Form 8942 - Application for Certification of Qualified Investments Eligible for Credits; Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit
ICR 201005-1545-057 · OMB 1545-2175 · Historical Active
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Form 8942 - Application for Certification of Qualified Investments Eligible for Credits; Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit
New collection (Request for a new OMB Control Number)
On March 23, 2010, the President signed the Patient Protection and Affordable Care Act (Act) (Pub. L. 111-148). Section 9023(a) of the Act adds section 48D to the Internal Revenue Code. Section 48D provides a 50-percent nonrefundable investment tax credit, and corresponding grant in lieu of a tax credit, for qualified investments in qualifying therapeutic discovery projects. The credit and grant are designed to encourage investments in new therapies relating to diseases. Form 8942 will be used to apply for certification and credit.
Section 9023 of the Patient Protection and Affordable Care Act of 2010 (Pub. L. 111-148), signed March, 23, 2010, establishes a 50-percent nonrefundable investment tax credit, and corresponding grant in lieu of a tax credit, for qualified investments in qualifying therapeutic discovery projects. The provision allocates $1 billion during the 2-year period 2009 through 2010 for the program. The Secretary of the Treasury, in consultation with HHS, will award certifications for qualified investments.
Section 9023(a) stipulates in new section 48D of the Internal Revenue Code that the Secretary of the Treasury has 60-days from the date of enactment of the Act to establish the program. Qualifying Therapeutic Discovery Project Credit, NOT -113712-10, will be published, per the statute, by May 22, 2010, 60 days from the date of enactment. Thus, we are requesting an emergency Paperwork Reduction Act review by 5/19/2010.
US Code:
26 USC 48D
Name of Law: Qualifying Therapeutic Discovery Project Credit
PL:
Pub.L. 111 - 148 9023(a)
Name of Law: Patient Protection & Affordable Care Act of 2010
PL: Pub.L. 111 - 148 9023(a) Name of Law: Patient Protection & Affordable Care Act of 2010
This notice establishes the qualifying therapeutic discovery project program under § 48D of the Internal Revenue Code (Code), as added to the Code by section 9023(a) of the Patient Protection and Affordable Care Act of 2010 (Pub. L. 111-148) (the Act). This notice provides the procedures under which an eligible taxpayer may apply for certification from the Internal Revenue Service (Service) of a qualified investment with respect to a qualifying therapeutic discovery project as eligible for a credit, or for certain taxpayers, a grant under the program. Form 8942 will be used to apply for the credit.
The creation of the new form 8942 and the recordkeeping requirements necessary to comply with section 48D of the Code will result in an increase in the number of estimated responses by 1,200 and a total burden increase of 145,344 hours.
$50,000
No
No
Yes
Uncollected
No
Uncollected
Robert Chapman 2029279428
No
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:
(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;
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.
Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit