8038-CP Instructions for Form 8038-CP

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Instructions for Form
8038-CP

Department of the Treasury
Internal Revenue Service

(Rev. January 2022)

Return for Credit Payments to Issuers of Qualified Bonds

DRAFT AS OF
October 20, 2021

Section references are to the Internal Revenue
Code unless otherwise noted.

Future Developments

For the latest information about
developments related to Form 8038-CP
and its instructions, such as legislation
enacted after they were published, go to
IRS.gov/Form8038CP.

What's New

Form 8038-CP has been redesigned.
The new Form 8038-CP limits when an
amended return can be filed and the
requirements for filing an amended return.
Filers are now required to enter the report
number on line 10 for the bonds. New
line 17c asks for identification of the type
of bonds using a three-digit number. New
Schedule A is required for new clean
renewable energy bonds (NCREBs),
qualified energy conservation bonds
(QECBs), qualified zone academy bonds
(QZABs), and qualified school
construction bonds (QSCBs) and the total
from line 3 of Schedule A is entered on
line 19c. NCREBs and QECBs with
multiple maturities are no longer reported
on separate Forms 8038-CP. New line 21c
asks for an explanation of any amount
reported on line 21a or 21b using a
three-digit explanation code. Line 23 is
renumbered as line 23a, and new line 23b
asks for an explanation of the changes to
the debt service schedule using a
three-digit explanation code. Line 24 is
renumbered as line 24a, and new line 24b
asks for an explanation of the response to
line 24a using a three-digit explanation
code. Line 26 is now used to report direct
deposit information.
Electronic filing of returns. Electronic
filing of Form 8038-CP is expected to be
available later in 2022, and the IRS will
announce the specific date of availability
of electronic filing when the programming
comes online. Until that time, continue to
file paper returns.

General Instructions
Effective Date of January 2022
Revision

Use the January 2022 revision of Form
8038-CP for all such forms to be received
by the IRS on or after January 1, 2022.
Receipt by the IRS of a prior version of the
Form 8038-CP on or after January 1,
Oct 20, 2021

2022, could result in a delay of the credit
payment or otherwise affect normal
processing.

Purpose of Form

The American Recovery and
Reinvestment Act of 2009 (ARRA) created
build America bonds (BABs) and recovery
zone economic development bonds
(RZEDBs). The Hiring Incentives to
Restore Employment Act (HIRE Act)
provided an option for issuers of NCREBs,
QECBs, QZABs, and QSCBs to elect to
issue such bonds as specified tax credit
bonds. The Tax Relief, Unemployment
Insurance Reauthorization, and Job
Creation Act of 2010 (the Tax Relief Act)
discontinued the option to elect to issue
QZABs as specified tax credit bonds for
bonds issued pursuant to an allocation of
the 2011 or later national zone academy
bond limitation. The ARRA, the HIRE Act,
and the Tax Relief Act are referred to
throughout these instructions as the Acts.
Note. Only issuers of BABs and RZEDBs
issued before January 1, 2011, and
specified tax credit bonds issued before
January 1, 2018, that qualify for, and have
elected to receive, a refundable credit
under section 6431 may file Form
8038-CP. The authority to issue BABs and
RZEDBs expired on January 1, 2011. If an
issuer takes action that results in a
significant modification or reissuance of
BABs or RZEDBs after December 31,
2010, then the bonds may no longer be
qualified bonds under the applicable
section and the issuer may no longer be
entitled to request a payment using Form
8038-CP.
The Tax Cuts and Jobs Act (P.L.
115-97) repealed the authority to issue tax
credit bonds, including specified tax credit
bonds. The repeal applies to qualified
forestry conservation bonds, NCREBs,
QECBs, QZABs, and QSCBs issued after
December 31, 2017. If an issuer takes
action that results in a significant
modification or reissuance of specified tax
credit bonds after the effective date of the
Tax Cuts and Jobs Act, then the bonds
may no longer be qualified bonds under
the applicable section and the issuer may
no longer be entitled to request a payment
using Form 8038-CP.
Form 8038-CP is used by issuers of
BABs and RZEDBs, and specified tax
credit bonds who elect to receive a direct
Cat. No. 52942P

payment from the federal government
equal to a percentage of the interest
payments on these bonds. For more
information, see Notices 2009-26,
2009-16 I.R.B. 833, and 2010-35, 2010-19
I.R.B. 660.
Note. Each type of bond must be
reported on a separate Form 8038-CP.
Other tax credit bonds, including
QZABs issued pursuant to an allocation of
2011 (or later) volume cap, qualified
forestry conservation bonds, clean
renewable energy bonds, and Midwestern
tax credit bonds are not eligible for the
election by the issuer to receive
refundable credit payments under section
6431(f).
This return is to be filed only if, as
of the date filed, the issuer of the
CAUTION outstanding bonds for which this
return is submitted has reasonably
concluded that the bonds meet all
applicable requirements for the payment
of the requested credit.

!

Who Must File

Issuers of qualified BABs, RZEDBs, and
specified tax credit bonds must submit this
return to request credit payments payable
under the Acts.

What To File

Issuers of BABs, RZEDBs, and specified
tax credit bonds are required to submit the
most recent revision of Form 8038-CP
after the effective date of the revision to
request payment of a refundable credit. As
of the date of publication of these
instructions, the most recent revision of
Form 8038-CP is the January 2022
version to be used for all such forms to be
received by the IRS on or after January 1,
2022.
The payment requested on Form
8038-CP can only relate to the interest
payable on a single bond issue. If the
issue has both fixed rate bonds and
variable rate bonds, file a separate Form
8038-CP for each interest rate structure. If
a single bond issue constitutes both BABs
(Direct Pay) and RZEDBs, file a separate
Form 8038-CP for each type of bond.
File a separate Form 8038-CP with a
Schedule A for NCREBs, QECBs, QZABs,
and QSCBs. If the information provided on
the return relates to more than one type of
bond or if the return is not completed in

full, the credit payment could be delayed
or normal processing could otherwise be
affected. In order to process the
refundable credit payment, the IRS will
correspond with the designated contact
person listed in Part II, at the address in
Part II, as necessary.

When To File

4163, Modernized e-File (MeF)
Information for Authorized IRS e-File
Providers for Business Returns.

