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

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

Instr for Form 8038-CP

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

OMB: 1545-2142

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Instructions for Form
8038-CP

Department of the Treasury
Internal Revenue Service

(Rev. January 2012)

Return for Credit Payments to Issuers of Qualified Bonds
Section references are to the Internal
Revenue Code unless otherwise noted.

What’s New
For specified tax credit bonds with
multiple bond maturities, the refundable
credit payment is determined separately
for each maturity. For qualified school
construction bonds or qualified zone
academy bonds with multiple maturities,
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. See instructions for Part
III, lines 19a, 19c, 20e, and 20f if
reporting specified tax credit bonds with
multiple maturities.
Note. Only issuers of build America
bonds, recovery zone economic
development bonds, and specified tax
credit bonds that qualify for, and have
elected to receive, a refundable credit
under section 6431 may file Form
8038-CP.
Other tax credit bonds, including
qualified forestry conservation bonds,
clean renewable energy bonds,
Midwestern tax credit bonds, and
qualified zone academy bonds issued
following an allocation of 2011 volume
cap are not eligible for the election by the
issuer to receive refundable credit
payments under section 6431(f).
Future developments. The IRS has
created a page on IRS.gov for information
about the Form 8038 series and its
instructions, at www.irs.gov/form8038.
Information about any future
developments affecting the Form 8038
series (such as legislation enacted after
we release it) will be posted on that page.

Reminders
A direct deposit box on Form 8038-CP
allows issuers of bonds the choice of
having their credit payment directly
deposited into their account. The issuer
must enter the correct Automated
Clearing House (ACH) routing and
account numbers on Form 8038-CP to
receive a direct deposit.
Feb 21, 2012

General Instructions
Purpose of Form
The American Recovery and
Reinvestment Act of 2009 (ARRA)
created build America bonds and
recovery zone economic development
bonds. The Hiring Incentives to Restore
Employment Act (HIRE Act) provided an
option for issuers of new clean renewable
energy bonds, qualified energy
conservation bonds, qualified zone
academy bonds, and qualified school
construction bonds to elect to issue such
bonds as specified tax credit bonds. The
Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of
2010 (the Tax Relief Act) discontinued the
option to elect to issue qualified zone
academy bonds as specified tax credit
bonds for bonds issued following an
allocation of the 2011 national zone
academy bond limitation. The ARRA, the
HIRE Act, and the Tax Relief Act are
referred to throughout these Instructions
as the Acts.
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. For
more information, see Notices 2009-26,
2009-16 I.R.B. 833, and 2010-35,
2010-19 I.R.B. 660.
Note. Each type of specified tax credit
bond must be reported on a separate
Form 8038-CP. For qualified energy
conservation bonds and new clean
renewable energy bonds with multiple
maturities, each maturity must be
reported on a separate Form 8038-CP.
Issuers issuing qualified zone
academy bonds following an allocation of
2011 national zone academy bond
limitation (volume cap) cannot make a
valid election to issue such bonds as
specified tax credit bonds and are not
allowed a refundable credit under section
6431.
This return is to be filed only if, as
of the date filed, the issuer of the
CAUTION outstanding obligations for which
this return is submitted has reasonably
concluded that the obligations meet all
applicable requirements for the payment
of the requested credit.

!

Cat. No. 52942P

Who Must File
Issuers of qualified build America bonds,
recovery zone economic development
bonds, and specified tax credit bonds
must submit this return to request credit
payments payable under the Acts.

What To File
The payment requested on Form
8038-CP can only relate to the interest
paid on a single bond issue. If the issue
has both fixed rate bonds and variable
rate bonds, file a separate Form 8038-CP
for each type of bond. If a single bond
issue constitutes both build America
bonds (Direct Pay) and recovery zone
economic development bonds, file a
separate Form 8038-CP for each type of
bond.
File a separate Form 8038-CP for
each issue of qualified school
construction bonds or qualified zone
academy bonds and for each issue of
qualified energy conservation bonds and
new clean renewable energy bonds
consisting of a single maturity. File a
separate Form 8038-CP for each bond
maturity of an issue of qualified energy
conservation bonds and new clean
renewable energy bonds with multiple
bond maturities. If the information
provided on the return relates to more
than one bond issue, or in the case of
qualified energy conservation bonds or
new clean renewable energy bonds with
multiple maturities relates to more than
one maturity, or if the return is not
completed in full, the credit payment may
be delayed. In order to process the
refundable credit payment, the IRS will
correspond with either the designated
contact person of the entity listed in Part I
at the address listed in Part I, or the
issuer or its designee listed in Part II, as
necessary.

When To File
A Form 8038-CP filed for fixed rate bonds
must be filed no later than 45 days before
the relevant interest payment date. Form
8038-CP may not, however, be submitted
earlier than 90 days before the relevant
interest payment date.
For variable rate bonds, when the
issuer knows the interest payment
amount 45 days prior to the interest
payment date, Form 8038-CP may be
filed within the same timelines as fixed
rate bonds (45 days before the relevant
interest payment date but no earlier than

90 days before the relevant interest
payment date).
For variable rate bonds when the
issuer does not know the interest
payment amount 45 days prior to the
interest payment date, the issuer must
aggregate all credit payments on a
quarterly basis and file a Form 8038-CP
for reimbursement in arrears no later than
45 days after the last interest payment
date within the quarterly period the
reimbursement is being requested.
Issuers of build America bonds,
recovery zone economic development
bonds, and specified tax credit bonds are
required to submit the most recent
revision of Form 8038-CP to request
payment of a refundable credit. As of the
date of publication of these Instructions,
the most recent revision of Form 8038-CP
is the January 2012 version. Form
8038-CP will be processed on receipt for
build America bonds, recovery zone
economic development bonds, and
specified tax credit bonds.

Where To File
File Form 8038-CP with the Department
of the Treasury, Internal Revenue Service
Center, Ogden, UT 84201-0050.
Private delivery services. You can use
certain private delivery services
designated by the IRS to meet the “timely
mailing as timely filing/paying” rule for tax
returns and payments. These private
delivery services include only the
following:
• DHL Express (DHL): DHL Same Day
Service.
• Federal Express (FedEx): FedEx
Priority Overnight, FedEx Standard
Overnight, FedEx 2Day, FedEx
International Priority, and FedEx
International First.
• United Parcel Service (UPS): UPS Next
Day Air, UPS Next Day Air Saver, UPS
2nd Day Air, UPS 2nd Day Air A.M., UPS
Worldwide Express Plus, and UPS
Worldwide Express.
The private delivery service can tell
you how to get written proof of the mailing
date.

Other Forms That May Be
Required
For rebating arbitrage (or paying a
penalty in lieu of arbitrage rebate) to the
Federal Government, use Form 8038-T,
Arbitrage Rebate, Yield Reduction and
Penalty in Lieu of Arbitrage Rebate. For
the issuance of all build America bonds
and recovery zone economic
development bonds, use Form 8038-B,
Information Return for Build America
Bonds and Recovery Zone Economic
Development Bonds. The Form 8038-B
associated with a Form 8038-CP filing
must be filed at least 30 days prior to the
submission of the first Form 8038-CP of
the bond issue. For more information, see
Notice 2009-26. For reporting the
issuance of all tax credit bonds, including
specified tax credit bonds, use Form
8038-TC, Information Return for Tax

Credit Bonds and Specified Tax Credit
Bonds. For specified tax credit bonds, the
Form 8038-TC associated with a Form
8038-CP filing must be filed at least 30
days prior to the submission of the first
Form 8038-CP of the bond issue. For
more information, see Notice 2010-35.
Note. Issuers of specified tax credit
bonds must report on Form 8038-TC. The
IRS will not be able to process the related
refundable credit payment request
submitted on Form 8038-CP, unless Form
8038-TC is filed for these bonds. Issuers
that have filed Form 8038, Information
Return for Tax-Exempt Private Activity
Bond Issues, for an issue of specified tax
credit bonds must refile on Form 8038-TC
prior to filing the initial Form 8038-CP for
these bonds.

