OMB approves the
PRA request with emergency clearance to meet American Reinvestment
and Recovery Act requirements. This collection will be valid for
six months. If Treasury decides to continue use of the collection
past the approved emergency request clearance time period, it must
resubmit to OMB under the normal PRA clearance process for a
three-year approval.
Inventory as of this Action
Requested
Previously Approved
09/30/2009
6 Months From Approved
20,000
0
0
134,600
0
0
0
0
0
Form 8038-CP, Return for Credit
Payments to Issuers of Qualified Bonds, will be used to make direct
payments to State and local governments. The American Recovery and
Reinvestment Act of 2009, P.L. 111-5, provides State and local
governments with the option of issuing a tax credit bond instead of
a tax-exempt governmental obligation bond. The bill gives State and
local governments the option to receive a direct payment from the
Federal government equal to a subsidy that would have been received
through the Federal tax credit for bonds.
The collection of
information is needed quicker than the normal review process in
order to allow State and local governments to receive a direct
payment from the Federal government that would have otherwise been
delivered through the Federal tax credit for bonds. The American
Recovery and Reinvestment Act of 2009 requires the credit become
available after the date of enactment, February 17, 2009.
The American Recovery and
Reinvestment Act of 2009, P.L. 111-5, provides State and local
governments with the option of issuing a tax credit bond instead of
a tax-exempt governmental obligation bond. Form 8038-CP, Return for
Credit Payments to Issuers of Qualified Bonds, will be used to make
direct payments to State and local governments.
$25,000
No
No
Uncollected
Uncollected
Yes
Uncollected
Trene Cheek 202
283-2225
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:
(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;
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.
Form 8038-CP Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds
Emergency Request memo.doc
PL 111-5.pdf
Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds