These regulations will provide guidance regarding the deduction for income attributable to domestic production activities under section 199 of the Internal Revenue Code. Section 199 was enacted by section 102 of the American Jobs Creation Act of 2004, and allows a deduction equal to 3 percent (for 2005 and 2006) of the lesser of the qualified production activities income of the taxpayer's or the taxpayer's taxable income, subject to certain limits. The deduction percentage increases to 6 percent for 2007 through 2009 and to 9 percent thereafter.
US Code:
26 USC 199
Name of Law: Income attributable to domestic production activities
US Code:
26 USC 7805
Name of Law: Rules and regulations
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Supporting Statement REG-115847-05.doc
TD 9263 (Final) Income Attributable to Domestic Production Activities