Rounding
You must enter cents on the form. Do not
round amounts to the nearest dollar (for
example, $1.75 must be entered as $1.75
not $2.00, conversely, $1.25 must be
entered as $1.25 not $1.00). Round
fractional cents to the next lowest cent
(for example, round $1.996 down and
enter as $1.99). The amount paid to you
will be based on these parameters.

Where the Requested Payment
Will Be Sent
The credit payment on line 22 will be sent
by check to the entity that is to receive
payment listed in Part I at the address
designated in Part I, unless the issuer has
elected to have the payment deposited
directly, in which case the payment will be
directly deposited to the routing and
account numbers listed on lines 25a and
25c.
Note. If the entity listed in Part I is not
the issuer, the ACH routing and account
numbers listed on lines 25a and 25c must
be the account information of the entity
listed in Part I. If the entity listed in Part I
is the issuer, the account information
must be the account information of the
issuer. The issuer must enter the correct
ACH routing and account numbers on
Form 8038-CP to receive a direct deposit.
If the amount of the credit
payment requested is required to
CAUTION be offset against other outstanding
taxes or obligations, then the credit
payment to be received could be less
than the amount requested. For more
information see Notices 2009-26 and
2010-35.

!

Questions on Filing Form
8038-CP
For specific questions on how to file Form
8038-CP send an email to the IRS at:
[email protected]
and put “Form 8038-CP Question” in the
subject line. In the email include a
description of your question, a return
email address, the name of a contact
person, and a telephone number.

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Specific Instructions
Part I—Information on Entity
That Is To Receive Payment of
Credit and Communications
Amended return. An issuer may file an
amended return to change or add to the
information reported on a previously filed
return for a single issue or single maturity,
as applicable, for the same interest
payment date. If you are filing to correct
errors or change a previously filed return,
check the Amended Return box in the
heading of the return.
The amended return must provide all
the information reported on the original
return, in addition to the new or corrected
information. Attach an explanation of the
reason for the amended return and write
across the top, “Amended Return
Explanation.”
Note. Do not check the Amended Return
box if you are correcting prior filings of
Form 8038-CP by using lines 21a or 21b.
Any corrections to Part III must be
corrected by using the net adjustment
lines 21a or 21b. Such corrections must
only be submitted on a subsequent Form
8038-CP filed to request a credit
payment. An amended return should only
be filed:
1. To correct information in Parts I
and II for Form 8038-CP, or
2. If you previously filed a final return
and need to make subsequent corrections
to lines 21a or 21b only, then you should
check the Amended Return box.
Line 1. Enter the name of the entity to
which the requested refundable credit
payment is to be paid. If the payment is to
be made to the entity that issued the
bonds, enter the name of that issuer. For
build America bonds and recovery zone
economic development bonds, the
issuer’s name should be identical to the
name listed on Form 8038-B, Part I, line
1. For specified tax credit bonds, the
issuer’s name should be identical to the
name listed on Form 8038-TC, Part I, line
1. If the issuer authorized another entity
(for example, a trustee bank) to receive
the requested refundable credit payment
on its behalf, enter the name of that
entity.
Note. The IRS will send payment only to
the entity listed in Part I. By entering the
name of an entity other than the issuer,
the issuer consents and authorizes the
IRS to send the requested refundable
credit payment directly to the entity listed
in Part I. The issuer further consents and
authorizes the IRS to communicate
directly with the entity listed in Part I and
to disclose its return information to that
entity, as necessary, in order to process
the refundable credit payment.
Line 2. Enter the employer identification
number (EIN) of the entity identified in line
1. If the issuer is the entity listed in Part I,
for build America bonds and recovery
zone economic development bonds the
issuer’s EIN should be identical to the EIN

