Supporting Statement for Form 8038B

SUPPORTING STATEMENT
1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
Form 8038-B has been developed to assist issuers of the new types of Build America and Recovery Zone Economic
Development Bonds enacted under the American Recovery and Reinvestmemt Act of 2009 to capture information
required by IRC section 149(e).

2. USE OF DATA
Issuers of Build America and Recovery Zone Economic Development Bonds report information to the IRS that is
required under IRC section 149(e).

3. USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
We have no plans at this time to offer electronic filing. The form will be available in a fillable-printable format online.

4. EFFORTS TO IDENTIFY DUPLICATION
We have attempted to eliminate duplication within the agency wherever possible.

5. METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES
Not applicable.

6. CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR
POLICY ACTIVITIES
Not applicable.

Form 14029 (Rev. 4-2009) Catalog Number 51944B Page 4

Department of the Treasury–Internal Revenue Service

7. SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT
WITH GUIDELINES IN 5 CFR 1320.5(d)(2)
Not applicable.

8. CONSULTATION WITH INDIVIDUALS OUTSIDE OF THE AGENCY ON AVAILABILITY
OF DATA, FREQUENCY OF COLLECTION, CLARITY OF INSTRUCTIONS AND FORMS,
AND DATA ELEMENTS
Periodic meetings are held between numerous offices in the Service and Treasury to discuss tax law and tax forms.
During these meetings there is an opportunity for those attending to make comments regarding Form 8038-B.
We will publish a notice in the Federal Register in the near future to solicit public comments on this form.

9. EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
Not applicable.

10. ASSURANCE OF CONFIDENTIALITY OF RESPONSES
Generally, tax returns and tax return information are confidential as required by 26 USC 6103.

11. JUSTIFICATION OF SENSITIVE QUESTIONS
Not applicable.

12. ESTIMATED BURDEN OF INFORMATION COLLECTION
The burden estimate is as follows:
Form

Form 8038-B

Number of Responses

Time Per Response

5,880

Form 14029 (Rev. 4-2009) Catalog Number 51944B

19 hrs. 19 mins.

Page 5

Total Hours

113,661

Department of the Treasury–Internal Revenue Service

13. ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide
information are not available at this time.

14. ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
Printing costs approximately $1,000.

15. REASONS FOR CHANGE IN BURDEN
This is a new collection with a burden increase of 113,661 hours due to new statute under the American Recovery and
Reinvestmemt Act of 2009.

16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
The IRS may, through a website or in a publication, release the issuer; name and address, name and description of
bond issue, date of issuance, CUSIP number, final maturity date, and stated redemption price at maturity, to assist in
the proper reporting of interest, tax credits, or other benefits under section 6049 and regulations thereunder.

17. REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE
See attached.

18. EXCEPTIONS TO THE CERTIFICATION STATEMENT ON OMB PRA SUBMISSION FORM
Not applicable.
Note: The following paragraph applies to all of the collections of information in this submission:
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless
the collection of information displays a valid OMB control number. Books or records relating to a collection of
information must be retained as long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

19. REASON FOR EMERGENCY SUBMISSION
The American Recovery and Reinvestment Act of 2009 added Qualified School Construction Sections 1401 and 1531
of the American Recovery and Reinvestment Act enabled Bonds as well as Qualified Energy Conservation Bonds and
consolidated those bonds together with Qualified Forestry Conservation Bonds, Qualified Zone Academy Bonds and
New Clean Renewable Energy Bonds under section 54A.

Form 14029 (Rev. 4-2009) Catalog Number 51944B

Page 6

Department of the Treasury–Internal Revenue Service