Rev. Proc. 2009-XX, Section 168(k)(4) Election Procedures.

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
187736	Rev. Proc. 2009-XX, Section 168(k)(4) Election Procedures.	New

ICR Details

OMB Control No: 1545-2133	ICR Reference No: 200901-1545-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-XXXX-004
Title: Rev. Proc. 2009-XX, Section 168(k)(4) Election Procedures.
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: 01/09/2009
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/16/2009
	Date Received in OIRA: 01/08/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2009	6 Months From Approved
Responses	5,400	0	0
Time Burden (Hours)	2,700	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This revenue procedure provides the time and manner for making the election to apply section 168(k)(4) of the Internal Revenue Code, for making the allocation of the bonus depreciation amount to increase certain limitation, and for making the election to apply section 3081(b) of the Housing and Economic Recovery Act of 2008.

Emergency Justfication: We are requesting emergency review of this submission and seek OMB approval by January 9, 2009. The new § 168(k)(4) is part of the Housing and Economic Recovery Act of 2008 (the “Act”), enacted on July 30, 2008. Section 168(k)(4)(A) requires a taxpayer to make the election to apply section 168(k)(4) for its first taxable year ending after March 31, 2008. The revenue procedure also requires the election to apply section 3081(b) of the Act to be made for the first taxable year ending after March 31, 2008. Consequently, the due date (with extensions) of the first federal income tax return on which either election must be made is January 15, 2009. Thus, taxpayers who are planning to make these elections will be unable to do so unless guidance is available before January 15, 2009. Further, section 168(k)(4) of the Code and section 3081(b) of the Act were enacted to stimulate the economy. Both provisions apply only to taxpayers that purchase equipment for their businesses in the United States and, in such case, certain tax credits or deemed tax payments are refundable to these taxpayers. Consequently, taxpayers who are planning to purchase equipment will be unable to make an informed decision regarding their eligibility for the refundable amounts. Therefore, we respectfully request that the consideration of this submission and provision of an OMB number be completed by December 31, 2008. 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 168(k)(4) Name of Law: Election to accelerate the amt and research credits in lieu of bonus depreciation.
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 289 168(k)(4) Name of Law: Housing and Economic Recovery Act of 2008

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking
	Other Documents for OIRA Review

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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

IC Title	Form No.	Form Name
Rev. Proc. 2009-XX, Section 168(k)(4) Election Procedures.

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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	5,400	0	5,400	0	0	0
Annual Time Burden (Hours)	2,700	0	2,700	0	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: 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: 01/08/2009

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