listed on Form 8038-B, Part I, line 2. If the
issuer is the entity listed in Part I, for
specified tax credit bonds, the issuer’s
EIN should be identical to the EIN listed
on Form 8038-TC, Part I, line 2. An entity
that does not have an EIN should apply
for one on Form SS-4, Application for
Employer Identification Number. You can
get this form on the IRS website at
IRS.gov or by calling 1-800-TAX-FORM
(1-800-829-3676). You may receive an
EIN by telephone by following the
instructions for Form SS-4.
Lines 5 and 6. If the issuer is not the
entity listed in Part I, enter on line 5 the
name and title and on line 6 the phone
number of the designated contact person
for the entity named in Part I that is to
receive payment of the credit (such as an
employee of the trustee bank) that the
IRS may call for more information. If the
issuer is the entity listed in Part I, enter on
line 5 the name and title and on line 6 the
phone number of the designated contact
person (such as an officer of the issuer,
the legal representative of the issuer, or
the paid preparer) whom the IRS may call
for more information.
Note. If the issuer on line 5 authorizes
the IRS to call a person other than an
officer of the issuer for more information,
by signing this return the issuer’s
authorized representative consents to the
disclosure of the issuer’s return
information to such person, as necessary
to process this return.

Part II—Reporting Authority
Part II should be completed in full if the
issuer authorized the IRS to pay the
requested refundable credit payment to
another entity on its behalf (for example,
a trustee bank).
Lines 7 and 8. If the issuer’s name is
the same as line 1, enter “SAME” and
skip lines 8, 9, 11, 15, and 16. If the
issuer’s name is not the same as line 1,
enter the name, EIN, and complete
address of the issuer of the bond issue.
For build America bonds and recovery
zone economic development bonds the
issuer’s name and EIN should be identical
to the name and EIN listed on Form
8038-B, Part I, lines 1 and 2 filed for the
bond issue. For specified tax credit
bonds, the issuer’s name and EIN should
be identical to the name and EIN listed on
Form 8038-TC, Part I, lines 1 and 2 filed
for the bond issue.
Line 10. This line is for IRS use only. Do
not make any entries in this box.
Line 12. Enter the issue date of the bond
issue. For build America bonds and
recovery zone economic development
bonds, the issue date should be identical
to the issue date listed on Form 8038-B,
Part I, line 7. For specified tax credit
bonds, the issue date should be identical
to the issue date listed on Form 8038-TC,
Part I, line 7.
Line 13. Enter the name of the bond
issue. If the bond issue is not named write
“None.” The name of the bond issue
should be identical to the name listed on

Form 8038-B, Part I, line 8, filed for the
bond issue. For specified tax credit
bonds, the name of the bond issue should
be identical to the name listed on Form
8038-TC, Part I, line 8, filed for the bond
issue.
Line 14. Enter the Committee on
Uniform Securities Identification
Procedures (CUSIP) number on the bond
with the latest maturity for which a
refundable credit is being requested. For
build America bonds and recovery zone
economic development bonds, the CUSIP
number should be identical to the CUSIP
number listed on Form 8038-B, Part I, line
9, filed for the bond issue. For qualified
school construction bonds and qualified
zone academy bonds and for qualified
energy conservation bonds and new
clean renewable energy bonds consisting
of a single maturity, the CUSIP number
should be identical to the CUSIP number
listed on Form 8038-TC, Part I, line 9,
filed for the bond issue. For qualified
energy conservation bonds and new
clean renewable energy bonds with
multiple maturities, the CUSIP number
should be the CUSIP number for the
maturity reported on this form. If the bond
issue was not publicly offered and there is
no assigned CUSIP number, write
“None.”
Lines 15 and 16. If the issuer is not the
entity listed in Part I, enter the name, title,
and phone number of the officer of the
issuer or other employee whom the IRS
may call for more information. If the issuer
is the entity listed in Part I, leave lines 15
and 16 blank.
Note. If the issuer authorizes, on line 15,
the IRS to call a person other than an
officer of the issuer for more information,
by signing this form the issuer’s
authorized representative consents to the
disclosure of the issuer’s return
information to such person, as necessary
to process this return.
Line 17a. For build America bonds and
recovery zone economic development
bonds, check the type of issue that was
identified in Part III, Purpose of Issue, of
Form 8038-B, for example, education,
health and hospital, transportation, public
safety, environment (including sewage
bonds), housing, utilities, or other (with
description). Do not check more than one
type of issue; if the issuance is
multipurpose, check the type of issue that
is the largest portion of the issue price.
For specified tax credit bonds, do not
check a box on line 17a.
Line 17b. For build America bonds and
recovery zone economic development
bonds, enter the total issue price for the
bond listed on Form 8038-B, Part III, line
3 filed for the bond issue. For specified
tax credit bonds, also enter the total issue
price for the bond listed on Form
8038-TC, Part III, line 1 filed for the bond
issue.
Line 17c. Check the box that applies to
the bonds of the issue for which this
return is submitted.

