Form 1097-BTC, Bond Tax Credit

Forms and Documents

Document Name	Status
Form 1097-BTC Form 1097-BTC, Bond Tax Credit Form	Modified
1545-2197_supporting_statement_20140624 (1).doc Supporting Statement A	2014-06-30
Expiration Explanation.rtf Supplementary Document	2010-10-13

IC Document Collections

IC ID	Document Title	Status
194836	Form 1097-BTC, Bond Tax Credit Form	Modified

ICR Details

OMB Control No: 1545-2197	ICR Reference No: 201312-1545-028
Status: Historical Active	Previous ICR Reference No: 201202-1545-002
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-2097-028
Title: Form 1097-BTC, Bond Tax Credit
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/20/2015
	Date Received in OIRA: 06/30/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2016	36 Months From Approved	11/30/2015
Responses	212	0	101,630,369
Time Burden (Hours)	67	0	828,287,508
Cost Burden (Dollars)	0	0	0

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Abstract: This is an information return for reporting tax credit bond credits distributed to holders of tax credit bonds. The taxpayer holding a tax credit bond on an allowance date during a tax year is allowed a credit against federal income tax equivalent to the interest that the bond would otherwise pay. The bondholder must include the amount of the credit in gross income and treat it as interest income. The issuers and holders of the tax credit bond will send Form 1097-BTC to the bond holders quarterly and file the return with the IRS annually.

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Authorizing Statute(s): US Code: 26 USC 853A(f) Name of Law: as added by the 2009 Recovery Act
   US Code: 26 USC 6041 Name of Law: Returns and Records
   PL: Pub.L. 111 - 5 1541 Name of Law: American Recorvery and Reinvestment Act of 2009
  

Citations for New Statutory Requirements: None

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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:
	79 FR 15384	03/19/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 36869	06/30/2014
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 1097-BTC, Bond Tax Credit	1097-BTC	Bond Tax 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	212	101,630,369	0	-101,630,157	0	0
Annual Time Burden (Hours)	67	828,287,508	0	-33,537,955	-794,749,486	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: This is an information return for reporting tax credit bond credits distributed to holders of tax credit bonds. Based on updated filing figures the estimates previously provided were much higher the actually received. The estimated number of responses is reduced from 101,630,369 to 212. This reduction, along with recommendations from Treasury Counsel and the Information Reporting Program Advisory Committee, have fostered a change from a required quarterly filing to as-needed reporting, occurring at the end of a given month in which credits are actually distributed. This change will result in an estimated burden decrease of 33,537,955 hours per year. The methodology used to calculate this burden has also been modified to better reflect more realistic filing requirements. This methodology is able to account for the use of today's technology more accurately. As a result, the expected time per response is reduced from the previous estimate of 8.15 hours to 19 minutes. This will decrease the estimated burden by 794,749, 486 hours per year.

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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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 06/30/2014

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