Arbitrage Rebate, Yield Restrictions and Penalty in Lieu of Arbitrage Rebate

Forms and Documents

Document Name	Status
Form 8038-T Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate Form	Modified
Supporting Statement.docx Supporting Statement A	2019-03-10

IC Document Collections

IC ID	Document Title	Status
40076	Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate Form	Modified
235275	Yield and valuation of investments.	New

ICR Details

OMB Control No: 1545-1219	ICR Reference No: 201903-1545-012
Status: Active	Previous ICR Reference No: 201611-1545-007
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Arbitrage Rebate, Yield Restrictions and Penalty in Lieu of Arbitrage Rebate
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: 09/17/2019
	Date Received in OIRA: 07/30/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2022	36 Months From Approved	12/31/2019
Responses	3,900	0	2,500
Time Burden (Hours)	59,325	0	57,900
Cost Burden (Dollars)	0	0	0

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Abstract: Sections 143 and 148 require bond issuers to pay a rebate to the United States if the proceeds of a bond issue are used for arbitrage and the issuer wishes the bonds to retain their exempt status. Section 148 also contains provisions for election and/or payment of various penalties associated with arbitrage bonds. Form 8038-T is used by issuers of tax exempt bonds to report and pay the arbitrage rebate and to elect and/or pay various penalties associated with arbitrage bonds. These issuers include state and local governments.

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Authorizing Statute(s): US Code: 26 USC 148 Name of Law: Arbitrage
   US Code: 26 USC 143 Name of Law: Mortgage revenue bonds: qualified mortgage bond and qualified veterans' mortgage bond
  

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:
	83 FR 65803	12/21/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 36664	07/29/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate	8038-T	Arbitrage Rebate,Yield Reduction and Penalty in Lieu of Arbitrage Rebate
Yield and valuation of investments.

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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	3,900	2,500	0	0	1,400	0
Annual Time Burden (Hours)	59,325	57,900	0	0	1,425	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: No

Burden Reduction Due to:

Short Statement: There is no change in form. However, we are updating the records to include the recordkeeping burden associated with regulation section 1.148-5(d)(6)(iii), previously approved under OMB number 1545-1490 and 1545-1098. This will result in an increase in the estimates number of responses per year of 1,400 and a estimated burden increase of 1,425 hours.

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Annual Cost to Federal Government: $15,766

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: 07/30/2019

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