Form 8038-TC - Information Return for Tax Credit Bonds

Forms and Documents

Document Name	Status
Form 8038-TC Form 8038-TC - Information Return for Tax Credit Bonds Form	New
ombat1.doc Supplementary Document	2009-11-03
Supporting Statement for 8038-TC.pdf Supporting Statement A	2009-11-06

IC Document Collections

IC ID	Document Title	Status
191171	Form 8038-TC - Information Return for Tax Credit Bonds Form	New

ICR Details

OMB Control No: 1545-2160	ICR Reference No: 200911-1545-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Response is requested by 11/20/09
Title: Form 8038-TC - Information Return for Tax Credit 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	540	0	0
Time Burden (Hours)	15,520	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8038-TC will be used by issuers of qualified tax-exempt credit bonds, including tax credit bonds enacted under American Recovery and Reinvestment Act of 2009, to capture information required by IRC section 149(e) using a schedule approach. For applicable types of bond issues, filers will this form instead of Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues.

Emergency Justfication: 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. To ensure taxpayers have proper time to learn and adhere to the new filing requirements, we are requesting OMB 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 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-TC - Information Return for Tax Credit Bonds	8038-TC	Information Return for Tax Credit 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	540	0	540	0	0	0
Annual Time Burden (Hours)	15,520	0	15,520	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. The creation of this new filing requirement has icreased the estimated responses by 540 and the total burden by 15,520 hours.

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Annual Cost to Federal Government: $500

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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