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Panoptic Enterprises' FEDERAL CONTRACTS DISPATCH

DATE: January 12, 2005

SUBJECT: Federal Management Regulation (FMR) Amendment 2005-1; Change in Minimal Value for Reporting Foreign Gifts

SOURCE: Federal Register, January 12, 2005, Vol. 70, No. 8, page 2317

AGENCIES: Office of Governmentwide Policy, General Services Administration (GSA)

ACTION: Final Rule

SYNOPSIS: GSA is increasing the minimal value for reporting foreign gifts from $285 to $305 to compensate for changes in the Consumer Price Index for the immediately preceding 3-year period.

EDITOR'S NOTE: The FMR is Chapter 102 of Title 41 of the CFR. The FMR is available at http://www.gsa.gov/Portal/gsa/ep/programView.do?pageTypeId=8199&ooid=14205&programPage=%2Fep%2Fprogram%2FgsaDocument.jsp&programId=8922&channelId=-14864.

EFFECTIVE DATE: January 1, 2005.

FOR FURTHER INFORMATION CONTACT: Robert Holcombe, Director, Personal Property Management Policy Division, at 202-501-3828.

SUPPLEMENTAL INFORMATION: Public Law 95-105 requires GSA to consult with the secretary of state and adjust the minimal value for reporting foreign gifts at 3-year intervals following January 1, 1981, to reflect changes in the Consumer Price Index for the immediately preceding 3-year period. The required consultation has been completed, and GSA has decided to increase the minimal value from $285 to $305. To reflect this, the definition of “minimal value” in FMR 102-42.10, What definitions apply to this part?, is amended accordingly.

FOR FURTHER INFORMATION CONTACT: Panoptic Enterprises at 703-451-5953.

Copyright 2005 by Panoptic Enterprises. All Rights Reserved.

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