Assembling Form 8038-CP,
Schedule A, and Attachments

Before filing Form 8038-CP, assemble the
package of the core form, Schedule A,
and attachments in the following order.
1. Core form with Parts I through III,
Direct Deposit (if applicable), Signature
and Consent, and Paid Preparer Use Only
(if applicable) completed.
2. Schedule A completed, if
applicable. Schedule A must be submitted
for all NCREBs, QECBs, QZABs, and
QSCBs.
3. Attachments completed as
applicable. If applicable, include:
a. An explanation for an amended
return,
b. An explanation for line 21c,
c. A revised debt service schedule,
d. An explanation for line 23b, and
e. An explanation for line 24b.

account numbers listed on lines 26a and
26c.
Note. If the entity listed in Part I is not the
issuer, the ACH routing and account
numbers listed on lines 26a and 26c must
be the account information of the entity
listed in Part I. If the entity listed in Part I is
the issuer, the account information must
be the account information of the issuer.
The issuer must enter the correct ACH
routing and account numbers on Form
8038-CP to receive a direct deposit.

DRAFT AS OF
October 20, 2021

A Form 8038-CP filed for fixed rate bonds
must be filed no later than 45 days before
the relevant interest payment date. Form
8038-CP may not, however, be submitted
earlier than 90 days before the relevant
interest payment date.

For variable rate bonds, when the
issuer knows the interest payment amount
45 days prior to the interest payment date,
Form 8038-CP may be filed within the
same timelines as fixed rate bonds (45
days before the relevant interest payment
date but no earlier than 90 days before the
relevant interest payment date). However,
a separate Form 8038-CP should still be
filed for the variable rate bonds.

For variable rate bonds when the issuer
doesn’t know the interest payment amount
45 days prior to the interest payment date,
the issuer must aggregate all credit
payments on a quarterly basis and file a
Form 8038-CP for reimbursement in
arrears no later than 45 days after the last
interest payment date within the quarterly
period the reimbursement is being
requested.

Where To File
Paper returns. Send Form 8038-CP to:
Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201-0050
Private delivery services. Paper filers
can use certain private delivery services
(PDS) designated by the IRS to meet the
“timely mailing as timely filing” rule for tax
returns. Go to IRS.gov/PDS for the current
list of designated services.
The PDS can tell you how to get written
proof of the mailing date.
For the IRS mailing address to use if
you're using PDS, go to IRS.gov/
PDSstreetAddresses.
PDS can’t deliver items to P.O.
boxes. You must use the U.S.
CAUTION Postal Service to mail any item to
an IRS P.O. box address.

!

Electronic filing. It is expected that
electronic filing for Form 8038-CP will
become available sometime in 2022.
When electronic filing of Form 8038-CP is
available, information about electronic
filing of Form 8038-CP will be announced.
For general information about electronic
filing, visit IRS.gov/EFile, and see Pub.

Don't attach materials not authorized in
the instructions or not otherwise
authorized by the IRS.
To facilitate the processing of your
e-filed return, don't password
CAUTION protect or encrypt PDF
attachments. Password protecting or
encrypting a PDF file that is attached to an
e-filed return prevents the IRS from
opening the attachment.

!

Other Forms That May Be
Required

For rebating arbitrage (or paying a penalty
in lieu of arbitrage rebate) to the federal
government, use Form 8038-T, Arbitrage
Rebate, Yield Reduction and Penalty in
Lieu of Arbitrage Rebate.

No Rounding to Whole Dollars

You must enter cents on the form. Do not
round amounts to the nearest dollar (for
example, $1.75 must be entered as $1.75,
not $2.00; conversely, $1.25 must be
entered as $1.25, not $1.00). Round
fractional cents to the next lowest cent (for
example, round $1.996 down and enter as
$1.99). The amount paid to you will be
based on these parameters.

Where the Requested Payment
Will Be Sent

The credit payment on line 22 will be sent
by check to the entity that is to receive
payment listed in Part I at the address
designated in Part I, unless the issuer has
elected to have the payment deposited
directly, in which case the payment will be
directly deposited to the Automated
Clearing House (ACH) routing and
-2-

If the amount of the credit
payment requested is required to
CAUTION be offset against other
outstanding taxes or obligations, then the
credit payment to be received could be
less than the amount requested. For more
information, see Notices 2009-26 and
2010-35.

!

Specific Instructions
Part I—Information on Entity
That Is To Receive Payment
Amended return
When to check the Amended Return
box. An amended return can only be filed
if you are filing to correct errors in Part III
on a previously filed final return. A
previously filed final return means:
1. Form 8038-CP previously
submitted for the final interest payment
date for the bonds; and
2. “Yes” is checked on:
a. Line 25 of the January 2020 or later
versions of Form 8038-CP, or
b. Line 23 of the January 2012 or prior
versions of Form 8038-CP.
Entries on the amended return. Entries
on the amended return. The following are
directions for the entries to make on the
amended return.
1. Check the Amended Return box in
the heading of Part I of the return.
2. Complete Part I of the amended
return as follows.
a. Enter the same information for lines
1–4 as reported on the original final return.
b. Complete lines 5–6 using current
information.
3. Complete Part II of the amended
return as follows.
a. Enter the same information for lines
7–9 as reported on the original final return.
b. Enter the correct three-digit original
report number on line 10.
i. For the 2020 and prior versions of
Form 8038-CP, the report number was
assigned by the IRS. You were notified of
the report number in Notice CP152A.
Enter the original report number from

Notice CP152A for the final return. If you
can’t locate Notice CP152A for the final
return on the January 2020 and prior
versions of Form 8038-CP, enter report
number 499 on line 10 of the amended
return.
Note. Use of report number 499 will notify
the IRS that you don’t have the original
report number. Lack of the original report
number may affect normal processing of
the amendment.
ii. For the 2022 and later versions of
Form 8038-CP, you assigned the report
number for entry on line 10. Enter the
same report number you entered on the
original final return.
c. Enter the same information for lines
11–14 as reported on the original final
return.
d. Complete lines 15–16 using current
information.
e. Check the appropriate box on
line 17a.
f. On line 17b, enter the same issue
price amount as reported on the original
final return.
g. On line 17c, enter the appropriate
three-digit code. (See Instructions for Part
II, line 17c, below.)
4. Complete Part III of the amended
return as follows.
a. On line 18, enter the same interest
payment date as reported on the original
final return.
b. Complete lines 19a–24b using the
information reported on the original final
return in addition to the new or corrected
information. (See the applicable
instructions, below.)
c. The entry for line 25 must be “Yes.”
Failure to check “Yes” on line 25 could
result in a delay in processing or otherwise
affect normal processing.
5. If the direct deposit information on
the original final return is still current, enter
the same information as provided on the
original final return. If the direct deposit
information on the original final return is
not correct, leave lines 26a, 26b, and 26c
blank on the amended return and we will
send any required payment by a check to
the entity listed in Part I at the address
listed in Part I of the amended return.
6. Complete the Signature and
Consent parts of the form using current
information.

