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April 22, 2021

Agencies invite comment on proposed rule for income tax allocation agreements

  • Board of Governors of the Federal Reserve System
  • Federal Deposit Insurance Corporation
  • Office of the Comptroller of the Currency

For release at 2:00 p.m. EDT

The federal bank regulatory agencies today invited comment on a proposed rule that updates & codifies existing guidance on income tax allocation agreements involving depository institutions & their affiliates.

Under the proposed rule, banks that file tax returns as part of a consolidated tax filing group would be required to enter into tax allocation agreements with their holding companies & other members of their consolidated group. The proposed rule also describes the provisions required to be included in those agreements & specifies regulatory reporting treatment.

Comments must be received within 60 days of the proposed rule’s publication in the Federal Register.

Last Update:

April 22, 2021