,128HAYWOOD NC $311,538 $398,821 $482,051 $599,128HENDERSON NC $311,538 $398,821 $482,051 $599,128HYDE NC $495,385 $634,154 $766,564 $952,667JOHNSTON NC $302,564 $387,333 $468,205 $581,846MADISON NC $311,538 $398,821 $482,051 $599,128MECKLENBURG NC $311,538 $398,821 $482,051 $599,128NEW HANOVER NC $311,538 $398,821 $482,051 $599,128ONSLOW NC $314,103 $402,103 $486,051 $604,051ORANGE NC $343,231 $439,385 $531,128 $660,051PASQUOTANK NC $748,462 $958,154 $1,158,205 $1,439,385PENDER NC $311,538 $398,821 $482,051 $599,128PERQUIMANS NC $748,462 $958,154 $1,158,205 $1,439,385PERSON NC $343,231 $439,385 $531,128 $660,051TRANSYLVANIA NC $301,282 $385,692 $466,205 $579,385UNION NC $311,538 $398,821 $482,051 $599,128WAKE NC $302,564 $387,333 $468,205 $581,846WATAUGA NC $292,308 $374,205 $452,308 $562,103
BILLINGS ND $312,564 $400,103 $483,641 $601,077STARK ND $312,564 $400,103 $483,641 $601,077
BELKNAP NH $288,462 $369,282 $446,359 $554,718GRAFTON NH $288,462 $369,282 $446,359 $554,718HILLSBOROUGH NH $412,821 $528,462 $638,821 $793,897MERRIMACK NH $310,256 $397,179 $480,103 $596,667ROCKINGHAM NH $537,179 $687,692 $831,231 $1,033,026STRAFFORD NH $537,179 $687,692 $831,231 $1,033,026
ATLANTIC NJ $465,385 $595,744 $720,154 $894,974BERGEN NJ $748,462 $958,154 $1,158,205 $1,439,385BURLINGTON NJ $430,769 $551,436 $666,564 $828,410CAMDEN NJ $430,769 $551,436 $666,564 $828,410CAPE MAY NJ $500,000 $640,103 $773,692 $961,538CUMBERLAND NJ $415,385 $531,744 $642,769 $798,821ESSEX NJ $748,462 $958,154 $1,158,205 $1,439,385GLOUCESTER NJ $430,769 $551,436 $666,564 $828,410HUDSON NJ $748,462 $958,154 $1,158,205 $1,439,385
2012–20 I.R.B. 924 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
HUNTERDON NJ $748,462 $958,154 $1,158,205 $1,439,385MERCER NJ $451,282 $577,692 $698,308 $867,846MIDDLESEX NJ $748,462 $958,154 $1,158,205 $1,439,385MONMOUTH NJ $748,462 $958,154 $1,158,205 $1,439,385MORRIS NJ $748,462 $958,154 $1,158,205 $1,439,385OCEAN NJ $748,462 $958,154 $1,158,205 $1,439,385PASSAIC NJ $748,462 $958,154 $1,158,205 $1,439,385SALEM NJ $430,769 $551,436 $666,564 $828,410SOMERSET NJ $748,462 $958,154 $1,158,205 $1,439,385SUSSEX NJ $748,462 $958,154 $1,158,205 $1,439,385UNION NJ $748,462 $958,154 $1,158,205 $1,439,385WARREN NJ $412,821 $528,462 $638,821 $793,897
LOS ALAMOS NM $390,410 $499,795 $604,103 $750,769SAN JUAN NM $288,462 $369,282 $446,359 $554,718SANTA FE NM $438,462 $561,282 $678,462 $843,179TAOS NM $293,692 $375,949 $454,462 $564,769
CLARK NV $410,256 $525,179 $634,821 $788,974DOUGLAS NV $480,769 $615,487 $743,949 $924,564ELKO NV $333,333 $426,718 $515,795 $641,026EUREKA NV $333,333 $426,718 $515,795 $641,026LYON NV $339,744 $434,923 $525,744 $653,333NYE NV $333,333 $426,718 $515,795 $641,026STOREY NV $414,103 $530,103 $640,769 $796,359WASHOE NV $414,103 $530,103 $640,769 $796,359CARSON CITY NV $408,974 $523,538 $632,872 $786,513
ALBANY NY $320,513 $410,308 $495,949 $616,359BRONX NY $748,462 $958,154 $1,158,205 $1,439,385COLUMBIA NY $283,333 $362,718 $438,410 $544,872DUTCHESS NY $455,128 $582,615 $704,256 $875,231ERIE NY $283,333 $362,718 $438,410 $544,872KINGS NY $748,462 $958,154 $1,158,205 $1,439,385MADISON NY $288,462 $369,282 $446,359 $554,718NASSAU NY $748,462 $958,154 $1,158,205 $1,439,385NEW YORK NY $748,462 $958,154 $1,158,205 $1,439,385NIAGARA NY $283,333 $362,718 $438,410 $544,872ONONDAGA NY $288,462 $369,282 $446,359 $554,718ORANGE NY $455,128 $582,615 $704,256 $875,231OSWEGO NY $288,462 $369,282 $446,359 $554,718PUTNAM NY $748,462 $958,154 $1,158,205 $1,439,385QUEENS NY $748,462 $958,154 $1,158,205 $1,439,385RENSSELAER NY $320,513 $410,308 $495,949 $616,359RICHMOND NY $748,462 $958,154 $1,158,205 $1,439,385ROCKLAND NY $748,462 $958,154 $1,158,205 $1,439,385SARATOGA NY $320,513 $410,308 $495,949 $616,359SCHENECTADY NY $320,513 $410,308 $495,949 $616,359SCHOHARIE NY $320,513 $410,308 $495,949 $616,359SUFFOLK NY $748,462 $958,154 $1,158,205 $1,439,385ULSTER NY $416,667 $533,385 $644,769 $801,282WESTCHESTER NY $748,462 $958,154 $1,158,205 $1,439,385
May 14, 2012 925 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
ASHTABULA OH $298,718 $382,410 $462,256 $574,462ATHENS OH $443,590 $567,846 $686,410 $853,077BROWN OH $346,154 $443,128 $535,641 $665,692BUTLER OH $346,154 $443,128 $535,641 $665,692CARROLL OH $284,615 $364,359 $440,410 $547,333CLERMONT OH $346,154 $443,128 $535,641 $665,692CUYAHOGA OH $306,410 $392,256 $474,154 $589,231DELAWARE OH $350,000 $448,051 $541,590 $673,077FAIRFIELD OH $350,000 $448,051 $541,590 $673,077FRANKLIN OH $350,000 $448,051 $541,590 $673,077GEAUGA OH $306,410 $392,256 $474,154 $589,231GREENE OH $278,205 $356,154 $430,513 $535,026HAMILTON OH $346,154 $443,128 $535,641 $665,692LAKE OH $306,410 $392,256 $474,154 $589,231LICKING OH $350,000 $448,051 $541,590 $673,077LORAIN OH $306,410 $392,256 $474,154 $589,231MADISON OH $350,000 $448,051 $541,590 $673,077MEDINA OH $306,410 $392,256 $474,154 $589,231MERCER OH $300,000 $384,051 $464,205 $576,923MIAMI OH $278,205 $356,154 $430,513 $535,026MONTGOMERY OH $278,205 $356,154 $430,513 $535,026MORROW OH $350,000 $448,051 $541,590 $673,077PICKAWAY OH $350,000 $448,051 $541,590 $673,077PORTAGE OH $338,462 $433,282 $523,744 $650,872PREBLE OH $278,205 $356,154 $430,513 $535,026STARK OH $284,615 $364,359 $440,410 $547,333SUMMIT OH $338,462 $433,282 $523,744 $650,872UNION OH $350,000 $448,051 $541,590 $673,077VAN WERT OH $308,974 $395,538 $478,103 $594,154WARREN OH $346,154 $443,128 $535,641 $665,692
