Regulatory Alerts2021-05-10 | 2021-09047Added · Updated
Tax Allocation Agreements
The OCC, Federal Reserve, and FDIC propose rules requiring insured and uninsured depository institutions to enter into tax allocation agreements with their holding companies when filing consolidated tax returns. These agreements must establish mandatory provisions to preserve institutions' ownership rights in tax refunds and ensure equitable allocation of tax liabilities among group members. The proposal aims to enhance safety and soundness by preventing liquidity risks and legal disputes over tax assets, ultimately replacing the agencies' 1998 policy statement.
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