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News Release 2021-48
April 22, 2021
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Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency
The federal bank regulatory agencies today invited comment on a proposed rule that updates and codifies existing guidance on income tax allocation agreements involving depository institutions and 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 and other members of their consolidated group. The proposed rule also describes the provisions required to be included in those agreements and specifies regulatory reporting treatment.
Comments must be received within 60 days of the proposed rule’s publication in the Federal Register.
FDICJulianne Fisher Breitbeil(202) 898-6895
Federal ReserveEric Kollig(202) 452-2955
OCCBryan Hubbard(202) 649-6870