Par. 9. Sections 1.56A-0 through 1.56A-27 are added to read as follows:
(a) Overview. This section provides rules under section 56A of the Code for adjusting AFSI with respect to income of foreign governments.
(b) In general. AFSI of a foreign government is adjusted so as not to take into account any amount of FSI that, if it were properly treated as gross income for regular tax purposes, would be excluded from gross income and exempt from taxation under subtitle A pursuant to section 892 of the Code.
(c) Applicability date. This section applies to taxable years ending after September 13, 2024.