• Attach an explanation of the reason for
the amended return as a separate
document labelled “Explanation for
Amended Return.” Include the issuer
name, employer identification number
(EIN), interest payment date of the final
return, and report number on the
explanation. For each line being
amended, provide the original entry, the
new entry, and an explanation. For paper
filing, attach it to the return.

may call for more information. If the issuer
is the entity listed in Part I, enter on line 5
the name and title and on line 6 the phone
number of the designated contact person
(such as an officer or employee of the
issuer, the legal representative of the
issuer, or the paid preparer) whom the IRS
may call for more information.

DRAFT AS OF
October 20, 2021

Filing the amended return.
• If the previously filed final return was
filed using a paper return, the amended
return must be filed using a paper return.
• If the previously filed final return was
filed using an electronic return, the
amended return must be filed using an
electronic return.

If a final return was not filed, any
corrections to the amount of credit
CAUTION payment requested in Part III of a
previously filed return must be corrected
by using the net adjustment line 21a or
21b. Such corrections may only be
submitted on a subsequent Form 8038-CP
filed to request a credit payment. Do not
check the Amended Return box if you are
correcting non-final prior filings of a Form
8038-CP by using line 21a or 21b.

!

Line 1. Enter the name of the entity to
which the requested refundable credit
payment is to be paid. If the payment is to
be made to the entity that issued the
bonds, enter the name of that issuer. For
BABs and RZEDBs, the issuer's name
should be the name listed on Form
8038-B, Information Return for Build
America Bonds and Recovery Zone
Economic Development Bonds, Part I,
line 1. For specified tax credit bonds, the
issuer's name should be the name listed
on Form 8038-TC, Information Return for
Tax Credit Bonds and Specified Tax
Credit Bonds, Part I, line 1. If the issuer
authorized another entity (for example, a
trustee bank) to receive the requested
refundable credit payment on its behalf,
enter the name of that entity.
Note. By entering the name of an entity
other than the issuer, the issuer consents
and authorizes the IRS to send the
requested refundable credit payment to
the entity listed in Part I. The issuer further
consents and authorizes the IRS to
communicate directly with the entity listed
in Part I and to disclose its return
information to that entity, as necessary, to
process the refundable credit payment.
Line 2. Enter the EIN of the entity
identified on line 1. If the issuer is the
entity listed in Part I, for BABs and
RZEDBs, the issuer's EIN should be the
EIN listed on Form 8038-B, Part I, line 2. If
the issuer is the entity listed in Part I, for
specified tax credit bonds, the issuer's EIN
should be the EIN listed on Form
8038-TC, Part I, line 2.
Lines 5 and 6. If the issuer is not the
entity listed in Part I, enter on line 5 the
name and title and on line 6 the phone
number of the designated contact person
for the entity named in Part I that is to
receive payment of the credit (such as an
employee of the trustee bank) that the IRS
-3-

Note. If the issuer on line 5 authorizes the
IRS to call a person other than an officer of
the issuer for more information, by signing
this return the issuer's authorized
representative consents to the disclosure
of the issuer's return information to such
person, as necessary to process this
return.

Part II—Reporting Authority

Part II should be completed in full if the
issuer authorized the IRS to pay the
requested refundable credit payment to
another entity on its behalf (for example, a
trustee bank).
Lines 7 and 8. If the issuer's name is the
same as line 1, enter “SAME” and skip
lines 8, 9, 11, 15, and 16. If the issuer's
name is not the same as line 1, enter the
name, EIN, and complete address of the
issuer of the bond issue in Part II. For
BABs and RZEDBs, the issuer's name
and EIN should be the name and EIN
listed on Form 8038-B, Part I, lines 1 and
2, filed for the bond issue. For specified
tax credit bonds, the issuer's name and
EIN should be the name and EIN listed on
Form 8038-TC, Part I, lines 1 and 2, filed
for the bond issue.
Line 10. Issuers are now required to
assign permanent report numbers for
bonds currently eligible to receive credit
payments and consistently use the same
report number when filing to claim the
credit for the bonds. Assign a separate
report number in the range 401–450 for
each type of bond that is required to be
treated as a separate bond issue for
purposes of Form 8038-CP payment
requests. (See General Instructions, What
To File, earlier.) Enter the three-digit report
number (report number) that the issuer
assigned to the bonds on Part II, line 10 of
the Form 8038-CP. Separately reported
bonds for purposes of Form 8038-CP
payment requests should be numbered
consecutively starting with 401. Once a
report number is used for any bonds, it
must be used as the report number for all
future filings of Form 8038-CP returns for
those bonds. The report number may not
be used for any other Direct Pay bonds,
even after bonds are redeemed or are no
longer outstanding.
Issuers must file separate Forms
8038-CP for each type of bond and for
fixed rate bonds and variable rate bonds.
• If a single bond issue constitutes both
BABs (Direct Pay) and RZEDBs, file a
separate Form 8038-CP for each type of

bond and assign a different report number
for each. If a single bond issue consists of
more than one type of bond, assign
separate report numbers for NCREBs,
QECBs, QZABs, and QSCBs (that is, all
Direct Pay), and file separate Forms
8038-CP for each type of bond.
• If a single bond issue contains both
fixed rate bonds and variable rate bonds,
assign separate report numbers for each
interest rate structure and file a separate
Form 8038-CP for each interest rate
structure.

delay payment of the credit or otherwise
affect normal processing.
Line 12. Enter the issue date of the bond
issue. For BABs and RZEDBs, the issue
date should be the issue date listed on
Form 8038-B, Part I, line 7. For specified
tax credit bonds, the issue date should be
the issue date listed on Form 8038-TC,
Part I, line 7.

maturing on May 1, 2040, was reported on
Form 8038-B, Part I, line 9.
In January 2022, Issuer B files separate
Forms 8038-CP for the fixed rate BABs
and the variable rate BABs and uses the
CUSIP number for the fixed rate bonds
maturing on May 1, 2040, on the Form
8038-CP filed for the fixed rate BABs and
on the Form 8038-CP filed for the variable
rate BABs.
On November 1, 2022, Issuer B retires
the fixed rate BABs. In January 2023,
Issuer B files a Form 8038-CP with
respect to the variable rate BABs. Issuer B
must continue to use the CUSIP number
originally reported on Form 8038-B
(CUSIP number for fixed rate bonds with a
maturity date of May 1, 2040) even though
the bonds corresponding to the CUSIP
number are no longer outstanding.

