Capital Costs Incurred to Comply With EPA Sulfur Regulations

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
SUPPORTING STATEMENT.doc	Supporting Statement A	Uploaded 2007-05-17	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
180195	Capital Costs Incurred to Comply With EPA Sulfur Regulations		New

ICR Details

OMB Control No: 1545-2076	ICR Reference No: 200705-1545-052
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-XXXX-052
Title: Capital Costs Incurred to Comply With EPA Sulfur Regulations
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: 05/31/2007
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/18/2007
	Date Received in OIRA: 05/18/2007
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2007	6 Months From Approved
Responses	50	0	0
Time Burden (Hours)	50	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This temporary regulation provides rules for claiming the deduction allowable under section 179B of the Internal Revenue Code for qualified capital costs paid or incurred by a small business refiner. The temporary regulations provide the time and manner for: (i) a small business refiner to make the election to claim this deduction for the taxable year; and (ii) a cooperative small business refiner to make the election to allocate its deduction allowable under section 179B for the taxable year to the cooperative owners and to provide the written notice, as required by section 179B(e)(3), to the cooperative owners.

Emergency Justfication: We are requesting emergency review of this submission and seek OMB approval by May 31, 2007. Section 179B was added to the Code by section 338(a) of the American Jobs Creation Act of 2004 (“AJCA”) (October 22, 2004), and is amended by section 1324 of the Energy Policy Act of 2005 (“EPACT”) (August 8, 2005). Although enacted in 2004, section 179B applies to expenses paid or incurred after December 31, 2002, in taxable years ending after December 31, 2002. The amendment by the EPACT is effective as if included in the amendment made by section 338(a) of the AJCA. Accordingly, section 179B is effective retroactively to taxable years beginning in 2003. The statute of limitations for taxpayers to amend their original 2003 federal tax returns will expire for most small businesses during 2007, as early as on June 15, 2007. Unless guidance is available before that date, small business refiners will not be able to take the tax benefit available to them for 2003. We do not have OMB approval for the collection of information associated with this election. That election was added to section 179B by the Energy Policy Act of 2005 (August 8, 2005), retroactive to the 2003 taxable year. We waited 1.75 years to issue guidance because we were initially advised that there were no cooperatives eligible for this election; however, we recently learned that there a few eligible cooperatives. Therefore, we respectfully request that the consideration of this submission and provision of an OMB number be completed by May 31, 2007. Any other result will be detrimental to the taxpaying public and will interfere with the mission of the IRS.

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Authorizing Statute(s): US Code: 26 USC 179B Name of Law: Deduction for captial costs incurred in complying with environmental protection agency sulfur regula
  

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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Capital Costs Incurred to Comply With EPA Sulfur Regulations

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ICR Summary of Burden

table that charts list 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	50	0	0	50	0	0
Annual Time Burden (Hours)	50	0	0	50	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection.

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Annual Cost to Federal Government: $0

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)? Uncollected

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: 05/18/2007

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