Form 8693 - Low-Income Housing Credit Disposition Bond or Treasury Direct Account Application

Forms and Documents

Document Name	Status
Form 8693 Low-Income Housing Credit Disposition Bond or Treasury Direct Accout Application Form and Instruction	Modified
SUP STAT (Form 8693) (UPDATED) (2).docx Supporting Statement A	2022-04-29

IC Document Collections

IC ID	Document Title	Status
39995	Low-Income Housing Credit Disposition Bond or Treasury Direct Accout Application Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1029	ICR Reference No: 202203-1545-017
Status: Received in OIRA	Previous ICR Reference No: 201807-1545-008
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8693 - Low-Income Housing Credit Disposition Bond or Treasury Direct Account Application
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 04/29/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2022
Responses	667	667
Time Burden (Hours)	1,728	3,589
Cost Burden (Dollars)	0	0

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Abstract: Form 8693 was needed per IRC section 42(j)(6) to post bond or establish a Treasury Direct Account and waive the recapture requirements under section 42(j) for certain disposition of a building on which the low-income housing credit was claimed. Internal Revenue regulations section 301.7101-1 requires that the posting of a bond must be done on the appropriate form as determined by the Internal Revenue Service.

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Authorizing Statute(s): US Code: 26 USC 42(j) Name of Law: Recapture of 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:
	87 FR 7243	02/08/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 25357	04/28/2022
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 Disposition Bond or Treasury Direct Accout Application	8693	Low-Income Housing Credit Disposition Bond

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ICR Summary of Burden

	Total Request	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	667	667	0	0	0	0
Annual Time Burden (Hours)	1,728	3,589	0	-1,861	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 is a decrease of 1,861 hours in the paperwork burden previously approved by OMB due to repeal of bonding requirement on disposition of building (or an interest therein). However, the recordkeeping requirement based on 26 CFR 1.42-5(b) continues to apply for transactions which the 15-year compliance period has not elapsed and Form 8693 have been previously approved.

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Annual Cost to Federal Government: $0

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.     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)? No

Is this ICR related to the Pandemic Response? No

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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: 04/29/2022

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