Revenue Procedure 2017-XX, Sections 168(k)(5) and (j)(8) Election Procedures.

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1545-xxxx Rev Proc-2017-XX-SS.docx	Supporting Statement A	Uploaded 2017-01-23	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
224971	Revenue Procedure 2017-XX, Sections 168(k)(5) and (j)(8) Election Procedures.	Other-Revenue Procedure	New

ICR Details

OMB Control No: 1545-2277	ICR Reference No: 201612-1545-034
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Ready
Title: Revenue Procedure 2017-XX, Sections 168(k)(5) and (j)(8) Election Procedures.
Type of Information Collection: New collection (Request for a new OMB Control Number)	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: 01/23/2017
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2018	6 Months From Approved
Responses	65,000	0	0
Time Burden (Hours)	48,750	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The information collected will be used by the IRS to determine whether farmers are entitled to claim additional first year depreciation for certain plants and whether taxpayers are properly depreciating qualified Indian reservation property. Respondents to this collection of information are farmers of plants bearing fruits and nuts and taxpayers purchasing buildings and equipment for their businesses within Indian reservations.

Emergency Justfication: We are requesting emergency review of this submission and seek OMB approval by January 31, 2017. The new sections 168(k)(5) and 168(j)(8) of the Code are part of the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”), enacted on December 18, 2015. Because Congress introduced bills making technical corrections to both new sections, we could not issue guidance until it became clear on December 9, 2016, that such bills would not be acted upon by this Congress.

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Authorizing Statute(s): US Code: 26 USC 168(k)(5) Name of Law: Special rules for certain plants bearing fruits and nuts
   US Code: 26 USC 168(j)(8) Name of Law: Election out.
  

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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Revenue Procedure 2017-XX, Sections 168(k)(5) and (j)(8) Election Procedures.

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ICR Summary of Burden

table that charts list 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	65,000	0	0	65,000	0	0
Annual Time Burden (Hours)	48,750	0	0	48,750	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection.

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Annual Cost to Federal Government: $0

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.     No

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.     No

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)? 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: 01/23/2017

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