Election Involving the Repeal of the Bonding Requirement under § 42(j)(6)

Forms and Documents

Document Name	Status
Summary of Changes 2009.pdf Justification for No Material/Nonsubstantive Change	2009-09-30

IC Document Collections

IC ID	Document Title	Status
190868	RP 2009-XX - Election Involving the Repeal of the Bonding Requirement under § 42(j)(6)	New
186600	RP 2008-60 - Election Involving the Repeal of the Bonding Requirement under § 42(j)(6)	Unchanged

ICR Details

OMB Control No: 1545-2120	ICR Reference No: 200909-1545-041
Status: Historical Active	Previous ICR Reference No: 200903-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Election Involving the Repeal of the Bonding Requirement under § 42(j)(6)
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: 10/19/2009
	Date Received in OIRA: 10/01/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	04/30/2012	04/30/2012
Responses	7,810	0	7,800
Time Burden (Hours)	7,810	0	7,800
Cost Burden (Dollars)	0	0	0

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Abstract: The Internal Revenue Service is notifying taxpayers how to make the election out of the former bond requirement of § 42(j)(6) mandated by the Housing Assistance Tax Act of 2008.

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Authorizing Statute(s): US Code: 26 USC 42(j)(6) Name of Law: No recapture on disposition of building (or interest therein) where bond posted
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 289 3004(i)(2)(B)(ii) Name of Law: Housing Assistance Tax Act of 2008

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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:
	73 FR 73388	12/02/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 10126	03/09/2009
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
RP 2008-60 - Election Involving the Repeal of the Bonding Requirement under § 42(j)(6)
RP 2009-XX - Election Involving the Repeal of the Bonding Requirement under § 42(j)(6)

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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	7,810	7,800	10	0	0	0
Annual Time Burden (Hours)	7,810	7,800	10	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: These revenue procedures provides the manner under § 42(j)(6)(B)(i) of the Internal Revenue Code (the Code) notifying taxpayers how to make the election out of the former bond requirement of § 42(j)(6) mandated by the Housing Assistance Tax Act of 2008. It also provides guidance on how a taxpayer may notify the Internal Revenue Service of any increase in tax resulting from a reduction in the qualified basis of a low-income housing tax credit building in order to begin the 3-year statutory period for assessing a deficiency with respect to that taxpayer. To make the notification prescribed by § 42(j)(6)(B)(i) of the Code a taxpayer that disposed of a low-income building (or interest therein) must submit a letter to the Internal Revenue Service. We estimate a total annual reporting burden is 10 hours. The estimated annual burden per respondent is 1 hour, depending on the individual circumstances.

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Annual Cost to Federal Government: $0

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)? No

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: 10/01/2009

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