Form 8038-B - Information Return for Build America Bonds and Recovery Zone Economic Development Bonds

Forms and Documents

Document Name	Status
Form 8038-B Form 8038-B - Information Return for Build America Bonds and Recovery Zone Economic Development Bonds Form	New
ombat1.doc Supplementary Document	2009-11-03
Supporting Statement for Form 8038B.pdf Supporting Statement A	2009-11-06

IC Document Collections

IC ID	Document Title	Status
191170	Form 8038-B - Information Return for Build America Bonds and Recovery Zone Economic Development Bonds Form	New

ICR Details

OMB Control No: 1545-2161	ICR Reference No: 200911-1545-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Response requested by 11/20/2009
Title: Form 8038-B - Information Return for Build America Bonds and Recovery Zone Economic Development Bonds
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 11/20/2009
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/14/2009
	Date Received in OIRA: 11/06/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2010	6 Months From Approved
Responses	5,880	0	0
Time Burden (Hours)	113,661	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8038-B has been developed to assist issuers of the new types of Build America and Recovery Zone Economic Development Bonds enacted under the American Recovery and Reinvestmemt Act of 2009 to capture information required by IRC section 149(e).

Emergency Justfication: The American Recovery and Reinvestment Act of 2009 added Qualified School Construction Sections 1401 and 1531 of the American Recovery and Reinvestment Act enabled Bonds as well as Qualified Energy Conservation Bonds and consolidated those bonds together with Qualified Forestry Conservation Bonds, Qualified Zone Academy Bonds and New Clean Renewable Energy Bonds under section 54A. To ensure taxpayers have proper time to learn and meet new filing requirements, we are requesting emergency approval by 11/20/2009.

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Authorizing Statute(s): US Code: 26 USC 149(e) Name of Law: Bonds must be registered to be tax exempt; other requirements
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 5 1531 / 1401 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

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
Form 8038-B - Information Return for Build America Bonds and Recovery Zone Economic Development Bonds	8038-B	Information Return for Build America Bonds and Recovery Zone Economic Development Bonds

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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	5,880	0	5,880	0	0	0
Annual Time Burden (Hours)	113,661	0	113,661	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: The American Recovery and Reinvestment Act of 2009 added Qualified School Construction Bonds as well as Qualified Energy Conservation Bonds and consolidated those bonds together with Qualified Forestry Conservation Bonds, Qualified Zone Academy Bonds and New Clean Renewable Energy Bonds under section 54A. This new allowance has increased the estimated filing by 5,880 and the total estimated burden by 113,661 hours.

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Annual Cost to Federal Government: $1,000

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: 11/06/2009

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