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The Internal Revenue Service (IRS) and the Treasury Department have issued final regulations regarding the recourse liabilities of partnerships and rules for related persons, effective December 2, 2024. These rules clarify how to allocate partnership liabilities among partners when there is overlapping economic risk of loss (EROL) and address scenarios involving tiered partnerships and related parties. The regulations also introduce an ordering rule to determine the application of different rules and allow partnerships to apply these changes to liabilities on tax returns filed after December 2, 2024, with consistent application to all partnership liabilities. Additionally, comments were requested on the potential need for further guidance regarding liability reallocations in specific transactions.

The Federal Aviation Administration (FAA) has issued a rule that requires repair stations outside the United States, which maintain certain U.S. commercial aircraft, to conduct drug and alcohol testing for their employees who perform safety-sensitive tasks. This rule aims to align with local laws where these stations operate and provides several pathways for compliance, such as seeking waivers if local laws conflict with FAA regulations. The rule will take effect in January 2025, with full compliance required by December 2027. This regulation is part of an ongoing effort to ensure aviation safety by ensuring that repair station employees meet similar standards to those in the United States.

The Nasdaq Stock Market LLC has submitted a proposed rule change aimed at increasing all-inclusive annual listing fees for certain companies. These fees affect both domestic and foreign companies that list equity securities on the Nasdaq Global Select, Global, and Capital Markets. Effective January 1, 2025, these increases are intended to align fees with the value provided by listing on Nasdaq, taking into account the Exchange's increased costs and competitive positioning. Although the fee structure itself remains unchanged, the fee amounts for specific categories, such as Acquisition Companies, are proposed to be adjusted, while ensuring that all similar companies are charged uniformly.

The Environmental Protection Agency (EPA) is proposing updates to the Standards of Performance for stationary combustion turbines and gas turbines to better control emissions of nitrogen oxides (NOX) and sulfur dioxide (SO2). Based on a review required by the Clean Air Act, these amendments aim to establish new subcategories and lower NOX emission limits by using improved technologies like post-combustion selective catalytic reduction (SCR). These changes are expected to reduce environmental impacts, particularly for new and reconstructed turbines, and address concerns about turbines that may co-fire with hydrogen. The proposal also considers public comments and suggestions regarding technical updates and regulatory simplifications.

The U.S. Citizenship and Immigration Services (USCIS), part of the Department of Homeland Security, is extending the collection of information required for the Petition for U Nonimmigrant Status without changes. This petition allows victims of certain crimes and their immediate family members to apply for temporary nonimmigrant status, which may lead to permanent residency. The notice, published under 86 FR 3172, invites public comments until February 16, 2021, on the practicality, accuracy, and burden of the proposed information collection methods. The USCIS estimates significant public involvement with about 258,591 total annual hours of public burden associated with these collections.

The Bureau of Indian Affairs of the Interior Department announced amendments to the Pueblo of Santa Clara Liquor Code, which were adopted by the Tribal Council on December 13, 2024. These amendments aim to regulate the introduction, sale, and consumption of alcohol within Santa Clara Indian Lands to promote economic and social goals while protecting public health, safety, and welfare. The updated Liquor Code outlines various regulations, such as types of licenses, selling hours, and prohibitions against selling alcohol to individuals under the legal drinking age. Additionally, a percentage of alcohol sales revenue will fund programs for alcoholism prevention and treatment. The changes will officially take effect on April 17, 2025.

The Securities and Exchange Commission is reviewing a proposed rule change by the Options Clearing Corporation (OCC) to enhance its methods for assessing the risks of short-dated options. The OCC plans to adjust how it aligns day-count conventions between option price smoothing and implied volatility scenarios and extend the term structure to better account for options with less than one month to expiration. These changes aim to improve the accuracy of margin and stress testing components, ensuring that the financial risks are well-managed. The rule also outlines the potential impacts on margin requirements and clearing funds, with slight increases expected for accounts with a high concentration of short-dated options.

The U.S. Fish and Wildlife Service has proposed a rule to list several Caribbean skink species as endangered or threatened. The Puerto Rican skink, Lesser Virgin Islands skink, and Virgin Islands bronze skink are proposed as endangered, while the Culebra skink is proposed as threatened. The proposal also includes designating critical habitats for these species to aid in their conservation. Public comments on the proposal will be accepted until February 18, 2025.

The Bureau of Industry and Security (BIS) issued a final rule to address national security risks related to connected vehicles, particularly those involving technology designed, developed, manufactured, or supplied by entities in China or Russia. The rule aims to regulate certain software and hardware that enable vehicle connectivity and automated driving systems. It requires vehicle manufacturers and importers to verify their supply chains and submit Declarations of Conformity to confirm compliance, with some options for specific or general authorizations to continue certain transactions otherwise prohibited. The rule is designed to protect U.S. infrastructure from potential threats associated with these technologies.

The document details final regulations that implement clean electricity production and investment credits established by the Inflation Reduction Act of 2022. These regulations provide guidelines for determining greenhouse gas emissions from electricity production, setting provisional emissions rates, and determining eligibility for the tax credits. The rules impact taxpayers who claim these credits for qualified facilities or energy storage technology activated after 2024. The IRS and Treasury Department consulted with experts across government agencies to address public comments and ensure comprehensive regulations.