Form 8038-TC - Information Return for Tax Credit Bonds

Forms and Documents

Document Name	Status
Form 8038-TC Form 8038-TC - Information Return for Tax Credit Bonds Form	Modified
OMB Expiration.docx Supplementary Document	2016-12-25
Supporting_Statement_1545-2160 final.doc Supporting Statement A	2016-12-25

IC Document Collections

IC ID	Document Title	Status
191171	Form 8038-TC - Information Return for Tax Credit Bonds Form	Modified

ICR Details

OMB Control No: 1545-2160	ICR Reference No: 201612-1545-027
Status: Historical Active	Previous ICR Reference No: 201309-1545-055
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8038-TC - Information Return for Tax Credit Bonds
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 01/31/2017
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/18/2017
	Date Received in OIRA: 01/19/2017
Terms of Clearance: The form collects personally identifiable information and the related Privacy Act form in the instructions is in need of refining. Upon renewal, IRS must work with its internal privacy office to further refine the Privacy Act statement included in the instructions to the information collection to ensure that it is fully compliant with the Privacy Act.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2018	6 Months From Approved
Responses	540	0	0
Time Burden (Hours)	20,294	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8038-TC will be used by issuers of qualified tax-exempt credit bonds, including tax credit bonds enacted under the American Recovery and Reinvestment Act of 2009, to capture information required by IRC section 149(e) using a schedule approach. For applicable types of bond issues, filers will use this form instead of Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues.

Emergency Justfication: This collection pertains to the upcoming tax year 2016 filing season. Emergency reinstatement is requested so that a lapse in approval will not impact the ability of respondents to file necessary tax-related forms with the IRS and comply with income tax laws and regulations. The usage of normal clearance procedures would create confusion for potential respondents and negatively affect both them and the IRS if timely submissions cannot be made. IRS requests approval for six months, during which time a full extension request will be finalized and submitted to OMB.

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Authorizing Statute(s): US Code: 26 USC 149(e) Name of Law: Bonds must be registered to be tax exempt; other requirements
   PL: Pub.L. 111 - 5 1531 Name of Law: American Recovery and Reinvestment Act of 2009
  

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:
	81 FR 60407	09/01/2016
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-TC - Information Return for Tax Credit Bonds	8038-TC	Information Return for Tax Credit 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	540	0	0	0	0	540
Annual Time Burden (Hours)	20,294	0	0	0	0	20,294
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: $500

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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: 01/19/2017

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