SUPPORTING STATEMENT
Internal Revenue Service
TD 9512 Nuclear Decommissioning Funds
OMB No. 1545-2091
CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
Statutory changes under section 468A of the Internal Revenue Code permit taxpayers that have been subject to limitations on contributions to qualified nuclear decommissioning funds to make a contribution to the fund of the previously-excluded amount. The statute requires that the taxpayers obtain a schedule of ruling amounts from the Secretary. The final regulation provides guidance concerning the calculation of the amount of the contribution, the manner of making the contribution, and the method of requesting the schedule of ruling amounts.
USE OF DATA
The information will be used by the Internal Revenue Service to evaluate whether the taxpayer has properly determined the schedule of ruling amounts and deduction amounts of the previously-excluded amount.
USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
IRS publication, 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. We intend to offer electronic filing to the extent it is practicable however in this case it isn’t practicable because of the evaluative nature of the determination.
EFFORTS TO IDENTIFY DUPLICATION
The information obtained through this collection is unique and is not already available for use or adaptation from another source.
METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES
The collection of information requirement will not have a significant economic impact on a substantial number of small entities.
CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES
If the Internal Revenue Service (IRS) did not collect this information, the IRS will not be able to evaluate whether the taxpayer has properly determined the schedule of ruling amounts and deduction amounts and thereby causing the IRS to be unable to meet its mission.
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 April 19, 2017 (82 FR 18533), we received no comments during the comment period regarding TD 9512.
EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
No payment or gift has been provided to any 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
No personally identifiable information (PII) is collected.
ESTIMATED BURDEN OF INFORMATION COLLECTION
The collection of information in this final regulation is in §1.468A-3(f), §1.468A-7, and §1.468A-8(d). The information collected under §1.468A-3(f) is required to evaluate whether the taxpayer has properly determined the schedule of ruling amounts. The information collected under §1.468A-7 pertains to the initial election to maintain a qualified nuclear decommissioning trust fund. The information collected under §1.468A-8(d) is required to evaluate whether the taxpayer has properly determined the schedule of deduction amounts. The collection of information is mandatory. The likely respondents are owners of nuclear power plants. Estimated number of respondents is 100. The estimated annual burden per respondent depends on individual circumstances, with an estimated average of 25 hours. Estimated total annual recordkeeping burden is 2,500 hours.
Authority |
Description |
# of Respondents |
# Responses per Respondent |
Annual Responses |
Hours per Response |
Total Burden |
Treasury Regulation 1.468A |
TD 9512 |
100 |
1 |
100 |
25 |
2,500 |
Totals |
|
|
|
100 |
|
2,500 |
Estimates of the annualized cost to respondents for the hour burdens shown are not available at this time.
ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
To ensure more accuracy and consistency across its information collections, IRS is currently in the process of revising the methodology it uses to estimate burden and costs. Once this methodology is complete, IRS will update this information collection to reflect a more precise estimate of burden and costs.
ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
To ensure more accuracy and consistency across its information collections, IRS is currently in the process of revising the methodology it uses toestimate burden and costs. Once this methodology is complete, IRS will update this information collection to reflect a more precise estimate of burden and costs.
REASON FOR CHANGE IN BURDEN
There is no change in 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 regulation 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 | 2017-07-10 |
| File Created | 2017-07-10 |