DRAFT AS OF
October 20, 2021

Example. Issuer A elected to receive
a refundable credit under section 6431 for
its bonds.
In February 2010, Issuer A sold BABs
and RZEDBs payable from the same
revenues using the same official
statement. Although the bonds are one
bond issue for most purposes, Issuer A
properly reported the issuance of the
bonds using separate Forms 8038-B for
the BABs and the RZEDBs. In January
2022, Issuer A assigned report number
401 to the BABs and report number 402 to
the RZEDBs. Report number 401 will be
entered on Part II, line 10, on all future
Forms 8038-CP filed with respect to the
BABs. Report number 402 will be entered
on Part II, line 10, on all future Forms
8038-CP filed with respect to the
RZEDBs.
In October 2010, Issuer A sold fixed
rate QSCBs and variable rate QSCBs
payable from the same taxes using the
same official statement. The bonds are
one bond issue for most purposes, and
Issuer A properly reported the issuance of
the bonds using a single Form 8038-TC
with two debt service schedules. In
January 2022, Issuer A assigned report
number 403 to the fixed rate QSCBs and
report number 404 to the variable rate
QSCBs. Report number 403 will be
entered on Part II, line 10 on all future
Forms 8038-CP filed with respect to the
fixed rate QSCBs. Report number 404 will
be entered on Part II, line 10 on all future
Forms 8038-CP filed with respect to the
variable rate QSCBs.
In November 2010, Issuer A sold fixed
rate QECBs, fixed rate NCREBs and
variable rate NCREBs payable from the
same revenues using the same official
statement. In January 2022, Issuer A
assigned report number 405 to the
QECBs, report number 406 to the fixed
rate NCREBs, and report number 407 to
the variable rate NCREBs. Separate
Forms 8038-CP will be filed for the
QECBs, fixed rate NCREBs, and variable
rate NCREBs using the respective report
numbers on Part II, line 10.
Failure to assign a correct three-digit
report number following the assignment
methodology in these instructions could

Line 13. Enter the name of the bond
issue. If the bond issue is not named, write
“None.” For BABs and RZEDBs, the name
of the bond issue should be the name
listed on Form 8038-B, Part I, line 8, filed
for the bond issue. For specified tax credit
bonds, the name of the bond issue should
be the name listed on Form 8038-TC, Part
I, line 8, filed for the bond issue. For
electronic returns, do not use brackets,
dollar signs, or commas in the name of the
bond issue.
Line 14. Enter the Committee on Uniform
Securities Identification Procedures
(CUSIP) number on the bond with the
latest maturity. For BABs and RZEDBs,
the CUSIP number should be the CUSIP
number listed on Form 8038-B, Part I,
line 9, filed for the bond issue. For
NCREBs, QECBs, QZABs, and QSCBs,
the CUSIP number should be the CUSIP
number listed on Form 8038-TC, Part I,
line 9, filed for the bond issue. Enter the
nine-character CUSIP number without any
spaces. If the bond issue was not publicly
offered and there is no assigned CUSIP
number, write “None.” The CUSIP number
used for purposes of Form 8038-CP does
not change. Continue to use the CUSIP
number originally reported on Form
8038-B or Form 8038-TC even if the bond
maturity associated with the CUSIP
number is no longer outstanding. Use the
CUSIP number reported on Form 8038-B
or Form 8038-TC even if you are required
by these instructions to treat bonds with
different interest rate structures as
separate bonds and file separate Forms
8038-CP (for example, for fixed and
variable rate bonds of the same bond
issue).
Leaving line 14 blank or entering
something other than a
CAUTION nine-character CUSIP number
without spaces or “None” could result in a
delay in the credit payment or otherwise
affect normal processing.

!

Example. In May 2010, Issuer B sold
fixed rate BABs with a final maturity date
of May 1, 2040, and variable rate BABs
with a final maturity date of May 1, 2025,
payable from the same taxes using the
same official statement. Issuer B elected
to receive a refundable credit under
section 6431 for its bonds and filed a
single Form 8038-B for the bonds. The
CUSIP number for the fixed rate bonds
-4-

Lines 15 and 16. If the issuer isn’t the
entity listed in Part I, enter the name, title,
and phone number of the officer of the
issuer or other person whom the IRS may
call for more information. If the issuer is
the entity listed in Part I, leave lines 15 and
16 blank.
Note. If the issuer authorizes, on line 15,
the IRS to contact a person other than an
officer of the issuer for more information,
by signing this form the issuer's authorized
representative consents to the disclosure
of the issuer's return information to such
person, as necessary to process this
return.
Line 17a. Check the box that applies to
the bonds of the issue for which this return
is submitted. Only one box should be
checked because payment requests for
variable rate bonds and fixed rate bonds
are required to be filed on separate
returns.
Line 17b. For BABs and RZEDBs, enter
the total issue price for the bond listed on
Form 8038-B, Part III, line 3, filed for the
bond issue. For specified tax credit bonds,
enter the total issue price for the bond
listed on Form 8038-TC, Part III, line 1,
filed for the bond issue. The issue price
used for purposes of Form 8038-CP
doesn’t change. Continue to use the issue
price originally reported on Form 8038-B
or Form 8038-TC even if some of the
bonds are no longer outstanding. Use the
issue price reported on Form 8038-B or
Form 8038-TC even if you are required by
these instructions to file separate Forms
8038-CP for different interest rate
structures (for example, for fixed and
variable rate bonds of the same bond
issue).
Example. Issuer C elected to receive
a refundable credit under section 6431 for
its bonds.
In September 2010, Issuer C sold at
par $15,000,000 of fixed rate BABs with a

final maturity date of September 1, 2030,
and $5,000,000 of variable rate BABs with
a final maturity date of September 1, 2025,
payable from the same taxes using the
same official statement. Issuer C elected
to receive a refundable credit under
section 6431 for the bonds and filed a
single Form 8038-B for the bonds. The
issue price for the bonds was reported on
Form 8038-B, Part III, line 1, as
$20,000,000.
In January 2022, Issuer C files
separate Forms 8038-CP for the fixed rate
BABs and the variable rate BABs but uses
the total issue price of $20,000,000 on the
Form 8038-CP filed for the fixed rate
BABs and on the Form 8038-CP filed for
the variable rate BABs.
On March 1, 2022, Issuer C retires the
fixed rate BABs. In January 2023, Issuer C
files a Form 8038-CP with respect to the
variable rate BABs. Issuer C must
continue to use the issue price originally
reported on Form 8038-B ($20,000,000)
even though only $5,000,000 of variable
rate BABs is still outstanding.

entered on line 19a can only relate to the
interest payable on a single bond issue
and the amount of interest allocable to a
single type of bond (BAB, RZEDB, or a
single type of specified tax credit bond)
and similar interest rate structure (fixed or
variable rate). (See General Instructions,
What To File, earlier.)

