Recapture of Low-Income Housing Credit

Forms and Documents

Document Name	Status
Form 8611 Recapture of Low-Income Housing Credit Form and Instruction	Modified
2019-05-14_SS_1545-1035r.doc Supporting Statement A	2019-05-14

IC Document Collections

IC ID	Document Title	Status
43868	Recapture of Low-Income Housing Credit Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1035	ICR Reference No: 201903-1545-003
Status: Active	Previous ICR Reference No: 201601-1545-012
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Recapture of Low-Income Housing Credit
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/09/2019
	Date Received in OIRA: 05/31/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2022	36 Months From Approved	07/31/2019
Responses	100	0	1,000
Time Burden (Hours)	956	0	7,842
Cost Burden (Dollars)	0	0	0

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Abstract: IRC section 42 permits owners of residential rental projects providing low-income housing to claim a credit against their income tax. If the property is disposed of or it falls to meet certain requirements over a 15-year compliance period and a bond is not posted, the owner must recapture on Form 8611 part of the credit(s) taken in prior years.

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Authorizing Statute(s): US Code: 26 USC 42 Name of Law: Low-income housing credit.
  

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:
	84 FR 6045	02/25/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 25122	05/30/2019
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
Recapture of Low-Income Housing Credit	8611	Low-income Housing Credit

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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	100	1,000	0	-900	0	0
Annual Time Burden (Hours)	956	7,842	0	-8,604	1,718	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: Yes

Burden Reduction Due to: Cutting Redundancy

Short Statement: The increased in burden occurred due to form 8611 part F (worksheet portion of form) is longer calculated separately but is included within form 8611 burden estimates; which result in an increase in burden hours of 1,718. The increased in burden occurred due to form 8611 Part F (worksheet portion of form) is longer calculated separately but is included within form 8611 burden estimates; which resulted in an increase in burden hours of 1,718. The information collection requirements and burden associated business for Form 8611 is accounted for in OMB control number 1545-0123, U. S. Business Income Tax Return and has been removed from this information collection 1545-1035. This reduced filers by 900 and total burden hours by 8604.

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Annual Cost to Federal Government: $12,758

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)? 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: 05/31/2019

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