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OCC Bulletin 2021-23 | May 17, 2021

Tax Allocation Agreements: Notice of Proposed Rulemaking


Chief Executive Officers of National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties


On May 10, 2021, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published a proposed rule to establish enforceable guidelines implementing requirements for tax allocation agreements and principles for the relationship between national banks, state banks, savings associations, and their holding companies in a consolidated tax filing group.1

Note for Community Banks

This bulletin applies to all community banks that are part of a consolidated tax filing group.


Under the proposed rule, national banks and federal savings associations in a consolidated tax filing group would be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group. The proposed guidelines also describe provisions that would have to be included in these tax allocation agreements, including provisions addressing

  • ownership, timing, and amounts of tax refunds received.
  • the timing and amounts of any payments for taxes due to taxing authorities.
  • the treatment of the sale or transfer of deferred tax assets (DTA).
  • access to tax filings and related workpapers.

Further Information

Please contact Carol Raskin, Senior Policy Accountant, or Mary Katherine Kearney, Professional Accounting Fellow, Office of the Chief Accountant, 202-649-6280, or Kevin Korzeniewski, Counsel, or Joanne Phillips, Counsel, Chief Counsel’s Office, (202) 649-5490.


Jonathan V. Gould
Senior Deputy Comptroller and Chief Counsel

Related Link

1 A consolidated group refers to an institution, its parent, and any affiliates of the institution that join in the filing of a tax return as a single consolidated, combined, or unitary group.