Lines 21a and 21b. Either line 21a or
line 21b is available to correct your prior
mistakes on prior filings of Form 8038-CP
for the respective bonds.
• If a prior credit payment amount was
received that was less than the correct
amount, then enter the amount on line 21a
that relates to the corresponding increase
to this payment request.
• If a prior credit payment amount was
received that exceeded the correct
amount for that payment, then enter the
amount on line 21b that relates to the
corresponding decrease to this payment
request.
• If there are both increase and decrease
adjustments related to multiple prior
payments, then net the amounts and
include the corresponding amount on
either line 21a (for net increases) or 21b
(for net decreases), as appropriate.
If any amount is entered on either
line 21a or 21b, complete line 21c.

DRAFT AS OF
October 20, 2021

Line 17c. Identify the type of bonds by
entering the corresponding three-digit
code number as follows.
• 102—New clean renewable energy
bonds.
• 103—Qualified energy conservation
bonds.
• 104—Qualified zone academy bonds.
• 105—Qualified school construction
bonds.
• 109—Build America bonds.
• 110—Recovery zone economic
development bonds.
A failure to provide requested
information or providing incorrect
CAUTION information could delay
processing of this return or otherwise
affect normal processing. Do not leave
line 10, 12, 13, 14, 17a, 17b, or 17c blank.

!

Part III—Payment of Credit
Line 18. Enter the interest payment date
to which the requested refundable credit
payment relates. An interest payment date
is the date on which interest is payable by
the issuer to the holders of the bonds. This
may include a date on which bonds are
retired earlier than maturity if interest is to
be paid on that date. (For a variable rate
issue with the amount of interest payable
not known at least 45 days before the
interest payment date, enter the last
interest payment date applicable to the
quarterly period to which this return
relates.) For certain variable rate bonds,
the remarketing date or the date the
interest rate is reset may not be the same
date the interest is paid.
Line 19a. Enter the amount of interest
payable to the holders of the bonds on the
interest payment date. The amount

Note. Credit payments are not allowed for
preissuance accrued interest.

Line 19b. For specified tax credit bonds
only, enter the applicable credit rate. The
applicable credit rate is the daily tax credit
bond rate set by the Secretary under
section 54A(b)(3), determined as of the
first day on which there is a binding written
contract for the sale or exchange of the
bond. See Notice 2009-15, which is on
page 449 of Internal Revenue Bulletin
2009-6 at IRS.gov/pub/irs-irbs/
irb09-06.pdf. Enter the percent out to two
decimal places, and do not round (for
example, for credit rate 10.746%, write
10.74%). The tax credit bond rate is
published by the Bureau of Fiscal Service
on its Government Section Internet site at
TreasuryDirect.gov. The applicable credit
rate should be the applicable credit rate
listed on Form 8038-TC, Part III, line 4,
filed for the bond issue.
Line 19c. For NCREBs, QECBs, QZABs,
and QSCBs, complete Schedule A and
enter the amount from line 3 of
Schedule A.
Note. You can only have one entry on
line 20 (a through f).
Line 20a. For BABs, enter the amount of
the requested credit payment relating to
the interest payable on the interest
payment date. The amount reported on
line 20a must equal 35% (0.35) of the
amount reported on line 19a.
Line 20b. For RZEDBs, enter the amount
of the requested credit payment relating to
the interest payable on the interest
payment date. The amount reported on
line 20b must equal 45% (0.45) of the
amount reported on line 19a.
Line 20c. For NCREBs, enter the smaller
of line 19a or line 19c.
Line 20d. For QECBs, enter the smaller
of line 19a or line 19c.
Line 20e. For QZABs, enter the smaller
of line 19a or line 19c.
Note. Issuers issuing QZABs pursuant to
an allocation of 2011 or later national zone
academy bond limitation (volume cap)
cannot make a valid election to issue such
bonds as specified tax credit bonds and
may not claim a refundable credit under
section 6431 by filing Form 8038-CP.
Line 20f. For QSCBs enter the smaller of
line 19a or line 19c.
-5-

Line 21c. Enter the applicable three-digit
explanation code number and provide the
applicable interest payment dates in
MM/DD/YYYY format.
• 211—Erroneous entry on prior return(s)
(for example, typographical error or input
error or incorrect debt service schedule
date used (Also, list applicable interest
payment date(s).)
• 212—Math error on prior return(s).
(Also, list applicable interest payment
date(s).)
• 213—Claimed interest on prior return(s)
on bonds previously redeemed. (Also, list
applicable interest payment date(s).)
• 214—Claimed interest on prior return(s)
on bonds previously legally defeased.
(Also, list applicable interest payment
date(s).)
• 219—Other. Use this three-digit code if
codes 211–214 do not apply or if more
than one three-digit code is applicable.
(Also, list applicable explanation(s) for the
correction(s) including listing prior interest
payment date(s) affected and details of
any net amount.)
Note. Codes 215–218 are reserved and
should not be used.
If a three-digit explanation code
number is not entered, the credit payment
could be delayed or normal processing
could otherwise be affected. For electronic
filing, the dates or explanation for “Other”
is entered electronically. For paper filing,
attach to the return the requested
information on a single explanation
document and label it “Line 21c
Information.” Include the issuer name,
EIN, interest payment date, and report
number on the paper attachment.
Line 22. Enter the amount of the credit
payment requested. Combine the amount
on line 20a, 20b, 20c, 20d, 20e, or 20f with
the amount in either line 21a or 21b, as
applicable.

Note. If an amount of the credit payment
requested is required to be offset against
other outstanding taxes or obligations,
then the credit payment to be received
could be less than the amount on line 22.
For more information, see Notices
2009-26 and 2010-35.
Line 23a. Check “Yes” or “No.” Check
“Yes” if the amount shown on line 20a,
20b, 20c, 20d, 20e, or 20f does not equal
the amount of the credit payment shown
on the debt service schedule attached to
the information return for the bonds filed
with the IRS (Form 8038-TC or Form
8038-B), or the latest revised debt service
schedule subsequently filed with the IRS,
or when the amount of qualified principal
outstanding or qualified interest payable
on future dates will vary from amounts
previously reported to the IRS. For
variable rate bonds, check “Yes” if there is
a change in interest payment dates, the
total principal amount of qualified bonds
expected to be outstanding on payment
dates, or the method for determining
interest on the bonds. Situations where
you must check “Yes” for fixed and
variable rate bonds include: (i) early
retirement or defeasance of bonds, (ii)
treating a portion of the bonds as
nonqualified under Rev. Proc. 2018-26,
(iii) reissuance of bonds because of a
significant modification under Regulations
section 1.1001-3 or other guidance, or (iv)
the debt service schedule has otherwise
changed or been altered so that the debt
service schedule you most recently filed
with the IRS is no longer accurate.

• 232—Correction of mistake in most
recently filed debt service schedule.
• 233—Closing Agreement with IRS.
(Also, provide the date of agreement.)
• 234—Legal defeasance of bonds.
(Also, provide the date and amount legally
defeased.)
• 235—Remedial action under Rev. Proc.
2018-26. (Also, provide the date of
nonqualified use and amount of
nonqualified bonds.)
• 239—Other. Use this three-digit code if
codes 231–235 do not apply or if more
than one three-digit code is applicable.
(Also, provide an explanation including
relevant dates and principal amounts.)
Note. Codes 236–238 are reserved and
should not be used.
For electronic filing, the dates and
amounts to be provided, and the
explanation for “239—Other” are entered
electronically. For paper filing, attach to
the return the requested information and
label it “Line 23b Information.” Also include
the issuer name, EIN, interest payment
date, and report number on the paper
attachment.

revised debt service schedule must be
provided as a separate document labeled
“Revised Debt Service Schedule.” For
electronic filing the revised debt service
schedule must be a separate pdf
document submitted with the return. For
paper filing, attach it to the return.
Line 24a. Check “Yes” if, as of the filing
of this form, you paid or reasonably expect
to pay all of the interest to bondholders
reported on line 19a on or before the
interest payment date reported on line 18.
If you paid or reasonably expect to pay all
of the interest on the next business day
because the interest payment date falls on
a weekend or holiday, you should check
“Yes.”
Check “No” if, as of the filing of this
form, you did not pay or do not reasonably
expect to pay all of the interest to
bondholders reported on line 19a on or
before the date reported on line 18,
representing the interest payment date to
which this payment of credit relates.

DRAFT AS OF
October 20, 2021

Line 23b. If you checked “Yes” on
line 23a, enter one applicable three-digit
explanation code number and provide the
revised debt service schedule. If a
three-digit explanation code number is not
entered, the credit payment could be
delayed or normal processing could
otherwise be affected. Where indicated,
provide the applicable dates in MM/DD/
YYYY format and the applicable amounts.
Note. If the changes result from the
issuer’s nonqualified use of bond
proceeds and taking a remedial action
under section 6 of Rev. Proc. 2018-26, the
issuer must enter the three-digit
explanation code 235 on the Form
8038-CP filed for the first interest payment
date after the nonqualified use of the bond
proceeds occurs. The issuer must also (i)
provide the date of the nonqualified use
and the amount of nonqualified use, and
(ii) attach a revised debt service schedule
reflecting the exclusion of amounts
allocable to the nonqualified bonds
beginning with the date of the nonqualified
use.
• 231—Retirement of all or part of the
bonds. (Also, provide the date and amount
redeemed/retired.)

Requirements for revised debt service
schedule. The debt service schedule
must contain the information described
below for the bonds.
1. Name of Issuer.
2. EIN of Issuer.
3. Report Number (see instructions
for line 10).
4. Name of Issue.
5. Date of Issue.
6. CUSIP Number (see instructions
for line 14).
7. Issue Price (see instructions for
line 17b).
8. For fixed rate bonds, a revised debt
service schedule through final maturity
that provides a list of each interest
payment date, the total interest payable on
such date, the total principal amount of
qualified bonds expected to be
outstanding on such date, the interest
rate(s), the refundable credit payment
expected to be requested from the IRS as
allowed under section 6431(f) on such
date, and the earliest date that the
qualified bonds can be called.
9. For variable rate bonds, a revised
debt service schedule through final
maturity that provides a list of each
interest payment date, the total principal
amount of qualified bonds expected to be
outstanding on such date, and a
description of how interest on the qualified
bonds is figured. However, if the issuer
knows the interest amount for a certain
period, for that period the issuer should
provide the refundable credit payment
expected to be requested from the IRS as
allowed under section 6431(f). The
-6-

Line 24b. If you checked “No” on
line 24a, enter the three-digit code number
concerning the circumstances
surrounding the nonpayment or expected
nonpayment. If a three-digit explanation
code is not entered, the credit payment
could be delayed or normal processing
could otherwise be affected. Provide any
applicable dates in MM/DD/YYYY format
and the applicable amounts where
requested and provide an explanation if
“249—Other” applies.
• 241—Insolvent, no receivership or
bankruptcy proceedings.
• 242—Insolvency, receivership or
bankruptcy proceedings in progress.
• 243—Insolvency, receivership or
bankruptcy proceedings discharged debt.
(Also, provide the date, the amount
discharged, and any change in interest
rates.)
• 244—Insufficient payment sources due
to sequestration—no receivership
proceedings.
• 245—Insufficient payment resources
for reasons other than sequestration—no
receivership proceedings.
• 249—Other. (Also, provide an
explanation.)
Note. Codes 246–248 are reserved and
should not be used.
For electronic filing, any dates,
amounts or explanation for “Other” is
entered electronically. For paper filing,
attach to the return the requested
information and label it “Line 24b
Information.” Also include the issuer
name, EIN, interest payment date, and
report number on the paper attachment.
Line 25. Check “Yes” or “No.” If a box is
not checked, credit payments may be
delayed.

Check “Yes” if the requested payment
is for the final interest payment date for the
bonds. The final payment of interest for
the bonds is the last payment of interest
prior to, or in conjunction with, the final
maturity, redemption, or significant
modification of the bond issue.
Check “No” if future Forms 8038-CP
are expected to be filed with respect to
future interest payment dates on the
bonds (same bond issue, same type of
bond, and same interest rate structure
(fixed rate or variable rate)).
Reminder: Each type of bond requires
a distinct report number and each interest
rate structure requires a distinct report
number.

issuer, the authority to request that the IRS
send the refundable credit payment to the
entity identified in Part I, and the authority
to consent to the disclosure of return
information necessary to process the
refundable credit payment to the
designated contact person(s) listed in
Parts I and II on Form 8038-CP, as
applicable. Also print the name and title of
the person signing Form 8038-CP.

maturity of bonds on each interest
payment date.
For NCREBs and QECBs, the amount
of the refundable credit payment is the
lesser of 100% of the amount of interest
payable under the bond on such interest
payment date or 70% (0.70) of the amount
of interest which would have been payable
under such bond on such date if such
interest were determined at the applicable
credit rate determined under section
54A(b)(3).

DRAFT AS OF
October 20, 2021

Line 26. Complete lines 26a through 26c
if you want the amount shown on line 22
directly deposited into a checking or
savings account. Otherwise, we will send
a check to the entity listed in Part I.

The IRS is not responsible for a
lost credit payment if you enter the
CAUTION wrong account information. Check
with your financial institution to get the
correct ACH routing and account numbers
and to make sure your direct deposit will
be accepted. Other wire instructions or
routing or account numbers other than
ACH routing or account numbers are not
acceptable substitutes for ACH routing
and account numbers on Form 8038-CP.

!

If the direct deposit to the designated
account is different from the amount you
expected, you will receive an explanation
in the mail about 2 weeks after your credit
payment is deposited.
Line 26a. The ACH routing number must
be nine digits. The first two digits must be
01 through 12 or 21 through 32.
Otherwise, the direct deposit will be
rejected and a check will be sent instead.
If the entity listed in Part I is not the issuer
(such as a trustee bank), ask that entity for
the correct routing number. (See Where
the Requested Payment Will Be Sent,
earlier.)
Line 26b. Check the appropriate box for
the type of account. Do not check more
than one box. If unknown, leave blank.
Line 26c. The ACH account number can
be up to 17 characters (both numbers and
letters). Include hyphens but omit spaces
and special symbols. Enter the number
from left to right and leave any unused
boxes blank.

Signature and Consent
An officer of the issuer with authority to
bind the issuer must sign Form 8038-CP
and any applicable certification. If the
entity listed in Part I is not the issuer, the
authority of the person signing this return
must include the authority to bind the

Note. If the issuer designates on line 5 of
Part I or line 15 of Part II a person other
than an officer of the issuer as a contact
person for the IRS to call for more
information, by signing this return the
issuer's authorized representative
consents to the disclosure of the issuer's
return information to such person, as
necessary to process the refundable
credit payment.

Paid Preparer

For QZABs and QSCBs, the amount of
the refundable credit payment is the lesser
of 100% of the amount of interest payable
under the bond on such interest payment
date or 100% of the amount of interest
which would have been payable under
such bond on such date if such interest
were determined at the applicable tax
credit bond rate determined under section
54A(b)(3).

If an authorized officer of the issuer filled in
this return, the paid preparer block should
remain blank. Anyone who prepares the
return but does not charge the issuer
should not sign the return. Certain others
who prepare the return should not sign.
For example, a regular, full-time employee
of the organization, such as a clerk,
secretary, etc., should not sign.

Enter the following from Form 8038-CP.
• Issuer Name—From Part II, line 7.
• Employer Identification Number—From
Part II, line 8.
• Date of Issue (MM/DD/YYYY)—From
Part II, line 12.
• Report Number—From Part II, line 10.

Generally, anyone who is paid to
prepare a return must sign it and fill in the
other blanks in the Paid Preparer Use Only
area of the return. A paid preparer cannot
use a social security number in the
preparer tax identification number (PTIN)
box. The paid preparer must use a PTIN. If
the paid preparer is self-employed, the
preparer should enter his or her address in
the box.
The paid preparer must:
• Sign the return in the space provided
for the preparer's signature, and
• Give a copy of the return to the issuer.

Instructions for
Schedule A
When Is Schedule A Required?

Schedule A is used to compute the
amount of the refundable credit payment
allowed under section 6431(f) and must
be completed for all specified tax credit
bonds (NCREBs, QECBs, QZABs, and
QSCBs). Computation of the credit
payment is done on a bond-by-bond basis
(usually, this means a separate
computation for each maturity in a bond
issue, but bonds with the same maturity
but different terms such as interest rate
are also considered separate bonds).
Schedule A eliminates the need for
issuers of NCREBs and QECBs to file
separate Forms 8038-CP for each
-7-

Specific Instructions

The Schedule A table is used to
compute the amount of the permitted
credit for an interest payment date.
Complete the table as follows for the
interest payment date entered on Part III,
line 18, of Form 8038-CP to compute the
sum to be entered on line 1.

!

CAUTION

If you use page 2 to list maturities,
complete line 4 on page 2 before
completing lines 2 and 3.

1. Column (a): List the maturity date
(MM/DD/YYYY) for each separate maturity
of the bonds. (A maturity is comprised of
bonds of the same type, principal maturity
date, and interest rate.)
Note. If there are insufficient lines on
page 1 of Schedule A for all the maturities,
list the remaining maturities on page 2 of
Schedule A.
2. Column (b): Enter the amount of
interest payable on the bonds maturing on
the date listed in column (a) on the interest
payment date entered on Part III, line 18,
of Form 8038-CP.
3. Column (c): Enter the amount of
interest that would be payable on the
bonds maturing on the date listed in
column (a) on the interest payment date
entered on Part III, line 18, of Form
8038-CP if calculated using the applicable
credit rate (Form 8038-CP, Part III,
line 19b).
4. Column (d): For new clean
renewable energy bonds and qualified

energy conservation bonds, enter 70% of
the amount of interest that would be
payable on the bonds maturing on the
date listed in column (a) on the interest
payment date entered on Part III, line 18,
of Form 8038-CP if calculated using the
applicable credit rate (Form 8038-CP, Part
III, line 19b). Do this by multiplying the
column (c) amount by 0.70.

under section 6431. The interest on the
QSCBs is payable semiannually on
January 15 and July 15 of each year. The
interest rate on $10,000,000 of QSCBs
maturing on January 15, 2024, is 5.25%.
The interest rate on $10,000,000 of
QSCBs maturing on January 15, 2025, is
5.30%. The interest rate on $10,000,000
of QSCBs maturing on January 15, 2026,
is 5.35%. The applicable credit rate for
qualified tax credit bonds sold on
November 9, 2010, is 5.30%. The amount
of interest payable on the QSCBs on
January 15, 2022, and the amount of
interest on the QSCBs on that date using
the applicable credit rate, is shown in the
following tables:

Line 3. Add amounts from line 1 and
line 2. Enter on Form 8038-CP, line 19c.
Line 4. If you use page 2, complete line 4
on page 2 before completing lines 1, 2,
and 3 of Schedule A. Add amounts in
column (e) on page 2 of Schedule A (if
any). Enter on page 1 of Schedule A,
line 2.

