Form 8942 - Application for Certification of Qualified Investments Eligible for Credits; Notice 2010-45 - Qualifying Therapeutic Discovery Project Credit

Forms and Documents

Document Name	Status
Form QTDP Notice 2010-45- Qualifying Therapeutic Discovery Project Credit Form	Unchanged
Form 8942 Form 8942 - Application for Certification of Qualified Investments Eligible for Credits Form	Modified
1545-2175_supporting_statement2014[1].doc Supporting Statement A	2014-01-31
Notice 2010-45.pdf Supplementary Document	2010-10-26

IC Document Collections

IC ID	Document Title	Status
192924	Notice 2010-45- Qualifying Therapeutic Discovery Project Credit Form	Unchanged
192923	Form 8942 - Application for Certification of Qualified Investments Eligible for Credits Form	Modified

ICR Details

OMB Control No: 1545-2175	ICR Reference No: 201310-1545-002
Status: Historical Active	Previous ICR Reference No: 201010-1545-037
Agency/Subagency: TREAS/IRS	Agency Tracking No: lvd-1545-002
Title: Form 8942 - Application for Certification of Qualified Investments Eligible for Credits; Notice 2010-45 - Qualifying Therapeutic Discovery Project Credit
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/16/2014
	Date Received in OIRA: 01/31/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2017	36 Months From Approved	04/30/2014
Responses	1,201	0	1,201
Time Burden (Hours)	14,545	0	14,545
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.

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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: None

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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:
	78 FR 46414	07/31/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 5522	01/31/2014
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	Application for Certification of Qualified Investments Eligible for Credits
Notice 2010-45- Qualifying Therapeutic Discovery Project Credit	QTDP	Project Information Memorandum

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

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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]? No

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: 01/31/2014

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