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