BENTON OR $346,154 $443,128 $535,641 $665,692CLACKAMAS OR $429,487 $549,795 $664,615 $825,949CLATSOP OR $356,410 $456,256 $551,538 $685,385COLUMBIA OR $429,487 $549,795 $664,615 $825,949CURRY OR $360,256 $461,179 $557,487 $692,821DESCHUTES OR $458,974 $587,538 $710,205 $882,667HOOD RIVER OR $403,846 $516,974 $624,923 $776,615JACKSON OR $433,333 $554,718 $670,564 $833,333JOSEPHINE OR $333,333 $426,718 $515,795 $641,026LANE OR $352,564 $451,333 $545,538 $678,000LINCOLN OR $320,513 $410,308 $495,949 $616,359MARION OR $302,564 $387,333 $468,205 $581,846MULTNOMAH OR $429,487 $549,795 $664,615 $825,949POLK OR $302,564 $387,333 $468,205 $581,846TILLAMOOK OR $352,564 $451,333 $545,538 $678,000WASHINGTON OR $429,487 $549,795 $664,615 $825,949YAMHILL OR $429,487 $549,795 $664,615 $825,949
ALLEGHENY PA $335,897 $430,000 $519,795 $645,949ARMSTRONG PA $335,897 $430,000 $519,795 $645,949BEAVER PA $335,897 $430,000 $519,795 $645,949
2012–20 I.R.B. 926 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
BERKS PA $307,692 $393,897 $476,103 $591,692BUCKS PA $430,769 $551,436 $666,564 $828,410BUTLER PA $335,897 $430,000 $519,795 $645,949CARBON PA $412,821 $528,462 $638,821 $793,897CENTRE PA $287,179 $367,641 $444,359 $552,256CHESTER PA $430,769 $551,436 $666,564 $828,410DELAWARE PA $430,769 $551,436 $666,564 $828,410FAYETTE PA $335,897 $430,000 $519,795 $645,949LANCASTER PA $393,590 $503,846 $609,026 $756,923LEHIGH PA $412,821 $528,462 $638,821 $793,897MONTGOMERY PA $430,769 $551,436 $666,564 $828,410NORTHAMPTON PA $412,821 $528,462 $638,821 $793,897PHILADELPHIA PA $430,769 $551,436 $666,564 $828,410PIKE PA $748,462 $958,154 $1,158,205 $1,439,385WASHINGTON PA $335,897 $430,000 $519,795 $645,949WESTMORELAND PA $335,897 $430,000 $519,795 $645,949YORK PA $435,897 $558,000 $674,513 $838,256
BRISTOL RI $487,179 $623,692 $753,897 $936,872KENT RI $487,179 $623,692 $753,897 $936,872NEWPORT RI $487,179 $623,692 $753,897 $936,872PROVIDENCE RI $487,179 $623,692 $753,897 $936,872WASHINGTON RI $487,179 $623,692 $753,897 $936,872
BEAUFORT SC $397,436 $508,769 $614,974 $764,308BERKELEY SC $343,590 $439,846 $531,692 $660,769CHARLESTON SC $343,590 $439,846 $531,692 $660,769DORCHESTER SC $343,590 $439,846 $531,692 $660,769GEORGETOWN SC $405,128 $518,615 $626,923 $779,077GREENVILLE SC $302,564 $387,333 $468,205 $581,846HORRY SC $293,590 $375,846 $454,308 $564,564JASPER SC $397,436 $508,769 $614,974 $764,308LAURENS SC $302,564 $387,333 $468,205 $581,846PICKENS SC $302,564 $387,333 $468,205 $581,846YORK SC $311,538 $398,821 $482,051 $599,128
CANNON TN $443,590 $567,846 $686,410 $853,077CHEATHAM TN $443,590 $567,846 $686,410 $853,077DAVIDSON TN $443,590 $567,846 $686,410 $853,077DICKSON TN $443,590 $567,846 $686,410 $853,077HICKMAN TN $443,590 $567,846 $686,410 $853,077MACON TN $443,590 $567,846 $686,410 $853,077ROBERTSON TN $443,590 $567,846 $686,410 $853,077RUTHERFORD TN $443,590 $567,846 $686,410 $853,077SMITH TN $443,590 $567,846 $686,410 $853,077SUMNER TN $443,590 $567,846 $686,410 $853,077TROUSDALE TN $443,590 $567,846 $686,410 $853,077WILLIAMSON TN $443,590 $567,846 $686,410 $853,077WILSON TN $443,590 $567,846 $686,410 $853,077
ATASCOSA TX $341,026 $436,564 $527,692 $655,795BANDERA TX $341,026 $436,564 $527,692 $655,795BASTROP TX $296,154 $379,128 $458,256 $569,538
May 14, 2012 927 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
BEXAR TX $341,026 $436,564 $527,692 $655,795CALDWELL TX $296,154 $379,128 $458,256 $569,538COMAL TX $341,026 $436,564 $527,692 $655,795GUADALUPE TX $341,026 $436,564 $527,692 $655,795HAYS TX $296,154 $379,128 $458,256 $569,538JEFF DAVIS TX $278,205 $356,154 $430,513 $535,026KENDALL TX $341,026 $436,564 $527,692 $655,795MEDINA TX $341,026 $436,564 $527,692 $655,795TRAVIS TX $296,154 $379,128 $458,256 $569,538WILLIAMSON TX $296,154 $379,128 $458,256 $569,538WILSON TX $341,026 $436,564 $527,692 $655,795
DAGGETT UT $310,205 $397,128 $480,000 $596,564DAVIS UT $407,692 $521,897 $630,872 $784,000JUAB UT $332,051 $425,077 $513,795 $638,564KANE UT $393,590 $503,846 $609,026 $756,923MORGAN UT $407,692 $521,897 $630,872 $784,000RICH UT $304,308 $389,538 $470,872 $585,179SALT LAKE UT $748,462 $958,154 $1,158,205 $1,439,385SUMMIT UT $748,462 $958,154 $1,158,205 $1,439,385TOOELE UT $748,462 $958,154 $1,158,205 $1,439,385UTAH UT $332,051 $425,077 $513,795 $638,564WASATCH UT $442,308 $566,205 $684,462 $850,615WASHINGTON UT $382,051 $489,077 $591,179 $734,718WEBER UT $407,692 $521,897 $630,872 $784,000
ALBEMARLE VA $448,205 $573,795 $693,538 $861,949AMELIA VA $549,641 $703,641 $850,513 $1,057,026AMHERST VA $299,590 $383,538 $463,590 $576,103APPOMATTOX VA $299,590 $383,538 $463,590 $576,103ARLINGTON VA $748,462 $958,154 $1,158,205 $1,439,385BEDFORD VA $299,590 $383,538 $463,590 $576,103BOTETOURT VA $287,179 $367,641 $444,359 $552,256CAMPBELL VA $299,590 $383,538 $463,590 $576,103CAROLINE VA $549,641 $703,641 $850,513 $1,057,026CHARLES CITY VA $549,641 $703,641 $850,513 $1,057,026CHESTERFIELD VA $549,641 $703,641 $850,513 $1,057,026CLARKE VA $748,462 $958,154 $1,158,205 $1,439,385CRAIG VA $287,179 $367,641 $444,359 $552,256CULPEPER VA $392,308 $502,205 $607,077 $754,462CUMBERLAND VA $549,641 $703,641 $850,513 $1,057,026DINWIDDIE VA $549,641 $703,641 $850,513 $1,057,026ESSEX VA $384,615 $492,359 $595,179 $739,641FAIRFAX VA $748,462 $958,154 $1,158,205 $1,439,385FAUQUIER VA $748,462 $958,154 $1,158,205 $1,439,385FLUVANNA VA $448,205 $573,795 $693,538 $861,949FRANKLIN VA $287,179 $367,641 $444,359 $552,256FREDERICK VA $487,179 $623,692 $753,897 $936,872GILES VA $299,590 $383,538 $463,590 $576,103GLOUCESTER VA $470,615 $602,462 $728,256 $905,026GOOCHLAND VA $549,641 $703,641 $850,513 $1,057,026GREENE VA $448,205 $573,795 $693,538 $861,949
2012–20 I.R.B. 928 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
HANOVER VA $549,641 $703,641 $850,513 $1,057,026HENRICO VA $549,641 $703,641 $850,513 $1,057,026HIGHLAND VA $294,872 $377,487 $456,308 $567,077ISLE OF WIGHT VA $470,615 $602,462 $728,256 $905,026JAMES CITY VA $470,615 $602,462 $728,256 $905,026KING AND QUEEN VA $549,641 $703,641 $850,513 $1,057,026KING GEORGE VA $396,154 $507,128 $613,026 $761,846KING WILLIAM VA $549,641 $703,641 $850,513 $1,057,026LANCASTER VA $558,974 $715,590 $864,974 $1,074,974LOUDOUN VA $748,462 $958,154 $1,158,205 $1,439,385LOUISA VA $549,641 $703,641 $850,513 $1,057,026MADISON VA $284,615 $364,359 $440,410 $547,333MATHEWS VA $470,615 $602,462 $728,256 $905,026MIDDLESEX VA $338,462 $433,282 $523,744 $650,872MONTGOMERY VA $299,590 $383,538 $463,590 $576,103NELSON VA $448,205 $573,795 $693,538 $861,949NEW KENT VA $549,641 $703,641 $850,513 $1,057,026NORTHUMBERLAND VA $402,564 $515,333 $622,923 $774,154ORANGE VA $339,744 $434,923 $525,744 $653,333POWHATAN VA $549,641 $703,641 $850,513 $1,057,026PRINCE GEORGE VA $549,641 $703,641 $850,513 $1,057,026PRINCE WILLIAM VA $748,462 $958,154 $1,158,205 $1,439,385PULASKI VA $299,590 $383,538 $463,590 $576,103RAPPAHANNOCK VA $369,179 $472,615 $571,282 $709,949RICHMOND VA $307,692 $393,897 $476,103 $591,692ROANOKE VA $287,179 $367,641 $444,359 $552,256ROCKINGHAM VA $284,256 $363,897 $439,846 $546,615SPOTSYLVANIA VA $748,462 $958,154 $1,158,205 $1,439,385STAFFORD VA $748,462 $958,154 $1,158,205 $1,439,385SURRY VA $470,615 $602,462 $728,256 $905,026SUSSEX VA $549,641 $703,641 $850,513 $1,057,026WARREN VA $748,462 $958,154 $1,158,205 $1,439,385YORK VA $470,615 $602,462 $728,256 $905,026ALEXANDRIA VA $748,462 $958,154 $1,158,205 $1,439,385BEDFORD IND VA $299,590 $383,538 $463,590 $576,103CHARLOTTESVILLE VA $448,205 $573,795 $693,538 $861,949CHESAPEAKE VA $470,615 $602,462 $728,256 $905,026COLONIAL HEIGHT VA $549,641 $703,641 $850,513 $1,057,026FAIRFAX IND VA $748,462 $958,154 $1,158,205 $1,439,385FALLS CHURCH VA $748,462 $958,154 $1,158,205 $1,439,385FREDERICKSBURG VA $748,462 $958,154 $1,158,205 $1,439,385HAMPTON VA $470,615 $602,462 $728,256 $905,026HARRISONBURG VA $284,256 $363,897 $439,846 $546,615HOPEWELL VA $549,641 $703,641 $850,513 $1,057,026LEXINGTON VA $303,846 $388,974 $470,154 $584,308LYNCHBURG VA $299,590 $383,538 $463,590 $576,103MANASSAS VA $748,462 $958,154 $1,158,205 $1,439,385MANASSAS PARK VA $748,462 $958,154 $1,158,205 $1,439,385NEWPORT NEWS VA $470,615 $602,462 $728,256 $905,026NORFOLK VA $470,615 $602,462 $728,256 $905,026
May 14, 2012 929 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
PETERSBURG VA $549,641 $703,641 $850,513 $1,057,026POQUOSON VA $470,615 $602,462 $728,256 $905,026PORTSMOUTH VA $470,615 $602,462 $728,256 $905,026RADFORD VA $299,590 $383,538 $463,590 $576,103RICHMOND IND VA $549,641 $703,641 $850,513 $1,057,026ROANOKE IND VA $287,179 $367,641 $444,359 $552,256SALEM VA $287,179 $367,641 $444,359 $552,256SUFFOLK VA $470,615 $602,462 $728,256 $905,026VIRGINIA BEACH VA $470,615 $602,462 $728,256 $905,026WILLIAMSBURG VA $470,615 $602,462 $728,256 $905,026WINCHESTER VA $487,179 $623,692 $753,897 $936,872
BENNINGTON VT $284,256 $363,897 $439,846 $546,615CHITTENDEN VT $326,923 $418,513 $505,897 $628,718FRANKLIN VT $326,923 $418,513 $505,897 $628,718GRAND ISLE VT $326,923 $418,513 $505,897 $628,718LAMOILLE VT $283,077 $362,359 $438,051 $544,359ORANGE VT $288,462 $369,282 $446,359 $554,718WINDSOR VT $288,462 $369,282 $446,359 $554,718
