Low-Income Housing Credit

Forms and Documents

Document Name	Status
Form 8586 Low-Income Housing Credit Form and Instruction	Modified
8586_SS_DEC09.doc Supporting Statement A	2009-12-18
Just-Non-display Exp Date.docx Supplementary Document	2009-12-15

IC Document Collections

IC ID	Document Title	Status
39920	Low-Income Housing Credit Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0984	ICR Reference No: 200912-1545-005
Status: Historical Active	Previous ICR Reference No: 200610-1545-017
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-0984-017
Title: Low-Income Housing Credit
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/23/2010
	Date Received in OIRA: 12/28/2009
Terms of Clearance: This form is used by individual and other taxpayers. The portion of the burden imposed on individual taxpayers is approved under OMB Control Number 1545-0074. In its next submission under this OMB Control Number, the agency is instructed to ensure that the estimate of burden associated with this Control Number includes only the burden imposed on non-individual taxpayers. If the agency finds that the current burden estimate includes burden imposed on individual taxpayers, it must immediately submit an adjustment request that eliminates this double-counting.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2013	36 Months From Approved	03/31/2010
Responses	7,786	0	7,786
Time Burden (Hours)	68,517	0	90,007
Cost Burden (Dollars)	0	0	0

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Abstract: The Tax Reform Act of 1986 (Code section 42) permits owners of residential rental projects providing low-income housing to claim a credit against income tax for part of the cost of constructing or rehabilitating such low-income housing. Form 8586 is used by taxpayers to compute the credit and by IRS to verify that the correct credit has been claimed.

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Authorizing Statute(s): US Code: 26 USC 42 Name of Law: Low-income housing credit
   US Code: 26 USC 38 Name of Law: General business credit
   PL: Pub.L. 106 - 170 500 Name of Law: null
   US Code: 26 USC 47 Name of Law: Rehabilitation credit
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 289 3022 Name of Law: Housing and Economic Recovery Act of 2008

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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 42158	08/20/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 68445	12/24/2009
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
Low-Income Housing Credit	8586	Low-Income Housing Credit

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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	7,786	7,786	0	0	0	0
Annual Time Burden (Hours)	68,517	90,007	-21,490	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: Section 3022 of Pub.L. 110-289, The Housing and Recover Act of 2008, repealed the alternative minimum tax limitations on the low-income housing credit, attributable to buildings placed in service after December 31, 2007. Almost all of the changes made to Form 8586 stem from Sec. 3022 of Pub.L. 110-289. A reduction of 21,490 is attributed to new statute.

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Annual Cost to Federal Government: $925

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)? No

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: 12/28/2009

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