Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds

Forms and Documents

Document Name	Status
Form 8038-CP Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds Form	Modified
PL 111-5.pdf Justification for No Material/Nonsubstantive Change	2009-03-05
ombat1.doc Supplementary Document	2009-03-05
Supporting Statement.pdf Supporting Statement A	2012-10-15

IC Document Collections

IC ID	Document Title	Status
188260	Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds Form	Modified

ICR Details

OMB Control No: 1545-2142	ICR Reference No: 201210-1545-018
Status: Historical Active	Previous ICR Reference No: 200909-1545-012
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds
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: 03/25/2013
	Date Received in OIRA: 11/30/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2016	36 Months From Approved	03/31/2013
Responses	20,000	0	20,000
Time Burden (Hours)	246,600	0	134,600
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds, will be used to make direct payments to State and local governments. The American Recovery and Reinvestment Act of 2009, P.L. 111-5, provides State and local governments with the option of issuing a tax credit bond instead of a tax-exempt governmental obligation bond. The bill gives State and local governments the option to receive a direct payment from the Federal government equal to a subsidy that would have been received through the Federal tax credit for bonds.

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Authorizing Statute(s): PL: Pub.L. 115 - 5 1531/1400U-2 Name of Law: The American Recovery and Reinvestment Act of 2009
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 5 1531/1400U-2 Name of Law: The American Recovery and Reinvestment Act of 2009

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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:
	77 FR 37098	06/20/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 69544	11/19/2012
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
Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds	8038-CP	Return for Credit Payments to Issuers of Qualified Bonds

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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	20,000	20,000	0	0	0	0
Annual Time Burden (Hours)	246,600	134,600	0	112,000	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Form 8038-CP is used by issuers of build America bonds, recovery zone economic development bonds, and specified tax credit bonds who elect to receive a direct payment from the Federal Government equal to a percentage of the interest payments on these bonds. Changes were made to the form to comply with the current regulations. For specific tax credit bonds with mutual bond maturities, the refundable credit is determined separately for each maturity. For qualified school construction bonds or qualified zone construction bonds or qualified zone the refundable credit payments for all maturities must be requested on a single Form 8038-CP for each interest payment date. For qualified energy conservation bonds and new clean renewable energy bonds, the refundable credit payment for each maturity must be requested on a separate Form 8038-CP for each interest payment date. As a result of the changes, the total estimated annual burden is projected to increase by 112,000 hours.

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Annual Cost to Federal Government: $22,500

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]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

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: 11/30/2012

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