Low-Income Housing Credit

Forms and Documents

Document Name	Status
Form 8586 Low-Income Housing Credit Form and Instruction	Modified
2019-06-05_SS_1545-0984r.doc Supporting Statement A	2019-06-05

IC Document Collections

IC ID	Document Title	Status
39920	Low-Income Housing Credit Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0984	ICR Reference No: 201902-1545-023
Status: Active	Previous ICR Reference No: 201602-1545-037
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Low-Income Housing 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: 08/07/2019
	Date Received in OIRA: 06/25/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2022	36 Months From Approved	08/31/2019
Responses	779	0	7,786
Time Burden (Hours)	6,855	0	68,517
Cost Burden (Dollars)	0	0	0

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Abstract: The Tax Reform Act of 1986 (Code section 42) permits owners of residential rental projects providing low-income housing to claim a credit against income tax for part of the cost of constructing or rehabilitating such low-income housing. Form 8586 is used by taxpayers to compute the credit and by IRS to verify that the correct credit has been claimed.

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Authorizing Statute(s): PL: Pub.L. 106 - 170 500 Name of Law: Tax Relief Extension Act of 1999
   US Code: 26 USC 47 Name of Law: Rehabilitation credit
   US Code: 26 USC 42 Name of Law: Low-income housing credit
   PL: Pub.L. 110 - 289 3022 Name of Law: Housing and Economic Recovery Act of 2008
   US Code: 26 USC 38 Name of Law: General business credit
  

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:
	83 FR 64935	12/18/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 29586	06/24/2019
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
Low-Income Housing Credit	8586	Low-Income Housing 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	779	7,786	0	-7,007	0	0
Annual Time Burden (Hours)	6,855	68,517	0	-61,662	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: There are no changes to the collection however the estimates are being updated to eliminate double counting associated with the business collection. The information collection requirements and burden associated business for Form 8586 is accounted for in OMB control number 1545-0123, U. S. Business Income Tax Return and has been removed from this information collection 1545-0984.

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Annual Cost to Federal Government: $10,936

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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)? 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: 06/25/2019

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