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Financial Institution Letter |
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Proposed Rule for Income Tax Allocation Agreements
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Summary:
The federal bank regulatory agencies invite 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 will 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.
Statement of Applicability:
This Financial Institution Letter (FIL) applies to all FDIC-supervised banks and savings associations, including community institutions, that (together with a parent holding company) file tax returns as members of a consolidated group.
Distribution:
FDIC-Supervised Institutions
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