Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 8038-CP Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds	Form	New	Available
Emergency Request memo.doc	Supplementary Document	Uploaded 2009-03-05	Available
PL 111-5.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2009-03-05	Available
ombat1.doc	Supplementary Document	Uploaded 2009-03-05	Available
Supporting Statement.pdf	Supporting Statement A	Uploaded 2009-03-05	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
188260	Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds	Form	New

ICR Details

OMB Control No: 1545-2142	ICR Reference No: 200903-1545-012
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Requesting approval by 3/12/09
Title: Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds
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: 03/12/2009
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/12/2009
	Date Received in OIRA: 03/06/2009
Terms of Clearance: 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.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2009	6 Months From Approved
Responses	20,000	0	0
Time Burden (Hours)	134,600	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

Emergency Justfication: 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.

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Authorizing Statute(s): PL: Pub.L. 115 - 5 1531/1400U-2 Name of Law: The American Recovery and Reinvestment Act of 2009
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 5 1531/1400U-2 Name of Law: The American Recovery and Reinvestment Act of 2009

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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

Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds	8038-CP	Return for Credit Payments to Issuers of Qualified Bonds

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ICR Summary of Burden

table that charts list 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	20,000	0	20,000	0	0	0
Annual Time Burden (Hours)	134,600	0	134,600	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: 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.

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Annual Cost to Federal Government: $25,000

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: 03/06/2009

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