Credit for Prior Year Minimum Tax - Corporations

Forms and Documents

Document	Type	Status	Availability
Form 8827 Credit for Prior Year Minimum Tax - Corporations	Form and Instruction	Modified	Available
Summary of changes 2008.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2009-01-14	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
18031	Credit for Prior Year Minimum Tax - Corporations	Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1257	ICR Reference No: 200901-1545-019
Status: Historical Active	Previous ICR Reference No: 200808-1545-013
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Credit for Prior Year Minimum Tax - Corporations
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: 04/30/2010
	Date Received in OIRA: 11/23/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2011	11/30/2011	11/30/2011
Responses	25,000	0	25,000
Time Burden (Hours)	317,250	0	25,000
Cost Burden (Dollars)	0	0	0

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Abstract: Section 53(d), as revised, allows corporations a minimum tax credit based on the full amount of alternative minimum tax incurred in tax years beginning after 1989, or a carryforward for use in a future year.

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Authorizing Statute(s): US Code: 26 USC 53 Name of Law: Credit for prior year minimum tax liability
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 289 3081 Name of Law: Housing and Economic Recovery Act of 2008
PL: Pub.L. 111 - 5 1201 Name of Law: American Recovery and Reinvestment Act

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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:
	73 FR 35209	06/20/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 57407	10/02/2008
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
Credit for Prior Year Minimum Tax - Corporations	8827	Credit for Prior Year Minimum Tax - Corporations

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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	25,000	25,000	0	0	0	0
Annual Time Burden (Hours)	317,250	25,000	267,250	0	25,000	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: A corporation uses Form 8827 to claim a refundable credit for certain unused minimum tax credits in lieu of the special depreciation allowance for eligible qualified property. P.L. 111-5, the American Recovery and Reinvestment Act, section 1201 amended IRC section 168(k). Section 1201 provided an extension, in certain cases, of the election described in IRC section 168(k) to accelerate unused minimum tax credit carryforwards in lieu of the special depreciation allowance on certain property. Corporations will now have to determine whether they wish to take advantage of the extension of the election and, if so, will have to determine whether property falls in the categories of “eligible qualified property” or “extension property”. Lines 7 and 8 were revised to reflect changes resulting from section 3081 of the Housing and Economic Recovery Act of 2008 (P.L. 110-289). These changes provided that corporations may elect to claim increased minimum tax credits instead of claiming the additional first year depreciation under section 168(k) for certain property. These changes to the Form 8827 resulted in a total burden increase of 267,250 hours. An adjustment in methodology was also made to this ICR to be in line with IRS' burden methodology used for similar forms. This adjustment also added an estimated total of 25,000 hours.

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Annual Cost to Federal Government: $327

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)? Yes

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: 11/23/2009

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