BENTON WA $282,051 $361,077 $436,462 $542,410CHELAN WA $351,487 $449,949 $543,897 $675,949CLALLAM WA $393,949 $504,308 $609,590 $757,590CLARK WA $429,487 $549,795 $664,615 $825,949DOUGLAS WA $351,487 $449,949 $543,897 $675,949FRANKLIN WA $282,051 $361,077 $436,462 $542,410ISLAND WA $391,026 $500,564 $605,077 $751,949JEFFERSON WA $448,718 $574,410 $694,359 $862,923KING WA $582,051 $745,128 $900,667 $1,119,333KITSAP WA $487,179 $623,692 $753,897 $936,872KITTITAS WA $337,179 $431,641 $521,744 $648,410MASON WA $317,949 $407,026 $492,000 $611,436PIERCE WA $582,051 $745,128 $900,667 $1,119,333SAN JUAN WA $608,974 $779,590 $942,359 $1,171,128SKAGIT WA $383,333 $490,718 $593,179 $737,179SKAMANIA WA $429,487 $549,795 $664,615 $825,949SNOHOMISH WA $582,051 $745,128 $900,667 $1,119,333THURSTON WA $370,513 $474,308 $573,333 $712,513WHATCOM WA $384,615 $492,359 $595,179 $739,641
COLUMBIA WI $301,282 $385,692 $466,205 $579,385DANE WI $301,282 $385,692 $466,205 $579,385IOWA WI $301,282 $385,692 $466,205 $579,385KENOSHA WI $420,513 $538,308 $650,718 $808,667MILWAUKEE WI $323,077 $413,590 $499,949 $621,282OZAUKEE WI $323,077 $413,590 $499,949 $621,282PIERCE WI $374,359 $479,231 $579,282 $719,897ST. CROIX WI $374,359 $479,231 $579,282 $719,897WALWORTH WI $285,897 $366,000 $442,410 $549,795WASHINGTON WI $323,077 $413,590 $499,949 $621,282WAUKESHA WI $323,077 $413,590 $499,949 $621,282
BERKELEY WV $387,179 $495,641 $599,128 $744,564
2012–20 I.R.B. 930 May 14, 2012
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
HAMPSHIRE WV $487,179 $623,692 $753,897 $936,872JEFFERSON WV $748,462 $958,154 $1,158,205 $1,439,385MORGAN WV $387,179 $495,641 $599,128 $744,564
SHERIDAN WY $279,487 $357,795 $432,462 $537,487SUBLETTE WY $306,410 $392,256 $474,154 $589,231TETON WY $711,538 $910,872 $1,101,077 $1,368,359
MANUA AS $312,821 $400,462 $484,051 $601,590
GUAM GU $667,949 $855,077 $1,033,590 $1,284,513
NORTHERN ISLAND MP $620,513 $794,359 $960,205 $1,193,333ROTA MP $485,897 $622,051 $751,897 $934,410SAIPAN MP $625,641 $800,923 $968,154 $1,203,179TINIAN MP $629,487 $805,846 $974,103 $1,210,564
AGUAS BUENAS PR $621,795 $796,000 $962,205 $1,195,795AIBONITO PR $621,795 $796,000 $962,205 $1,195,795ARECIBO PR $621,795 $796,000 $962,205 $1,195,795BARCELONETA PR $621,795 $796,000 $962,205 $1,195,795BARRANQUITAS PR $621,795 $796,000 $962,205 $1,195,795BAYAMON PR $621,795 $796,000 $962,205 $1,195,795CAGUAS PR $621,795 $796,000 $962,205 $1,195,795CAMUY PR $621,795 $796,000 $962,205 $1,195,795CANOVANAS PR $621,795 $796,000 $962,205 $1,195,795CAROLINA PR $621,795 $796,000 $962,205 $1,195,795CATANO PR $621,795 $796,000 $962,205 $1,195,795CAYEY PR $621,795 $796,000 $962,205 $1,195,795CEIBA PR $333,333 $426,718 $515,795 $641,026CIALES PR $621,795 $796,000 $962,205 $1,195,795CIDRA PR $621,795 $796,000 $962,205 $1,195,795COMERIO PR $621,795 $796,000 $962,205 $1,195,795COROZAL PR $621,795 $796,000 $962,205 $1,195,795DORADO PR $621,795 $796,000 $962,205 $1,195,795FAJARDO PR $333,333 $426,718 $515,795 $641,026FLORIDA PR $621,795 $796,000 $962,205 $1,195,795GUAYNABO PR $621,795 $796,000 $962,205 $1,195,795GURABO PR $621,795 $796,000 $962,205 $1,195,795HATILLO PR $621,795 $796,000 $962,205 $1,195,795HUMACAO PR $621,795 $796,000 $962,205 $1,195,795JUNCOS PR $621,795 $796,000 $962,205 $1,195,795LAS PIEDRAS PR $621,795 $796,000 $962,205 $1,195,795LOIZA PR $621,795 $796,000 $962,205 $1,195,795LUQUILLO PR $333,333 $426,718 $515,795 $641,026MANATI PR $621,795 $796,000 $962,205 $1,195,795MAUNABO PR $621,795 $796,000 $962,205 $1,195,795MOROVIS PR $621,795 $796,000 $962,205 $1,195,795NAGUABO PR $621,795 $796,000 $962,205 $1,195,795NARANJITO PR $621,795 $796,000 $962,205 $1,195,795OROCOVIS PR $621,795 $796,000 $962,205 $1,195,795QUEBRADILLAS PR $621,795 $796,000 $962,205 $1,195,795RIO GRANDE PR $621,795 $796,000 $962,205 $1,195,795SAN JUAN PR $621,795 $796,000 $962,205 $1,195,795
May 14, 2012 931 2012–20 I.R.B.
2012 Average Area Purchase Prices for Mortgage Revenue Bonds
County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
SAN LORENZO PR $621,795 $796,000 $962,205 $1,195,795TOA ALTA PR $621,795 $796,000 $962,205 $1,195,795TOA BAJA PR $621,795 $796,000 $962,205 $1,195,795TRUJILLO ALTO PR $621,795 $796,000 $962,205 $1,195,795VEGA ALTA PR $621,795 $796,000 $962,205 $1,195,795VEGA BAJA PR $621,795 $796,000 $962,205 $1,195,795YABUCOA PR $621,795 $796,000 $962,205 $1,195,795
ST. CROIX VI $336,154 $430,308 $520,154 $646,462ST. JOHN VI $639,282 $818,410 $989,231 $1,229,385ST. THOMAS VI $457,641 $585,846 $708,154 $880,103
All other areas (floor): $278,000 $355,897 $430,154 $534,615
.02 The nationwide average purchaseprice (for use in the housing cost/incomeratio for new and existing residences) is$214,000.
