Form 5735, American Samoa Economic Development Credit

Forms and Documents

Document Name	Status
ombat1.doc Supplementary Document	2007-10-16
5735 Summary of changes.doc Supplementary Document	2007-10-16
FW Forms 5712 5712-A and Sch P (Form 5735).htm Supplementary Document	2007-10-16
Sch P brdn_busi.pdf Justification for No Material/Nonsubstantive Change	2007-10-16
brdn_busi.pdf Justification for No Material/Nonsubstantive Change	2007-10-16
5735.SUP.doc Supporting Statement A	2007-10-16

IC Document Collections

IC ID	Document Title	Status
17147	Form 5735, Possessions Corporation Tax Credit (Under Sections 936 and 30A), and Schedule P, Allocation of Income and Expenses Under Section 936(h)(5). Instruction	Modified

ICR Details

OMB Control No: 1545-0217	ICR Reference No: 200710-1545-023
Status: Historical Active	Previous ICR Reference No: 200608-1545-024
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 5735, American Samoa Economic Development Credit
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/20/2007
	Date Received in OIRA: 11/09/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2009	10/31/2009	10/31/2009
Responses	10	0	1,371
Time Burden (Hours)	127	0	33,818
Cost Burden (Dollars)	0	0	0

---

Abstract: Form 5735 is used to figure the American Samoa economic development credit under section 30A. The credit is generally allowed against income tax imposed by Chapter 1. A domestic corporation (other than an S corporation) that is an existing credit claimant with respect to American Samoa must complete Form 5735 for each year the American Samoa economic development credit election is in effect.

---

Authorizing Statute(s): US Code: 26 USC 30A Name of Law: Puerto Rico economic activity credit
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 27791	05/12/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 47864	08/18/2006
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Form 5735, Possessions Corporation Tax Credit (Under Sections 936 and 30A), and Schedule P, Allocation of Income and Expenses Under Section 936(h)(5).	5735	American Samoa Economic Development Credit

---

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	10	1,371	0	-1,361	0	0
Annual Time Burden (Hours)	127	33,818	0	-33,691	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: Changing Forms

Short Statement: The Possessions Corporation Tax Credit, reported on Form 5735 (Rev. April 2003), was scheduled to expire for tax years beginning after December 31, 2005. The Tax Relief and Health Care Act of 2006, section 119, extended and modified the credit for two years. The credit is available only for American Samoa. As a result, the title of Form 5735 will change to American Samoa Economic Development Credit. The credit is available for the first two taxable years of a corporation which begin after December 31, 2005, and before January 1, 2008. Form 5735 was modified and Schedule P(Form 5735) was obsoleted.

---

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

---

Common Form ICR:  No

---

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: 11/09/2007

---