Supporting_Statement_for_8038-TC REV

SUPPORTING STATEMENT
1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
Form 8038-TC will be used by issuers of qualified tax-exempt credit bonds, includinng tax credit bonds enacted under
the American Recovery and Reinvestment Act of 2009 (Pub.L. 111-5, sec. 1531) and will use a schedule approach to
capture information required by IRC section 149(e). For applicable types of bond issues, filers will use this form
instead of Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues.

2. USE OF DATA
Issuers of qualified tax-exempt credit bonds report information to the IRS that is required under IRC section 149(e).

3. USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
We have no plans at this time to offer electronic filing. This form will be in a fillable-printable format online.

4. 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.

6. CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR
POLICY ACTIVITIES
Not applicable.

Form 14029 (Rev. 4-2009) Catalog Number 51944B Page 4

Department of the Treasury–Internal Revenue Service

7. SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT
WITH GUIDELINES IN 5 CFR 1320.5(d)(2)
Not applicable.

8. 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 numerous offices in the Service and Treasury to discuss tax law and tax forms.
During these meetings there is an opportunity for those attending to make comments regarding Form 8038-TC.
In response to the Federal Register notice (75 FR 5855), dated February 4, 2010, we received no comments during
the comment period regarding Form 8038-TC.

9. EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
Not applicable.

10. 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:
Form

Form 8038-TC

Number of Responses

Time Per Response

540

Form 14029 (Rev. 4-2009) Catalog Number 51944B

37 hrs., 35 mins.

Page 5

Total Hours

20,294

Department of the Treasury–Internal Revenue Service

13. ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
As suggested by OMB, our Federal Register notice dated February 4, 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
Printing costs approximately $500.

15. REASONS FOR CHANGE IN BURDEN
The American Recovery and Reinvestment Act of 2009 added Qualified School Construction Bonds as well as
Qualified Energy Conservation Bonds and consolidated those bonds together with Qualified Forestry Conservation
Bonds, and New Clean Renewable Energy Bonds under section 54A of the Code. The current schedules were revised
to incorporate editial changes and two new schedules were added (New Clean Renewable Energency Bonds and
Qualified Energy Conservation Bonds) to this form.
These revisions have resulted in increase of 4,774 burden hours.

16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
The IRS may, through a website or in a publication release the issuer; name and address, name and description of
bond issue, date of issuance, CUSIP number, final maturity date, stated redemption price at maturity, applicable credit
rate, and maximum term, to assist in the proper reporting of interest, tax credits, or other benefits under IRC section
6049 and regulations thereunder.

17. REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE
See attached.

18. EXCEPTIONS TO THE CERTIFICATION STATEMENT ON OMB PRA SUBMISSION FORM
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.

19. REASON FOR EMERGENCY SUBMISSION

Form 14029 (Rev. 4-2009) Catalog Number 51944B

Page 6

Department of the Treasury–Internal Revenue Service