SECTION 5. EFFECT ON OTHERDOCUMENTS
Rev. Proc. 2011–23 is obsolete exceptas provided in section 6 of this revenueprocedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenueprocedure to determine average area pur-chase price safe harbors for commitmentsto provide financing or issue mortgagecredit certificates that are made, or (if thepurchase precedes the commitment) forresidences that are purchased, in the periodthat begins on April 25, 2012, and endson the date as of which the safe harborscontained in section 4.01 of this revenueprocedure are rendered obsolete by a newrevenue procedure.
.02 Notwithstanding section 5 of thisrevenue procedure, issuers may continueto rely on the average area purchase pricesafe harbors contained in Rev. Proc.2011–23, with respect to bonds sold, or formortgage credit certificates issued withrespect to bond authority exchanged, be-fore May 25, 2012, if the commitments toprovide financing or issue mortgage creditcertificates are made on or before June 24,2012.
.03 Except as provided in section 6.04,issuers must use the nationwide averagepurchase price limitation contained inthis revenue procedure for commitments
to provide financing or issue mortgagecredit certificates that are made, or (ifthe purchase precedes the commitment)for residences that are purchased, in theperiod that begins on April 25, 2012, andends on the date when the nationwide av-erage purchase price limitation is renderedobsolete by a new revenue procedure.
.04 Notwithstanding sections 5 and6.03 of this revenue procedure, issuersmay continue to rely on the nationwideaverage purchase price set forth in Rev.Proc. 2011–23 with respect to bonds sold,or for mortgage credit certificates issuedwith respect to bond authority exchanged,before May 25, 2012, if the commitmentsto provide financing or issue mortgagecredit certificates are made on or beforeJune 24, 2012.
SECTION 7. REQUEST FORCOMMENTS
Code section 143 requires that the av-erage area purchase prices be based on themost recent 12-month period for whichsufficient statistical information is avail-able. In order to ensure that the safe har-bors reflect accurate and timely price infor-mation, the Treasury Department and theIRS are considering possible changes inthe data source and method used for thesesafe harbors beginning in 2013. The alter-native method under consideration wouldinvolve the use of certain currently avail-able data from the Department of Housingand Urban Development (“HUD”) re-garding county median housing purchaseprices instead of the FHA loan limits. Cer-tain aggregate HUD price data are avail-able at http://www.hud.gov/pub/chums
under CY2012 FHA Forward Limits,and certain HUD price data forindividual counties is available athttps://entp.hud.gov/idapp/html/hicostlook.cfm.
Absent modifications, the use of HUDdata on county median housing purchaseprices potentially would result in signifi-cant declines in purchase price limits com-pared to prior limits, particularly in ru-ral areas. The Treasury Department andthe IRS are considering certain appropri-ate modifications to the HUD price data inimplementing this alternative method.
One potential modification would beto consider setting floors on purchaseprice safe harbors. Potential approachesto setting floors on purchase prices mightinclude national average prices, county av-erage prices, rural county average prices,or some percentile of county averageprices. For illustrative purposes only, setforth below are the floors on mean pur-chase prices that would result from usingone of these approaches with 2012 data:(1) national average price ($214,000); (2)county average price ($174,862); (3) ru-ral county average price ($112,864); (4)25th percentile of county average price($92,308); (5) 50th percentile of countyaverage price ($138,462); or (6) 75th per-centile of county average price ($214,103).
Another potential modification wouldbe to consider transitional relief to phasein the effects of the changes over an ex-tended period, as compared with a base-line of the 2012 purchase price safe har-bors in section 4.01 of this revenue proce-dure. Potential phase-in periods might in-clude a period of three years to five years.In addition, a technical modification willmake adjustments for differences between
2012–20 I.R.B. 932 May 14, 2012
HUD median prices and the required aver-age prices.
The Treasury Department and the IRSsolicit public comments on this alternativemethod using current HUD data on countymedian housing purchase prices, includ-ing particularly comments on potentialfloors on prices and phase-in periods forthe method, and on whether other methodsor data sources should be used to calculatethese safe harbors. Comments should besubmitted in writing and can be e-mailedto [email protected](include “Rev. Proc. 2012–25” in thesubject line) or mailed to Office of Asso-ciate Chief Counsel (Financial Institutions& Products), Re: Rev. Proc. 2012–25,CC:FIP:B5, Room 3547, 1111 Constitu-tion Avenue, NW, Washington, DC 20224.The due date for the public comments isJuly 15, 2012. Comments that are submit-ted will be made available to the public.
SECTION 8. PAPERWORKREDUCTION ACT
The collection of information con-tained in this revenue procedure has beenreviewed and approved by the Officeof Management and Budget in accor-dance with the Paperwork Reduction Act(44 U.S.C. 3507) under control number1545–1877.
An agency may not conduct or sponsor,and a person is not required to respondto, a collection of information unless thecollection of information displays a validOMB control number.
This revenue procedure contains a col-lection of information requirement in sec-tion 3.03. The purpose of the collectionof information is to verify the applica-ble FHA loan limit that issuers of quali-fied mortgage bonds and qualified mort-gage certificates have used to calculate the
average area purchase price for a givenmetropolitan statistical area for purposesof section 143(e) and 25(c). The collec-tion of information is required to obtainthe benefit of using revisions to FHA loanlimits to determine average area purchaseprices. The likely respondents are stateand local governments.
The estimated total annual reportingand/or recordkeeping burden is: 15 hours.
The estimated annual burden per re-spondent and/or recordkeeper: 15 minutes.
The estimated number of respondentsand/or recordkeepers: 60.
Books or records relating to a collectionof information must be retained as longas their contents may become material inthe administration of any internal revenuelaw. Generally tax returns and tax returninformation are confidential, as requiredby 26 U.S.C. 6103.
SECTION 9. DRAFTINGINFORMATION
The principal authors of this rev-enue procedure are David E. Whiteand Timothy L. Jones of the Officeof Associate Chief Counsel (FinancialInstitutions & Products). For furtherinformation regarding this revenueprocedure, contact David E. White at (202)622–3980 (not a toll-free call).
26 CFR 601.602: Tax forms and instructions.(Also: Part 1, §§ 1, 223.)
Rev. Proc. 2012–26
SECTION 1. PURPOSE
This revenue procedure provides the2013 inflation adjusted amounts for Health
Savings Accounts (HSAs) as determinedunder § 223 of the Internal Revenue Code.
SECTION 2. 2013 INFLATIONADJUSTED ITEMS
Annual contribution limitation. For cal-endar year 2013, the annual limitation ondeductions under § 223(b)(2)(A) for an in-dividual with self-only coverage under ahigh deductible health plan is $3,250. Forcalendar year 2013, the annual limitationon deductions under § 223(b)(2)(B) for anindividual with family coverage under ahigh deductible health plan is $6,450.
High deductible health plan. For cal-endar year 2013, a “high deductible healthplan” is defined under § 223(c)(2)(A) asa health plan with an annual deductiblethat is not less than $1,250 for self-onlycoverage or $2,500 for family coverage,and the annual out-of-pocket expenses(deductibles, co-payments, and otheramounts, but not premiums) do not exceed$6,250 for self-only coverage or $12,500for family coverage.