-3-

A failure to provide requested
information will delay processing
CAUTION of this return. For build America
bonds and recovery zone economic
development bonds, do not leave lines
12, 13, 14, 17a, 17b, or 17c blank. For
specified tax credit bonds, do not leave
lines 12, 13, 14, 17b, or 17c blank.

!

Part III—Payment of Credit
Line 18. Enter the interest payment date
to which the requested refundable credit
payment relates. An interest payment
date is the date on which interest is
payable by the issuer to the holders of the
bonds. (For a variable rate issue, enter
the last interest payment date applicable
to the quarterly period to which this return
relates.) For certain variable rate bonds
the remarketing date or the date the
interest rate is reset may not be the same
date the interest is paid.
Line 19a. Enter the amount of interest
payable to the holders of the bonds on
the interest payment date. The amount
entered on line 19a can only relate to the
interest payable on a single bond issue
and the amount of interest allocable to a
single bond type (build America bond,
recovery zone economic development
bond, or a single type of specified tax
credit bond). Issuers of new clean
renewable energy bonds or qualified
energy conservation bonds with multiple
maturities must file a separate Form
8038-CP for each bond maturity and
should enter the amount of interest
payable on the maturity for the refundable
credit being requested. (See What To
File.)
Note. Credit payments are not allowed
for preissuance accrued interest.
Line 19b. For specified tax credit bonds
only, enter the applicable credit rate. The
applicable credit rate is the daily tax credit
bond rate set by the Secretary under
section 54A(b)(3) determined as of the
first day on which there is a binding
written contract for the sale or exchange
of the bond. Carry the percent out to two
decimal places, do not round (for
example, for credit rate 10.746% write
10.74%). The tax credit bond rate is
published by the Bureau of Public Debt
on its internet site for State and Local
Government Series Securities at www.
treasurydirect.gov/. See Notice 2009-15,
which is on page 449 of Internal Revenue
Bulletin 2009-6 at www.irs.gov/pub/
irs-irbs/irb09-06.pdf.
Line 19c. For specified tax credit bonds
with a single maturity only, enter the
amount of interest payable to the holders
of the bonds on the interest payment date
calculated using the applicable credit rate
in the box on line 19b.
Issuers of qualified school construction
bonds or qualified zone academy bonds
with multiple maturities should enter the
sum of all of the amounts each of which
was determined for each bond to be the
lesser of interest payable under the bond
on the interest payment date or interest

