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

Form 8038-CP Instructions

GENERAL INSTRUCTIONS

Purpose of Form

Who Must File

Other Forms That May Be Required

• Form 8038-G including an attached debt service schedule as required in Notice ??? (currently in draft stage)

• Form 8038-T

When To File

• Language should be inserted that the Return should not be filed prior to 45 days before the payment date to which the requested payment relates and not later than 30 days after the related payment date. With respect to variable rate bond issues, payments related to a semi-annual period can be aggregated but in no event should the return be submitted later than 30 days after the close of the semi-annual period to which the return relates.

Where To File

Rounding To Whole Dollars

Where The Requested Payment Will Be Sent

• Instructions need to inform the filer that the requested payment will be sent to the address of record with the IRS which may not be the address provided on this return. Instructions need to inform the filer how to confirm their address of record (call-in) and which Form to file if they wish to change/update their address of record.

SPECIFIC INSTRUCTIONS

Part I – Payee

Amended return. Import standard amended return language.

Part I should be completed with information identifying the entity which is to receive the requested refundable credit payment. This should be the governmental entity which issued the bonds unless such entity has authorized another entity (e.g., a trustee bank) to receive the payment on its behalf.

Line 1. Enter the name of the entity to which the requested refundable credit payment is to be paid. If the payment is to be made to the governmental entity which issued the bonds, enter the name of that governmental issuer. If the governmental issuer authorized another entity (e.g., a trustee bank) to receive the requested refundable credit payment on its behalf, enter the name of that entity.

Line 2. Enter the employer identification number (EIN) of the entity identified in Line 1. An entity which does not have an EIN should apply for one on Form SS-4, Application for Employer Identification Number.

Part II – Reporting Authority

Part II should only be completed if the governmental issuer authorized the Service to pay the requested refundable credit payment to another entity on its behalf. If the information provided in Part I is that of the governmental issuer, then Part II may be skipped entirely.

Lines 7 and 8. Enter the name and EIN of the governmental issuer of the bond issue. The issuer’s name and EIN should be identical to the name and EIN listed on the Form 8038-G , Part 1, lines 1 and 2 filed with respect to the bond issue.

Line 10. copy report number language from 8038-GC instructions.

Line 12. Enter the issue date of the bond issue. The issue date should be identical to the issue date listed on the Form 8038-G, Part 1, line 6 and Part III, line 21b filed for the bond issue.

Line 13. Enter the name of the bond issue. The name of the bond issue should be identical to the name listed on the Form 8038-G, Part 1, line7 filed with respect to the bond issue.

Line 14. Enter the Committee on Uniform Securities Identification Procedures (CUSIP) number on the bond with the latest maturity. The CUSIP number should be identical to the CUSIP number listed on Form 8038-G, Part 1, line 8 filed for the bond issue. If the bond issue was not publicly offered and there is no assigned CUSIP number, write “None.”

Line 17a and b. Enter the same type of issue that was identified on the Form 8038-G, Part 1, lines 11-18 filed for the bond issue. Also enter the total issue price that was listed on Form 8038-G, Part 1, line 5 filed for the bond issue.

Part III – Payment of Credit

Line 18. Enter the interest payment date to which the requested refundable credit payment relates. An interest payment date is the date on which the governmental issuer makes a payment of interest to the holders of the bonds.

Line 19. Enter the amount of interest payable to the holders of the bonds on the interest payment date. For certain variable rate bonds the remarketing date or the date the interest rate is reset may not be the same date the interest is paid.

Line 20a and b. Enter the amount of the requested credit payment relating to the interest paid on the interest payment date. The payment requested on this return can only relate to the interest paid on a single bond issue.

Line 21a and b. Lines 21a and 21b are available to correct prior mistakes with respect to credit payments related to prior filings of Form 8038-CPs and prior interest payment date(s). If a prior credit payment amount was received that was less than the correct amount, then enter the amount on line 21a that relates to the corresponding increase to this payment request. If a prior credit payment amount was received that exceeded the correct amount for that payment, then enter the amount on line 21b that relates to the corresponding decrease to this payment request. If there are both increase and decrease adjustments related to multiple prior payments, then net the amounts and include the corresponding amount either in line 21a or 21b as appropriate. If any amount is entered on either Lines 21a or b, please attach an explanation as to how the error occurred and what steps have been taken to prevent similar errors from reoccurring.

Line 23. Check “Yes” if the requested payment if interest payment date is the final payment of interest with the respect to the bond issue. The final payment of interest is the last payment of interest prior to the maturity or redemption of the bonds.

SIGNATURE BLOCK INFO

Standard signature information and return preparer signature information

PAPERWORK REDUCTION ACT NOTICE