8611.Sup

8611.Sup.doc

Recapture of Low-Income Housing Credit

OMB: 1545-1035

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Supporting Statement

(Form 8611)


1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION


Section 42 of the Internal Revenue Code permits owners of low-income housing projects to claim a credit against their income tax returns. If the property is disposed of and a bond is not posted or it fails to meet certain requirements over the 15-year compliance period, the owner must recapture on Form 8611 part of the credit taken in prior years.


2. USE OF DATA


IRS uses the information on the form to verify that the proper amount of credit had been recaptured.


3. USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN


We are currently offering electronic filing on Form 8611.


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.


  1. SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT WITH GUIDELINES IN 5 CFR 1320.5(d)(2)


Not applicable.


  1. 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 IRS personnel and representatives of the American Bar Association, the National Society of Public Accountants, the American Institute of Certified Public Accountants, and other professional groups to discuss tax law and tax forms. During these meetings, there is an opportunity for those attending to make comments regarding Form 8611.


In response to the Federal Register notice dated September 17, 2012 (77 FR 57194), we received no comments during the comment period, regarding Form 8611.


  1. 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


Number of Time per Total

Responses Response Hours


Form 8611 800 9.56 7,648

Form 8611 (Pt. F) 200 .97 194

1,000 7,842


Estimates of the annualized cost to respondents for the hour burdens shown above are not available at this time.


13. ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS


As suggested by OMB, our Federal Register notice dated September 17, 2012, 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 responses from taxpayers on this subject. As a result, estimates of these cost burdens are not available at this time.


14. ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT


The primary cost to the government consists of the cost of printing this form. We estimate that the cost of printing the form is $545.


15. REASONS FOR CHANGE IN BURDEN


There are no changes to the form or burden previously approved by OMB. We are making this submission to renew the OMB approval.


16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION


Not applicable.


  1. REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE


See attachment.


  1. EXCEPTION TO THE CERTIFICATION STATEMENT ON OMB FORM 83-I


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.





File Typeapplication/msword
File TitleSupporting Statement
AuthorTQ1FB
Last Modified ByJ11FB
File Modified2012-11-06
File Created2006-03-14

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