DRAFT AS OF
October 20, 2021

Note. For QZABs and QSCBs, skip
column (d).
5. Column (e): For NCREBs and
QECBs, enter the smaller of the amount in
column (b) and the amount in column (d).
For QZABs and QSCBs, enter the smaller
of the amount in column (b) and the
amount in column (c).
Line 1. Total the amounts in column (e)
on page 1 of Schedule A and enter the
total.

Completion of Schedule A for QZABs
and QSCBs. Schedule A is completed
the same way for both QZABs and
QSCBs. With respect to each bond in the
bond issue, issuers of QZABs and QSCBs
filing Form 8038-CP request the lesser of:
1. The amount of interest payable on
the interest payment date, or
2. The amount of interest on the
interest payment date using the applicable
credit rate.

Example for QSCBs and QZABs. On
November 9, 2010, Issuer D sold
$30,000,000 of fixed rate QSCBs, and
elected to receive a refundable credit

Line 2. Enter the amount from page 2 of
Schedule A, line 4 (if any). See the line 4
instructions below.

Interest Payable on the QSCBs on January 15, 2022
Date of Principal Maturity

Amount of QSCBs Outstanding

Bond Interest Rate

Semiannual Interest Payable on
January 15, 2022, at the Bond
Interest Rate

01/15/2024

$10,000,000

5.25%

$262,500.00

01/15/2025

$10,000,000

5.30%

$265,000.00

01/15/2026

$10,000,000

5.35%

$267,500.00

Interest on the QSCBs Using the Applicable Credit Rate
Date of Principal Maturity

Amount of QSCBs Outstanding

Applicable Credit Rate

Semiannual Interest Using the
Applicable Credit Rate

01/15/2024

$10,000,000

5.30%

$265,000.00

01/15/2025

$10,000,000

5.30%

$265,000.00

01/15/2026

$10,000,000

5.30%

$265,000.00

For the January 15, 2022, interest payment date for the QSCBs, Issuer D completes Schedule A as follows:
(a)

(b)

(c)

(d)

(e)

Bond of Maturity Date

Interest payable on
line 18 (Form 8038-CP,
Part III) interest
payment date

Interest payable on bond
maturity on line 18 (Form
8038-CP, Part III) interest
payment date calculated using
the line 19b (Form 8038-CP, Part
III) applicable credit rate

For NCREBs and QECBs,
multiply column (c) by 70%
(0.70) (skip this column for
QZABs and QSCBs).

For NCREBs and QECBs, enter
the smaller of column (b) or
(d). For QZABs and QSCBs,
enter the smaller of column (b)
or (c).

01/15/2024

$262,500.00

$265,000.00

$262,500.00

01/15/2025

$265,000.00

$265,000.00

$265,000.00

01/15/2026

$267,500.00

$265,000.00

$265,000.00

Completion of Schedule A for NCREBs
and QECBs. Schedule A is completed
the same way for both NCREBs and
QECBs. With respect to each bond in the
issue, issuers of NCREBs and QECBs
filing Form 8038-CP request the lesser of:

1. The amount of interest payable on
the interest payment date, or
2. 70% of the amount of interest on
the interest payment date using the
applicable credit rate.

-8-

Example for NCREBs and QECBs.
On November 9, 2010, Issuer E sold
$30,000,000 of fixed rate QECBs, and
elected to receive a refundable credit
under section 6431. The interest on the
QECBs is payable semiannually on
January 15 and July 15 of each year. The

interest rate on $10,000,000 of QECBs
maturing on January 15, 2024, is 5.25%.
The interest rate on $10,000,000 of
QECBs maturing on January 15, 2025, is
5.30%. The interest rate on $10,000,000

of QECBs maturing on January 15, 2026,
is 5.35%. The applicable credit rate for
qualified tax credit bonds sold on
November 9, 2010, is 5.30%. The amount
of interest payable on the QECBs on

January 15, 2022, and the amount of
interest on the QECBs on that date using
the applicable credit rate, is shown in the
following tables:

Interest Payable on the QECBs on July 15, 2022

DRAFT AS OF
October 20, 2021

Date of Principal Maturity

Amount of QECBs Outstanding

Bond Interest Rate

Semiannual Interest Payable on
July 15, 2022, at the Bond Interest
Rate

01/15/2024

$10,000,000

5.25%

$262,500.00

01/15/2025

$10,000,000

5.30%

$265,000.00

01/15/2026

$10,000,000

5.35%

$267,500.00

Interest on the QECBs Using the Applicable Credit Rate

Date of Principal Maturity

Amount of QECBs Outstanding

Applicable Credit Rate

Semiannual Interest Using the
Applicable Credit Rate

01/15/2024

$10,000,000

5.30%

$265,000.00

01/15/2025

$10,000,000

5.30%

$265,000.00

01/15/2026

$10,000,000

5.30%

$265,000.00

For the July 15, 2022, interest payment date for the QECBs, Issuer E completes Schedule A as follows:
(a)

(b)

(c)

(d)

(e)

Bond of Maturity Date

Interest payable on
line 18 (Form 8038-CP,
Part III) interest
payment date

Interest payable on bond
maturity on line 18 (Form
8038-CP, Part III) interest
payment date calculated using
the line 19b (Form 8038-CP, Part
III) applicable credit rate

For NCREBs and QECBs,
multiply column (c) by 70%
(0.70) (skip this column for
QZABs and QSCBs).

For NCREBs and QECBs,
enter the smaller of column
(b) or (d). For QZABs and
QSCBs, enter the smaller of
column (b) or (c).

01/15/2024

$262,500.00

$265,000.00

$185,000.00

$185,000.00

01/15/2025

$265,000.00

$265,000.00

$185,000.00

$185,000.00

01/15/2026

$267,500.00

$265,000.00

$185,000.00

$185,000.00

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