SUPPORTING STATEMENT
Revenue Procedure 2014-49
OMB 1545-2237
CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
This revenue procedure provides guidance to State housing credit agencies (Agencies) and owners of low-income buildings (Owners) regarding the suspension of certain income limitation requirements under section 42 of the Internal Revenue Code for certain low-income housing tax credit properties affected by major disaster areas declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (Stafford Act).
USE OF DATA
This information will be used to enable the Service and Agencies to: 1) verify whether particular low-income housing credit projects warrant the carryover relief in sections 6.02 and 6.03 of the revenue procedure; 2) to determine if Owners have failed to restore qualified basis within the restoration period described in section 8.01 of the revenue procedure; 3) verify whether an Owner has failed to comply with the rules of § 42 because of a major disaster, and determine if a major disaster contributed to the noncompliance; and 4) verify whether displaced individuals warrant temporary housing in vacant low-income housing credit projects in accordance with existing requirements under section 42 of the Internal Revenue Code. Also, this information will be used to enable the Service to verify whether an allocation of credits is treated as a returned credit to the Agency under section 10.01 of the revenue procedure.
USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
IRS Publications, Regulations, Notices and Letters are to be electronically enabled on an as practicable basis in accordance with the IRS Reform and Restructuring Act of 1998.
EFFORTS TO IDENTIFY DUPLICATION
We have attempted to eliminate duplication within the agency wherever possible.
METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES
We have minimized the burden on small businesses or other small entities by requiring the provision of data which is readily available to such entities.
CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES
The frequency of collection is determined by the occurrence of major disasters.
Consequences of less frequent collection on federal programs or policy activities could consist of a decrease in the amount of taxes collected by the Service, inaccurate and untimely filing of tax returns, and an increase in tax violations.
SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT WITH GUIDELINES IN 5 CFR 1320.5(d)(2)
There are no special circumstances requiring data collection to be inconsistent with guidelines in 5 CFR 1320.5(d)(2).
CONSULTATION WITH INDIVIDUALS OUTSIDE OF THE AGENCY ON AVAILABILITY OF DATA, FREQUENCY OF COLLECTION, CLARITY OF INSTRUCTIONS AND FORMS, AND DATA ELEMENTS
In response to the Federal Register notice dated March 31, 2016, (81 FR 18686), we received no comments during the comment period.
EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
There are no payments or gifts to respondents.
ASSURANCE OF CONFIDENTIALITY OF RESPONSES
Generally, tax returns and tax return information are confidential as required by 26 USC 6103.
JUSTIFICATION OF SENSITIVE QUESTIONS
There is no personally identifiable information (PII) collected.
ESTIMATED BURDEN OF INFORMATION COLLECTION
The third party burdens in this Rev Proc. are:
1) Section 7.01: .01 An Owner
may obtain the carryover allocation relief described in section 6.02
or 6.03 of this revenue procedure only if the Owner receives approval
for the relief from the Agency that issued the carryover allocation
pursuant to the procedures in this section 7.
2) Section 7.04: An Agency that approves the relief under sections 6.02 and 6.03 of this revenue procedure must report to the Service the Projects granted relief by attaching the documentation required in the instructions to Form 8610.
3) Section 8.06: As part of its review procedure adopted under § 1.42-5(c)(2), an Agency must determine whether the Owner described in section 8.01 of this revenue procedure has restored the building’s qualified basis by the end of the reasonable restoration period established by the Agency.
4) Section 10.02; An Agency that provides the relief in section 10.01 of this revenue procedure must report to the Service those Projects granted relief by attaching the required documentation as provided in the instructions to Form 8610.
5) Section 12.02(1): The Agency provides written approval to the Owner for use of the Project to house Displaced Individuals and specifies the date on which the Temporary Housing Period for the Project ends.
6) Section 14.02: The Owner must maintain a record both of the Agency’s approval of the Project’s use for Displaced Individuals and of the approved Temporary Housing Period. The Owner must report to the Agency at the end of the Temporary Housing Period a list of the names of the Displaced Individuals and the dates the Displaced Individuals began occupancy. The Owner must also provide any dates Displaced Individuals ceased occupancy and, if applicable, the date each unit occupied by a Displaced Individual becomes occupied by a subsequent tenant.
Section 14 of the revenue procedure describes the collection’s recordkeeping requirements: Owners must maintain records concerning each displaced individual, including a statement signed by the displaced individual. Owners must also maintain a record of the Agency’s approval of the project’s use for displaced individuals and of the approved temporary housing period.”
The Rev. Proc. states that the estimated total annual recordkeeping burden is 1,750 hours. The estimated annual burden per recordkeeper is approximately 30 minutes. The estimated number of recordkeepers is 3,500. These figures include the third party burdens.
ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
There are no annual start-up costs associated with this collection.
ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
There is no annualized cost to the federal government.
REASONS FOR CHANGE IN BURDEN
There is no change to the paperwork burden previously approved by OMB. We are making this submission to renew the OMB approval.
PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
There are no plans for tabulation, statistical analysis and publication.
REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE
We believe that displaying the OMB expiration date is inappropriate because it could cause confusion by leading taxpayers to believe that the revenue procedure sunsets as of the expiration date. Taxpayers are not likely to be aware that the Service intends to request renewal of the OMB approval and obtain a new expiration date before the old one expires.
EXCEPTIONS TO THE CERTIFICATION STATEMENT
There are no exceptions to the certification statement.
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 Type | application/msword |
| File Modified | 2016-07-28 |
| File Created | 2016-06-17 |