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OCC sets CRA small bank definitions for 2023
OCC Bulletin 2022-28, issued yesterday, announces revisions to the asset-size threshold amounts used to define "small bank or savings association" and "intermediate small bank or savings association" under the OCC's Community Reinvestment Act regulations.
Beginning January 1, 2023, a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.503 billion is a "small bank or savings association" under the CRA regulations. A "small bank or savings association" with assets of at least $376 million as of December 31 of both of the prior two calendar years and less than $1.503 billion as of December 31 of either of the prior two calendar years is an "intermediate small bank or savings association" under the CRA regulations.
The revised definitions track those recently announced by the Federal Reserve Board and the FDIC for institutions under their CRA regulations.
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2023 IRS mileage rates
The Internal Revenue Service has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.
- 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.
- 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.
These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
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Inflation Reduction Act—Clean vehicle provisions
Treasury and the IRS have released information on certain clean vehicle provisions of the Inflation Reduction Act. The information provides greater clarity to consumers and businesses that, beginning January 1, 2023, will be able to access tax benefits from the law's clean vehicle provisions.
- FAQs for consumers on the clean vehicle tax credits that will help them better understand how to access the various tax incentives for the purchase of new and used electric vehicles available beginning January 1. These FAQs include a link containing a list of clean vehicles that manufacturers have indicated to the IRS meet the requirements to claim the new clean vehicle tax credit beginning January 1, 2023. This list will be updated over the coming days and weeks so consumers looking to purchase a new clean vehicle in the new year should be sure to check it regularly.
- A notice on the "incremental cost" of vehicles eligible for the commercial clean vehicle tax credit. For vehicles under 14,000 pounds, this tax credit is the lesser of $7,500, 15% of a qualifying vehicle's cost (30% if the vehicle is not gas- or diesel-powered), or the "incremental cost" of the vehicle relative to a solely gas- or diesel-powered vehicle of comparable size and use. Today's notice clarifies the incremental cost in 2023 for commercial clean vehicles.
- A notice of intent to propose regulations on the tax credit for new clean vehicles. This includes definitions that will provide clarity to manufacturers and buyers around the changes that take effect automatically on January 1, such as Manufacturer's Suggested Retail Price limits. Importantly, the notice specifies that a vehicle is considered to be "placed in service" for the purposes of the tax credit on the date the taxpayer takes possession of the vehicle, which may or may not be the same date as the purchase date.
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HAPPY NEW YEAR!
This is the last Daily Compliance Briefing of 2022. Our next edition will appear on Tuesday, January 3, 2023. All of us here at BankersOnline wish you all the best in 2023. Have a Healthy, Safe, and Happy New Year!
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