Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate

Forms and Documents

Document Name	Status
Form 8038-T Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate Form	Modified
Form 8038t Supp Stmnt.doc Supporting Statement A	2010-06-02
Burden Computation (Form 8038T).PDF Supplementary Document	2010-05-13

IC Document Collections

IC ID	Document Title	Status
40076	Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate Form	Modified

ICR Details

OMB Control No: 1545-1219	ICR Reference No: 201005-1545-031
Status: Historical Active	Previous ICR Reference No: 200704-1545-020
Agency/Subagency: TREAS/IRS	Agency Tracking No: EC-1219-031
Title: Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate
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: 08/17/2010
	Date Received in OIRA: 06/17/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2013	36 Months From Approved	08/31/2010
Responses	2,500	0	2,500
Time Burden (Hours)	57,900	0	55,475
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8038-T is used by issuers of tax exempt bonds to report and pay the arbitrage rebate and to elect and/or pay various penalties associated with arbitrage bonds. These issuers include state and local governments.

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Authorizing Statute(s): US Code: 26 USC 143 Name of Law: Mortgage revenue bonds: qualified mortgage bond and qualified veterans' mortgage bond
   US Code: 26 USC 148 Name of Law: Arbitrage
  

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:
	75 FR 9026	02/26/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 33669	06/14/2010
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
Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate	8038-T	Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate

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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	2,500	2,500	0	0	0	0
Annual Time Burden (Hours)	57,900	55,475	0	2,425	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: Preparer signature box added in accordance with Rev. Proc. 2009-11 section 4.01, which states returns and claims for refund are required to be signed by a tax preparer as defined in Section 301.7701-15(b)(1) in order to avoid a section 6695(b) penalty.

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Annual Cost to Federal Government: $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]? No

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: 06/17/2010

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