that would be payable under the bond on
such date if such interest were
determined at the applicable credit rate
for such bond. This sum amount is the
maximum allowable credit for all qualified
school construction bonds or qualified
zone academy bonds of the issue for the
interest payment date.
Issuers of qualified energy
conservation bonds and new clean
renewable energy bonds with multiple
maturities should enter the amount of
interest payable to the holders of the
bonds on the interest payment date
calculated using the applicable credit rate
in the box on line 19b for the maturity for
which a refundable credit is being
requested on this Form 8038-CP under
line 19a.
Lines 20a and 20b. For build America
bonds and recovery zone economic
development bonds enter the amount of
the requested credit payment relating to
the interest paid on the interest payment
date. The amount reported on line 20a
must equal 35% of the amount reported
on line 19a or the amount on line 20b
must equal 45% of the amount reported
on line 19a.
For specified tax credit bonds the
amount of the refundable credit payment
allowed under section 6431(f) for qualified
zone academy bonds and qualified school
construction bonds is the lesser of 100%
of the amount of interest payable under
the bond on such interest payment date
or 100% of the amount of interest which
would have been payable under such
bond on such date if such interest were
determined at the applicable tax credit
bond rate determined under 54A(b)(3).
For new clean renewable energy bonds
and qualified energy conservation bonds,
the amount of the refundable credit
payment allowed under 6431(f) is the
lesser of 100% of the amount of interest
payable under the bond on such interest
payment date or 70% of the amount of
interest which would have been payable
under such bond on such date if such
interest were determined at the applicable
tax credit bond rate determined under
54A(b)(3).
For specified tax credit bonds enter the
amount of the requested credit payment
as follows:
• Line 20c — new clean renewable
energy bonds, enter the lesser of 100% of
line 19a or 70% of line 19c.
• Line 20d — qualified energy
conservation bonds, enter the lesser of
100% of line 19a or 70% of line 19c.
• Line 20e — for qualified zone academy
bonds consisting of a single maturity,
enter 100% of the lesser of lines 19a or
19c, and for qualified zone academy
bonds consisting of multiple maturities,
enter 100% of line 19c, and
Note. Issuers issuing qualified zone
academy bonds following an allocation of
2011 national zone academy bond
limitation (volume cap) cannot make a
valid election to issue such bonds as
specified tax credit bonds and may not

claim a refundable credit under section
6431 by filing Form 8038-CP.
• Line 20f — qualified school
construction bonds consisting of a single
maturity, enter 100% of the lesser of lines
19a or 19c, and for qualified school
construction bonds consisting of multiple
maturities, enter 100% of line 19c.
Note. You may not have more than one
entry on lines 20a, 20b, 20c, 20d, 20e, or
20f.
If the amount shown on lines 20a, 20b,
20c, 20d, 20e, or 20f does not equal the
amount of the credit payment shown on
the debt service schedule attached to the
information return for the bonds filed
separately with the IRS (Form 8038-TC or
Form 8038-B), please attach an
explanation and write across the top,
“Explanation for difference in scheduled
credit payment.” For variable rate bonds,
no explanation is required.
Lines 21a and 21b. Lines 21a and 21b
are available to correct prior mistakes to
credit payments related to prior filings of
Form 8038-CP for the respective issue.
• If a prior credit payment amount was
received that was less than the correct
amount, then enter the amount on line
21a that relates to the corresponding
increase to this payment request.
• If a prior credit payment amount was
received that exceeded the correct
amount for that payment, then enter the
amount on line 21b that relates to the
corresponding decrease to this payment
request.
• If there are both increase and decrease
adjustments related to multiple prior
payments, then net the amounts and
include the corresponding amount in
either line 21a or 21b as appropriate.
If any amount is entered on either line
21a or 21b, attach an explanation and
write across the top, “Explanation for
Adjustment - Line 21a/21b” explaining
how the error occurred and what steps
were taken to prevent similar errors from
recurring. If an explanation is not
attached, credit payment may be delayed.
Line 22. Enter the amount of the credit
payment to be received. Combine the
amount in line 20a, 20b, 20c, 20d, 20e, or
20f with the amount in either line 21a or
21b, as applicable.
Note. If an amount of the credit payment
requested is required to be offset against
other outstanding taxes or obligations,
then the credit payment to be received
could be less than the amount on line 22.
For more information, see Notices
2009-26 and 2010-35.
Line 23. Check “Yes” or “No.” Check
“Yes” if the requested payment is the final
payment of interest for the bond issue.
The final payment of interest for either the
single maturity or the bond issue, as
applicable, relating to this request, is the
last payment of interest prior to, or in
conjunction with, the maturity or
redemption of the issue. If a box is not
checked, credit payments may be
delayed.