SECTION 3. EFFECTIVE DATE
This revenue procedure is effective forcalendar year 2013.
SECTION 4. DRAFTINGINFORMATION
The principal author of this revenueprocedure is Bill Ruane of Office ofAssociate Chief Counsel (Income Tax& Accounting). For further informationregarding § 223 and HSAs, contactLeslie Paul at (202) 622–6080 (not atoll-free call). For further informationregarding the calculation of the inflationadjustments in this revenue procedure,contact Mr. Ruane at (202) 622–4920 (nota toll-free call).
May 14, 2012 933 2012–20 I.R.B.
Part IV. Items of General InterestReporting InformationRegarding Joint Venturesand Other Partnerships onForms 990 and 990–EZ forTax Year 2011
Announcement 2012–19
This announcement notifies filers ofForm 990, Return of Organization Exemptfrom Income Tax and Form 990–EZ, ShortForm Return of Organization Exempt fromIncome Tax, of a change in the 2011 Form990–EZ and Form 990 Instructions. Ex-cept as noted below, it is now optional fortax year 2011 for filers to report their in-terests in the income, expenses, and assetsof joint ventures and other partnershipsin which they have an ownership interestusing information from Form 1065, U.S.Return of Partnership Income, ScheduleK–1.
The 2010 Form 990 Instructions state,in Appendix F, that the filing organizationshould report in Parts VIII, IX, and X itsproportionate interests in a joint venture’sor other partnership’s revenue, expenses,and assets in accordance with the organ-ization’s books and records. To promotegreater consistency, accuracy, and trans-parency in reporting this information,including unrelated business income frompartnerships, the IRS revised the 2011
Form 990 and Form 990–EZ Instructionsto require the filing organization to reportsuch interests using information from theForm 1065, Schedule K–1 provided by thepartnership.
Since publishing the 2011 Form 990and Form 990–EZ Instructions in January2012, the IRS has received comments fromthe public arguing that reporting organiza-tions’ interests in partnership assets usingthe organization’s books and records pro-vides a more accurate value of those assetsthan does reporting using Schedule K–1information. Other commenters noted thatusing Schedule K–1 information can beburdensome and that organizations cannotreport information from all Forms 1065,Schedules K–1 they receive because somepartnerships do not submit those Formsuntil after the Form 990 filing due date. Tomore fully consider these comments, andto determine how best to promote com-pliance and transparency while minimiz-ing burden in reporting of partnership in-terests, the IRS has decided to make thenew Schedule K–1 reporting instructionsfor Forms 990 and 990–EZ optional for taxyear 2011.
In reporting on the 2011 Form 990 orForm 990–EZ its proportionate interestsin the income, expenses, and assets ofpartnerships in which it has an ownershipinterest, an organization generally maycontinue to report these interests based on
its books and records. However, as in prioryears, organizations that complete Form990, Schedule H and Form 990, ScheduleR must continue to use information fromForm 1065, Schedule K–1 in reportingcertain partnership information on thoseschedules, as explained in the instructionsfor 2011 Form 990, Schedule H and 2011Form 990, Schedule R.
The IRS welcomes further commentson whether and how the use of Form 1065,Schedule K–1 in reporting certain infor-mation on partnerships, as is currentlyrequired on Schedules H and R, shouldbe extended to Parts VIII–X of the coreForm 990, Form 990–EZ, and/or to otherschedules. Comments may be submittedto [email protected] or to:
Internal Revenue ServiceAttn: Stephen Clarke(Announcement 2012–19)
SE:T:EO1111 Constitution Avenue, N.W. –NCA 570–14
Washington, D.C. 20224
The principal author of this announce-ment is Stephen Clarke of the Tax Ex-empt and Government Entities Division.For further information regarding this an-nouncement, please contact Mr. Clarke at(202) 283–9474 (not a toll-free number).
2012–20 I.R.B. 934 May 14, 2012
Definition of TermsRevenue rulings and revenue procedures(hereinafter referred to as “rulings”) thathave an effect on previous rulings use thefollowing defined terms to describe the ef-fect:
Amplified describes a situation whereno change is being made in a prior pub-lished position, but the prior position is be-ing extended to apply to a variation of thefact situation set forth therein. Thus, ifan earlier ruling held that a principle ap-plied to A, and the new ruling holds that thesame principle also applies to B, the earlierruling is amplified. (Compare with modi-fied, below).
Clarified is used in those instanceswhere the language in a prior ruling is be-ing made clear because the language hascaused, or may cause, some confusion.It is not used where a position in a priorruling is being changed.
Distinguished describes a situationwhere a ruling mentions a previously pub-lished ruling and points out an essentialdifference between them.
Modified is used where the substanceof a previously published position is beingchanged. Thus, if a prior ruling held that aprinciple applied to A but not to B, and thenew ruling holds that it applies to both A
and B, the prior ruling is modified becauseit corrects a published position. (Comparewith amplified and clarified, above).
Obsoleted describes a previously pub-lished ruling that is not considered deter-minative with respect to future transac-tions. This term is most commonly used ina ruling that lists previously published rul-ings that are obsoleted because of changesin laws or regulations. A ruling may alsobe obsoleted because the substance hasbeen included in regulations subsequentlyadopted.
Revoked describes situations where theposition in the previously published rulingis not correct and the correct position isbeing stated in a new ruling.
Superseded describes a situation wherethe new ruling does nothing more than re-state the substance and situation of a previ-ously published ruling (or rulings). Thus,the term is used to republish under the1986 Code and regulations the same po-sition published under the 1939 Code andregulations. The term is also used whenit is desired to republish in a single rul-ing a series of situations, names, etc., thatwere previously published over a period oftime in separate rulings. If the new rul-ing does more than restate the substance
of a prior ruling, a combination of termsis used. For example, modified and su-perseded describes a situation where thesubstance of a previously published rulingis being changed in part and is continuedwithout change in part and it is desired torestate the valid portion of the previouslypublished ruling in a new ruling that is selfcontained. In this case, the previously pub-lished ruling is first modified and then, asmodified, is superseded.
Supplemented is used in situations inwhich a list, such as a list of the names ofcountries, is published in a ruling and thatlist is expanded by adding further names insubsequent rulings. After the original rul-ing has been supplemented several times, anew ruling may be published that includesthe list in the original ruling and the ad-ditions, and supersedes all prior rulings inthe series.
Suspended is used in rare situations toshow that the previous published rulingswill not be applied pending some futureaction such as the issuance of new oramended regulations, the outcome of casesin litigation, or the outcome of a Servicestudy.
AbbreviationsThe following abbreviations in current useand formerly used will appear in materialpublished in the Bulletin.
A—Individual.Acq.—Acquiescence.B—Individual.BE—Beneficiary.BK—Bank.B.T.A.—Board of Tax Appeals.C—Individual.C.B.—Cumulative Bulletin.CFR—Code of Federal Regulations.CI—City.COOP—Cooperative.Ct.D.—Court Decision.CY—County.D—Decedent.DC—Dummy Corporation.DE—Donee.Del. Order—Delegation Order.DISC—Domestic International Sales Corporation.DR—Donor.E—Estate.EE—Employee.E.O.—Executive Order.
ER—Employer.ERISA—Employee Retirement Income Security Act.EX—Executor.F—Fiduciary.FC—Foreign Country.FICA—Federal Insurance Contributions Act.FISC—Foreign International Sales Company.FPH—Foreign Personal Holding Company.F.R.—Federal Register.FUTA—Federal Unemployment Tax Act.FX—Foreign corporation.G.C.M.—Chief Counsel’s Memorandum.GE—Grantee.GP—General Partner.GR—Grantor.IC—Insurance Company.I.R.B.—Internal Revenue Bulletin.LE—Lessee.LP—Limited Partner.LR—Lessor.M—Minor.Nonacq.—Nonacquiescence.O—Organization.P—Parent Corporation.PHC—Personal Holding Company.PO—Possession of the U.S.PR—Partner.
PRS—Partnership.PTE—Prohibited Transaction Exemption.Pub. L.—Public Law.REIT—Real Estate Investment Trust.Rev. Proc.—Revenue Procedure.Rev. Rul.—Revenue Ruling.S—Subsidiary.S.P.R.—Statement of Procedural Rules.Stat.—Statutes at Large.T—Target Corporation.T.C.—Tax Court.T.D. —Treasury Decision.TFE—Transferee.TFR—Transferor.T.I.R.—Technical Information Release.TP—Taxpayer.TR—Trust.TT—Trustee.U.S.C.—United States Code.X—Corporation.Y—Corporation.Z —Corporation.
May 14, 2012 i 2012–20 I.R.B.
Numerical Finding List1
Bulletins 2012–1 through 2012–20
Announcements:
2012-1, 2012-1 I.R.B. 249
2012-2, 2012-2 I.R.B. 285
2012-3, 2012-4 I.R.B. 335
2012-4, 2012-4 I.R.B. 335
2012-5, 2012-5 I.R.B. 348
2012-6, 2012-6 I.R.B. 366
2012-7, 2012-6 I.R.B. 367
2012-8, 2012-7 I.R.B. 373
2012-9, 2012-7 I.R.B. 377
2012-11, 2012-13 I.R.B. 611
2012-12, 2012-12 I.R.B. 562
2012-13, 2012-16 I.R.B. 805
2012-14, 2012-14 I.R.B. 721
2012-15, 2012-15 I.R.B. 794
2012-16, 2012-18 I.R.B. 876
2012-17, 2012-18 I.R.B. 876
2012-18, 2012-16 I.R.B. 845
2012-19, 2012-20 I.R.B. 934
2012-20, 2012-18 I.R.B. 876
2012-21, 2012-19 I.R.B. 898
2012-22, 2012-19 I.R.B. 899
Notices:
2012-1, 2012-2 I.R.B. 260
2012-3, 2012-3 I.R.B. 289
2012-4, 2012-3 I.R.B. 290
2012-5, 2012-3 I.R.B. 291
2012-6, 2012-3 I.R.B. 293
2012-7, 2012-4 I.R.B. 308
2012-8, 2012-4 I.R.B. 309
2012-9, 2012-4 I.R.B. 315
2012-10, 2012-5 I.R.B. 343
2012-11, 2012-5 I.R.B. 346
2012-12, 2012-6 I.R.B. 365
2012-13, 2012-9 I.R.B. 421
2012-14, 2012-8 I.R.B. 411
2012-15, 2012-9 I.R.B. 424
2012-16, 2012-9 I.R.B. 427
2012-17, 2012-9 I.R.B. 430
2012-18, 2012-10 I.R.B. 438
2012-19, 2012-10 I.R.B. 440
2012-20, 2012-13 I.R.B. 574
2012-21, 2012-10 I.R.B. 450
2012-22, 2012-13 I.R.B. 576
2012-23, 2012-11 I.R.B. 483
2012-24, 2012-13 I.R.B. 578
2012-25, 2012-15 I.R.B. 789
2012-26, 2012-17 I.R.B. 847
2012-27, 2012-17 I.R.B. 849
2012-28, 2012-17 I.R.B. 850
2012-29, 2012-18 I.R.B. 872
Notices— Continued:
2012-30, 2012-18 I.R.B. 874
2012-31, 2012-20 I.R.B. 906
2012-32, 2012-20 I.R.B. 910
2012-33, 2012-20 I.R.B. 912
Proposed Regulations:
REG-168745-03, 2012-14 I.R.B. 718
REG-109369-10, 2012-9 I.R.B. 434
REG-110980-10, 2012-13 I.R.B. 581
REG-113770-10, 2012-13 I.R.B. 587
REG-113903-10, 2012-11 I.R.B. 486
REG-120282-10, 2012-11 I.R.B. 487
REG-130302-10, 2012-8 I.R.B. 412
REG-135491-10, 2012-16 I.R.B. 803
REG-149625-10, 2012-2 I.R.B. 279
REG-102988-11, 2012-4 I.R.B. 326
REG-115809-11, 2012-13 I.R.B. 598
REG-124627-11, 2012-8 I.R.B. 417
REG-124791-11, 2012-15 I.R.B. 791
REG-130777-11, 2012-5 I.R.B. 347
REG-132736-11, 2012-15 I.R.B. 793
REG-135071-11, 2012-12 I.R.B. 561
REG-136008-11, 2012-19 I.R.B. 881
REG-141268-11, 2012-19 I.R.B. 896
REG-145474-11, 2012-11 I.R.B. 495
Revenue Procedures:
2012-1, 2012-1 I.R.B. 1
2012-2, 2012-1 I.R.B. 92
2012-3, 2012-1 I.R.B. 113
2012-4, 2012-1 I.R.B. 125
2012-5, 2012-1 I.R.B. 169
2012-6, 2012-1 I.R.B. 197
2012-7, 2012-1 I.R.B. 232
2012-8, 2012-1 I.R.B. 235
2012-9, 2012-2 I.R.B. 261
2012-10, 2012-2 I.R.B. 273
2012-11, 2012-7 I.R.B. 368
2012-12, 2012-2 I.R.B. 275
2012-13, 2012-3 I.R.B. 295
2012-14, 2012-3 I.R.B. 296
2012-15, 2012-7 I.R.B. 369
2012-16, 2012-10 I.R.B. 452
2012-17, 2012-10 I.R.B. 453
2012-18, 2012-10 I.R.B. 455
2012-19, 2012-14 I.R.B. 689
2012-20, 2012-14 I.R.B. 700
2012-21, 2012-11 I.R.B. 484
2012-22, 2012-17 I.R.B. 853
2012-23, 2012-14 I.R.B. 712
2012-24, 2012-20 I.R.B. 913
2012-25, 2012-20 I.R.B. 914
2012-26, 2012-20 I.R.B. 933
Revenue Rulings:
2012-1, 2012-2 I.R.B. 255
2012-2, 2012-3 I.R.B. 286
2012-3, 2012-8 I.R.B. 383
2012-4, 2012-8 I.R.B. 386
2012-5, 2012-5 I.R.B. 337
2012-6, 2012-6 I.R.B. 349
2012-7, 2012-6 I.R.B. 362
2012-8, 2012-13 I.R.B. 563
2012-9, 2012-11 I.R.B. 475
2012-10, 2012-14 I.R.B. 614
2012-11, 2012-14 I.R.B. 686
2012-12, 2012-15 I.R.B. 748
2012-13, 2012-19 I.R.B. 878
Treasury Decisions:
9559, 2012-2 I.R.B. 252
9560, 2012-4 I.R.B. 299
9561, 2012-5 I.R.B. 341
9562, 2012-5 I.R.B. 339
9563, 2012-6 I.R.B. 354
9564, 2012-14 I.R.B. 614
9565, 2012-8 I.R.B. 378
9566, 2012-8 I.R.B. 389
9567, 2012-8 I.R.B. 395
9568, 2012-12 I.R.B. 499
9569, 2012-11 I.R.B. 465
9570, 2012-11 I.R.B. 477
9571, 2012-11 I.R.B. 468
9572, 2012-11 I.R.B. 471
9573, 2012-12 I.R.B. 498
9574, 2012-12 I.R.B. 559
9575, 2012-15 I.R.B. 749
9576, 2012-15 I.R.B. 723
9577, 2012-15 I.R.B. 730
9579, 2012-16 I.R.B. 796
9580, 2012-16 I.R.B. 801
9581, 2012-16 I.R.B. 798
9582, 2012-18 I.R.B. 868
9583, 2012-18 I.R.B. 866
9584, 2012-20 I.R.B. 900
1 A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2011–27 through 2011–52 is in Internal Revenue Bulletin2011–52, dated December 27, 2011.
