Form 3468 - Investment Credit

Forms and Documents

Document Name	Status
Form 3468 Investment Credit Form	Modified
SUP STAT 1545-0155 (Form 3468).docx Supporting Statement A	2022-02-22

IC Document Collections

IC ID	Document Title	Status
39648	Investment Credit Form	Modified

ICR Details

OMB Control No: 1545-0155	ICR Reference No: 202201-1545-004
Status: Received in OIRA	Previous ICR Reference No: 201805-1545-028
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 3468 - Investment Credit
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/28/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2022
Responses	15,345	15,345
Time Burden (Hours)	545,822	523,418
Cost Burden (Dollars)	0	0

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Abstract: Taxpayers are allowed a credit against their income tax for certain expenses they incur for their trades or businesses. Form 3468 is used to compute this investment tax credit. The information collected is used by the IRS to verify that the credit has been correctly computed.

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Authorizing Statute(s): US Code: 26 USC 47 Name of Law: Rehabilitation credit
   US Code: 26 USC 46 Name of Law: Amount of credit
   US Code: 26 USC 48 Name of Law: Energy 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:
	86 FR 59836	10/28/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 10896	02/25/2022
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
Investment Credit	3468	Investment Credit

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ICR Summary of Burden

	Total Request	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	15,345	15,345	0	0	0	0
Annual Time Burden (Hours)	545,822	523,418	0	22,404	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: There were several new lines added due to legislation for tax year 2020/2021. Line 12d was added for solar illumination or solar energy credit phase-out on basis of property that was placed in service during the year and the construction of which began in 2021. [P.L. 114-113, Div. P, sec. 303; IRC 48(a)(6)(A)(ii)]. Lines 12n, 12o, and 12p were added for qualified fuel cell credit phase-out on basis of property that was placed in service during the tax year and the construction of which began in 2021. [IRC 48(a)(7)(A)(ii)]. Line 12aa was added for qualified small wind energy credit phase-out on basis of property that was placed in service during the year and the construction of which began in 2021. [IRC 48(a)(7)(A)(ii)] Line 12ee (formerly line 12z). For the 2019 tax year, to minimize the impact on MeF and others caused by the late legislations, we utilized line 12z for the 2020 facilities as well as the 2018 since the phase-out percentage for facilities constructed in 2018 and 2020 was the same. For 2020 tax year, we removed the 2020 facilities text to new line 12gg. Line 12gg was added for the phase-out of wind facility property placed in service during the year and the construction of which began in 2020. [P.L. 116-94, Div. Q, sec. 127; IRCs 45(d) and 48(a)(5)(E)(iv)]. The above changes resulted in a program change increase of 22,404 and a new total burden of 545,822 hours.

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Annual Cost to Federal Government: $74,631

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)? Yes

Is this ICR related to the Pandemic Response? No

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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: 02/28/2022

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