-4-

Line 24. If the issuer completed Part I
authorizing another entity (for example, a
trustee bank) to receive the requested
refundable credit payment on its behalf,
check this box.
Line 25. Complete lines 25a through 25c
if you want the amount shown on line 22
directly deposited into your checking or
savings account. Otherwise, we will send
a check to the entity listed in Part I.
The IRS is not responsible for a
lost credit payment if you enter the
CAUTION wrong account information. Check
with your financial institution to get the
correct ACH routing and account
numbers and to make sure your direct
deposit will be accepted. Other wire
instructions or routing or account
numbers other than ACH routing or
account numbers are not acceptable
substitutes for ACH routing and account
numbers on Form 8038-CP.
If the direct deposit to your account is
different from the amount you expected,
you will receive an explanation in the mail
about 2 weeks after your credit payment
is deposited.
Line 25a. The routing number must be
nine digits. The first two digits must be 01
through 12 or 21 through 32. Otherwise,
the direct deposit will be rejected and a
check will be sent instead. If the entity
listed in Part I is not the issuer (such as a
trustee bank), ask that entity for the
correct routing number. (See Where the
Requested Payment Will Be Sent.)
Line 25b. Check the appropriate box for
the type of account. Do not check more
than one box. If unknown, leave blank.
Line 25c. The account number can be
up to 17 characters (both numbers and
letters). Include hyphens but omit spaces
and special symbols. Enter the number
from left to right and leave any unused
boxes blank.

!

Signature and Consent
An officer of the issuer with authority to
bind the issuer must sign Form 8038-CP
and any applicable certification. If the
entity listed in Part I is not the issuer, the
authority of the person signing this return
must include the authority to bind the
issuer, the authority to request that the
IRS send the refundable credit payment
to the entity identified in Part I, and the
authority to consent to the disclosure of
return information necessary to process
the refundable credit payment to the
designated contact person(s) listed in
Parts I and II on Form 8038-CP, as
applicable. Also print the name and title of
the person signing Form 8038-CP.
Note. If the issuer designates on line 5
of Part I or line 15 of Part II a person
other than an officer of the issuer as a
contact person for the IRS to call for more
information, by signing this return the
issuer’s authorized representative
consents to the disclosure of the issuer’s
return information to such person, as
necessary to process the refundable
credit payment.

Paid Preparer
If an authorized officer of the issuer filled
in this return, the paid preparer block
should remain blank. Anyone who
prepares the return but does not charge
the issuer should not sign the return.
Certain others who prepare the return
should not sign. For example, a regular,
full-time employee of the organization,
such as a clerk, secretary, etc., should
not sign.
Generally, anyone who is paid to
prepare a return must sign it and fill in the
other blanks in the Paid Preparer Use
Only area of the return. A paid preparer
cannot use a social security number in
the Paid Preparer Use Only box. The paid
preparer must use a preparer tax
identification number (PTIN). If the paid
preparer is self-employed, the preparer
should enter his or her address in the
box.
The paid preparer must:

• Sign the return in the space provided

for the preparer’s signature, and
• Give a copy of the return to the issuer.
Paperwork Reduction Act Notice. We
ask for the information on this form to
determine your entitlement to the credits
requested on the form. We need this
information to determine the proper
amount of the credit.
You are not required to provide the
information requested on a form that is
subject to the Paperwork Reduction Act
unless the form displays a valid OMB
control number. Books or records relating
to a form or its instructions must be
retained as long as their contents may
become material in the administration of
any Internal Revenue law. Generally, tax
returns and return information are
confidential, as required by section 6103.
The time needed to complete and file
this form will vary depending on individual

-5-

circumstances. The estimated average
time is:
Recordkeeping . . . . . . . . .
Learning about the law or the
form . . . . . . . . . . . . . . . . .
Preparing, copying,
assembling, and sending the
form to the IRS . . . . . . . . . .

6 hr., 13 min.
12 min.
18 min.

If you have comments concerning the
accuracy of these time estimates or
suggestions for making this form simpler,
we would be happy to hear from you. You
can write to the Internal Revenue Service,
Tax Products Coordinating Committee,
SE:W:CAR:MP:T:M:S, 1111 Constitution
Ave. NW, IR-6526, Washington, DC
20224. Do not send the form to this
address. Instead, see Where To File.


File Typeapplication/pdf
File TitleInstruction 8038-CP (Rev. January 2012)
SubjectInstructions for Form 8038-CP, Credit for Qualified Bonds Allowed to Issuer
AuthorW:CAR:MP:FP
File Modified2012-02-24
File Created2012-02-21

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