2012–20 I.R.B. ii May 14, 2012
Finding List of Current Actions onPreviously Published Items1
Bulletins 2012–1 through 2012–20
Announcements:
2002-44
Supplemented by
Notice 2012-13, 2012-9 I.R.B. 421
2010-19
Obsoleted by
Ann. 2012-12, 2012-12 I.R.B. 562
2011-63
Corrected by
Ann. 2012-9, 2012-7 I.R.B. 377
Notices:
2006-52
As clarified and amplified by Notice 2008-40, is
modified by
Notice 2012-26, 2012-17 I.R.B. 847
2006-87
Superseded by
Notice 2012-19, 2012-10 I.R.B. 440
2006-99
Superseded in part by
Notice 2012-20, 2012-13 I.R.B. 574
2007-25
Superseded by
Notice 2012-19, 2012-10 I.R.B. 440
2007-77
Superseded by
Notice 2012-19, 2012-10 I.R.B. 440
2007-95
Obsoleted in part by
T.D. 9576, 2012-15 I.R.B. 723
2008-98
Modified by
Notice 2012-29, 2012-18 I.R.B. 872
2008-107
Superseded by
Notice 2012-19, 2012-10 I.R.B. 440
2009-86
Modified by
Notice 2012-29, 2012-18 I.R.B. 872
2010-27
Superseded by
Notice 2012-19, 2012-10 I.R.B. 440
2010-88
As modified by Ann. 2011-40, is superseded by
Notice 2012-1, 2012-2 I.R.B. 260
Notices— Continued:
2010-92
Obsoleted by
T.D. 9577, 2012-15 I.R.B. 730
2011-8
Superseded by
Notice 2012-19, 2012-10 I.R.B. 440
2011-28
Superseded by
Notice 2012-9, 2012-4 I.R.B. 315
Proposed Regulations:
REG-208274-86
Withdrawn by
Ann. 2012-11, 2012-13 I.R.B. 611
Revenue Procedures:
2000-43
Amplified, modified and superseded by
Rev. Proc. 2012-18, 2012-10 I.R.B. 455
2003-61
Superseded by
Notice 2012-8, 2012-4 I.R.B. 309
2007-44
Modified by
Ann. 2012-3, 2012-4 I.R.B. 335
2010-43
Superseded by
Rev. Proc. 2012-22, 2012-17 I.R.B. 853
2011-1
Superseded by
Rev. Proc. 2012-1, 2012-1 I.R.B. 1
2011-2
Superseded by
Rev. Proc. 2012-2, 2012-1 I.R.B. 92
2011-3
Superseded by
Rev. Proc. 2012-3, 2012-1 I.R.B. 113
2011-4
Superseded by
Rev. Proc. 2012-4, 2012-1 I.R.B. 125
2011-5
Superseded by
Rev. Proc. 2012-5, 2012-1 I.R.B. 169
2011-6
Superseded by
Rev. Proc. 2012-6, 2012-1 I.R.B. 197
2011-7
Superseded by
Rev. Proc. 2012-7, 2012-1 I.R.B. 232
Revenue Procedures— Continued:
2011-8
Superseded by
Rev. Proc. 2012-8, 2012-1 I.R.B. 235
2011-9
Superseded by
Rev. Proc. 2012-9, 2012-2 I.R.B. 261
2011-10
Superseded by
Rev. Proc. 2012-10, 2012-2 I.R.B. 273
2011-14
Modified and clarified by
Rev. Proc. 2012-19, 2012-14 I.R.B. 689Rev. Proc. 2012-20, 2012-14 I.R.B. 700
2011-23
Obsoleted in part by
Rev. Proc. 2012-25, 2012-20 I.R.B. 914
2011-37
Obsoleted in part by
Rev. Proc. 2012-16, 2012-10 I.R.B. 452
2011-40
Corrected by
Ann. 2012-6, 2012-6 I.R.B. 366
2011-49
Modified by
Ann. 2012-3, 2012-4 I.R.B. 335
2011-50
Corrected by
Ann. 2012-6, 2012-6 I.R.B. 366
2011-51
Corrected by
Ann. 2012-6, 2012-6 I.R.B. 366
2011-62
Corrected by
Ann. 2012-17, 2012-18 I.R.B. 876
2012-8
Corrected by
Ann. 2012-7, 2012-6 I.R.B. 367
Revenue Rulings:
92-19
Supplemented in part by
Rev. Rul. 2012-6, 2012-6 I.R.B. 349
2008-40
Modified by
Notice 2012-6, 2012-3 I.R.B. 293
2011-1
Modified by
Notice 2012-6, 2012-3 I.R.B. 293
2012-9
Modified by
Rev. Rul. 2012-12, 2012-15 I.R.B. 748
1 A cumulative list of current actions on previously published items in Internal Revenue Bulletins 2011–27 through 2011–52 is in Internal Revenue Bulletin 2011–52, dated December 27,2011.
May 14, 2012 iii 2012–20 I.R.B.
Treasury Decision:
9517
Corrected by
Ann. 2012-4, 2012-4 I.R.B. 335Ann. 2012-5, 2012-5 I.R.B. 348
2012–20 I.R.B. iv May 14, 2012
May 14, 2012 2012–20 I.R.B.
2012–20 I.R.B. May 14, 2012
May 14, 2012 2012–20 I.R.B.
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