SUPPORTING STATEMENT
(Form 8703)
CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
Under IRC section 142(d)(7), operators of qualified residential rental projects are required to certify annually that their projects continue to meet the requirements of section 142(d). Form 8703 will be used by operators to show when the project meets or does not meet the requirements of section 142(d).
2. USE OF DATA
This certification will be used by the IRS to ensure that qualified residential rental projects meet the requirements of section 142(d).
3. USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
Form 8703 does not involve the use of automated, electronic, or other technological collection techniques.
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.
CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES
Not applicable.
7. SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT WITH GUIDELINES IN 5 CFR 1320.5(d)(2)
Not applicable.
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 IRS personnel and representatives of the American Bar Association, the National Society of Public Accountants, the American Institute of Certified Public Accountants, and other professional groups to discuss tax law and tax forms. During these meetings, there is an opportunity for those attending to make comments regarding Form 8703.
In response to the Federal Register Notice dated February 26, 2010 (75 FR 9025), we received no comments during the comment period regarding Form 8703.
9. EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
Not applicable.
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:
Number of Time per Total
Responses Response Hours
Form 8703 6000 12.77 76,620
Estimates of the annualized cost to respondents for the hour burdens shown are not available at this time.
13. ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
As suggested by OMB, our Federal Register notice dated February 26, 2010, requested public comments on estimates of cost burden that are not captured in the estimates of burden hours, i.e., estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. However, we did not receive any response from taxpayers on this subject. As a result, estimates of the cost burdens are not available at this time.
14. ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
The primary cost to the government consists of the cost of printing Form 8703. We estimate that the cost of printing the form is $1,200.
REASONS FOR CHANGE IN BURDEN
The change in the paperwork burden previously approved by OMB is due to program changes to include disaster areas. Text boxes are added to include Midwestern disaster areas. Text boxes added to include Hurricane Ike disaster areas. P.L. 110-343. Section 3010 of the Housing Assistance Tax Act of 2008, Division C of P.L. 110-289, ("The Housing Act")enacted July 30, 2008, modified IRC section 142(d)(3)(A).
Accordingly, Questions 4, 11, 12 and 13 have been added to comply with that modification. Section III has been added to ascertain information with respect to the Issuer and the tax-exempt financing that financed the project under Section 142(d). This information should correspond with the information return, Form 8038, filed by the Issuer.
We are also making this submission to renew the OMB control number.
16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
Not applicable.
REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE
See attachment.
EXCEPTIONS TO THE CERTIFICATION STATEMENT ON OMB FORM 83-I
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.
| File Type | application/msword |
| Author | TQ1FB |
| Last Modified By | DHSNB |
| File Modified | 2010-06-02 |
| File Created | 2010-04-07 |