Investment Credit

Forms and Documents

Document Name	Status
Form 3468 Investment Credit Form	Modified
Record of Actions for Form 3468.pdf Supplementary Document	2009-03-23
Major changes to Form 3468.pdf Justification for No Material/Nonsubstantive Change	2009-03-23

IC Document Collections

IC ID	Document Title	Status
39648	Investment Credit Form	Modified

ICR Details

OMB Control No: 1545-0155	ICR Reference No: 200903-1545-022
Status: Historical Active	Previous ICR Reference No: 200608-1545-072
Agency/Subagency: TREAS/IRS	Agency Tracking No: ARRA (PL 111-5)
Title: Investment Credit
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/27/2009
	Date Received in OIRA: 03/23/2009
Terms of Clearance: OMB approves the PRA request with emergency clearance to meet American Reinvestment and Recovery Act requirements. This collection will be valid for six months. If Treasury decides to continue use of the collection past the approved emergency request clearance time period, it must resubmit to OMB under the normal PRA clearance process for a three-year approval.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2009	11/30/2009	11/30/2009
Responses	15,345	0	14,898
Time Burden (Hours)	665,206	0	308,091
Cost Burden (Dollars)	0	0	0

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Abstract: Taxpayers are allowed a credit against their income tax for certain expenses they incur for their trades or businesses. Form 3468 is used to compute this investment tax credit. The information collected is used by the IRS to verify that the credit has been correctly computed.

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Authorizing Statute(s): US Code: 26 USC 46 Name of Law: Amount of credit
  

Citations for New Statutory Requirements: PL: Pub.L. 109 - 432 207 Name of Law: Tax Relief and Health Care Act of 2006
PL: Pub.L. 109 - 58 1336, 1337 Name of Law: Energy Policy Act of 2005
PL: Pub.L. 110 - 289 3022 Name of Law: Housing and Economic Recovery Act of 2008
PL: Pub.L. 110 - 343 104(a), 105, etc. Name of Law: Energy Improvement and Extension Act of 2008 (Division B)
PL: Pub.L. 110 - 343 320, 702(d) Name of Law: Tax Extenders and Alternative Minimum Tax Relief Act of 2008
PL: Pub.L. 111 - 5 1102, 1103, 1302 Name of Law: American Recovery and Reinvestment Act of 2009

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 37163	06/29/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 54867	09/19/2006
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Investment Credit	3468	Investment Credit

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	15,345	14,898	447	0	0	0
Annual Time Burden (Hours)	665,206	308,091	357,115	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Form 3468 is used to claim the investment credit. The investment credit consists of the rehabilitation, energy, qualifying advanced coal project, qualifying gasification project credits, and qualifying advanced energy project credit. The American Recovery and Reinvestment Act of 2009 (PL 111-5): 1) Added a new investment credit for qualifying advanced energy project credit for periods after February 17, 2009. 2) Repealed the credit limitation for qualified small wind energy property for periods after December 31, 2008. 3) Provides an election to treat qualified facilities as energy property for facilities placed in service after December 31, 2008. Changes have been made to Form 3468 to accommodate the new information reporting requirements as outlines under the law. These changes increased the estimated burden by 9,244 hours. As a result of legislation (PL 110-289 and PL 110-343)adding and modifying investment credits in late 2008 and early 2009, we have split the form into three parts. Part I was added to obtain information on the election to treat a lessee as the purchaser of investment credit property in accordance with IRC section 50(d)(5). Part II will be used calculate the energy credit for tax years beginning before October 4, 2008, qualifying advanced coal project credit, and qualifying gasification project credit. Part III was added as a result of P. L. 110-289, Housing and Economic Recovery Act of 2008, and P.L. 110-343, Energy Improvement and Extension Act of 2008 (Division B), to calculate the rehabilitation credit and the energy credit (for tax years beginning after October 3, 2008) which can offset AMT. These changes resulted in an estimated burden increase of 347,871 hours.

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Annual Cost to Federal Government: $10,713

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/23/2009

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