Clean Renewable Energy Bond Credit and Gulf Bond Credit

Forms and Documents

Document Name	Status
Form 8912 Clean Renewable Energy Bond Credit and Gulf Bond Credit Form and Instruction	Modified
Summary of changes.pdf Justification for No Material/Nonsubstantive Change	2009-04-15
09 burden.PDF Supplementary Document	2009-04-02

IC Document Collections

IC ID	Document Title	Status
19779	Clean Renewable Energy Bond Credit and Gulf Bond Credit Form and Instruction	Modified

ICR Details

OMB Control No: 1545-2025	ICR Reference No: 200904-1545-001
Status: Historical Active	Previous ICR Reference No: 200610-1545-023
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-2025-001 (ARRA)
Title: Clean Renewable Energy Bond Credit and Gulf Bond Credit
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: 04/17/2009
	Date Received in OIRA: 04/15/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2010	01/31/2010	01/31/2010
Responses	500	0	500
Time Burden (Hours)	5,795	0	5,955
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8912, Clean Renewable Energy Bond Credit and Gulf Bond Credit, was developed to carry out the provisions of new Internal Revenue Code sections 54 and 1400N(l). The form provides a means for the taxpayer to compute the clean renewable energy bond credit and the Gulf bond credit.

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Authorizing Statute(s): US Code: 26 USC 54 Name of Law: Credit to holders of clean renewable energy bonds
   US Code: 26 USC 1400N(1) Name of Law: Tax benefits for Gulf Opportunity Zone
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 343 107,301(a), 313, 702(d) Name of Law: Energy Improvement and Extension Act of 2008 (Division B); Tax Extenders and Alternative Minimum Tax
PL: Pub.L. 110 - 246 15316 Name of Law: Food, Conservation, and Energy Act of 2008
PL: Pub.L. 111 - 5 1521, 1531 Name of Law: 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
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 47324	08/16/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 65881	11/09/2006
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
Clean Renewable Energy Bond Credit and Gulf Bond Credit	8912	Credit to Holders of Tax Credit Bonds

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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	500	500	0	0	0	0
Annual Time Burden (Hours)	5,795	5,955	-160	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: Form 8912, Clean Renewable Energy Bond Credit and Gulf Bond Credit, was developed to carry out the provisions of new Internal Revenue Code sections 54 and 1400N(l). The form provides a means for the taxpayer to compute the clean renewable energy bond credit and the Gulf bond credit. Due to legislative changes, the form has undergone a major revision. Form 8912 is now used to claim credits for the following bonds. • Clean renewable energy bond (CREB). • Gulf tax credit bond (GTCB). • Midwestern tax credit bond (MTCB). • Qualified forestry conservation bond (QFCB). • New clean renewable energy bond (NCREB). • Qualified energy conservation bond (QECB). • Qualified zone academy bond (QZAB). (Note: Beginning in 2008, holders of QZAB’s that previously figured their credit on Form 8860, Qualified Zone Academy Bond Credit, must now use Form 8912 to figure their credit. Form 8860 has been obsoleted for tax years beginning after 2007.) • Qualified school construction bond (QSCB). • Build America bond (BAB). (Note: The method used to calculate the amount of credit attributable to a BAB is slightly different that the method used for the other bonds. When applicable, text has been added to the form and instructions to explain the differences.) There were 13 line items deleted and 14 code references that were added. This resulted in a net decrease of 160 burden hours.

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Annual Cost to Federal Government: $3,875

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: 04/15/2009

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