NOT-151370-08 Credit for Carbon Dioxide Sequestration Under Section 45Q

Forms and Documents

Document	Type	Status	Availability
NOT-151370-08 Supporting Statement.doc	Supporting Statement A	Uploaded 2009-08-06	Available
45Q Notice Draft 6-4-09.doc	Supplementary Document	Uploaded 2009-08-06	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
190180	Credit for Carbon Dioxide Sequestration und Section 45Q		New

ICR Details

OMB Control No: 1545-2153	ICR Reference No: 200908-1545-002
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: em-xxxx-002
Title: NOT-151370-08 Credit for Carbon Dioxide Sequestration Under Section 45Q
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: 08/10/2009
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/10/2009
	Date Received in OIRA: 08/07/2009
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.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2010	6 Months From Approved
Responses	30	0	0
Time Burden (Hours)	180	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The proposed notice sets forth interim guidance, pending the issuance of regulations, relating to the credit for carbon dioxide sequestration (CO2 sequestration credit) under § 45Q of the Internal Revenue Code.

Emergency Justfication: The Department of the Treasury (Treasury) respectfully requests emergency processing and approval of the collection of information contained in the interim guidance relating to the credit for CO2 sequestration under section 45Q. The collection of information is needed to fulfill Treasury’s responsibilities under the Energy Improvement and Extension Act of 2008 (Public Law 110-343; approved October 3, 2008), as amended by the American Recovery and Reinvestment Act (ARRA) of 2009. Treasury cannot reasonably comply with the normal clearance procedures under 5 C.F.R. Part 1320 because of uncertainty about who is eligible to claim the credit and how the amount of the credit is to be determined.

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Authorizing Statute(s): PL: Pub.L. 110 - 343 unknown Name of Law: ARRA
   US Code: 26 USC 45Q Name of Law: Credit for carbon dioxide sequestration
  

Citations for New Statutory Requirements: None

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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:
	74 FR 30358	06/25/2009
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Credit for Carbon Dioxide Sequestration und Section 45Q

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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	30	0	0	30	0	0
Annual Time Burden (Hours)	180	0	0	180	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The collection of information is needed to fulfill Treasury’s responsibilities under the Energy Improvement and Extension Act of 2008 (Public Law 110-343; approved October 3, 2008), as amended by the American Recovery and Reinvestment Act (ARRA) of 2009. Treasury cannot reasonably comply with the normal clearance procedures under 5 C.F.R. Part 1320 because of uncertainty about who is eligible to claim the credit and how the amount of the credit is to be determined.

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Annual Cost to Federal Government: $0

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: 08/07/2009

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