Form 8942 - Application for Certification of Qualified Investments Eligible for Credits; Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
192924	Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit	New
192923	Form 8942 - Application for Certification of Qualified Investments Eligible for Credits	New

ICR Details

OMB Control No: 1545-2175	ICR Reference No: 201005-1545-057
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Requesting Approval by 5/19/2010
Title: Form 8942 - Application for Certification of Qualified Investments Eligible for Credits; Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 05/19/2010
OIRA Conclusion Action: Approved with change	Conclusion Date: 05/21/2010
	Date Received in OIRA: 05/18/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2010	6 Months From Approved
Responses	1,201	0	0
Time Burden (Hours)	14,545	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

Emergency Justfication: 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.

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Authorizing Statute(s): 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
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 148 9023(a) Name of Law: Patient Protection & Affordable Care Act of 2010

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking
	Other Documents for OIRA Review

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Form 8942 - Application for Certification of Qualified Investments Eligible for Credits	8942
Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit	QTDP, QTDP

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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	1,201	0	1,201	0	0	0
Annual Time Burden (Hours)	14,545	0	14,545	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: 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.

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Annual Cost to Federal Government: $50,000

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]? Yes

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: 05/18/2010

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