Revenue Procedures 2008-60; 2012-27: Election Involving the Repeal of the Bonding Requirement and Notification of Increase of Tax under § 42(j)(6)

ICR 202202-1545-005

OMB: 1545-2120

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2022-02-28
Supplementary Document
2022-02-28
Supporting Statement A
2022-03-21
ICR Details
1545-2120 202202-1545-005
Received in OIRA 201809-1545-007
TREAS/IRS
Revenue Procedures 2008-60; 2012-27: Election Involving the Repeal of the Bonding Requirement and Notification of Increase of Tax under § 42(j)(6)
Extension without change of a currently approved collection   No
Regular 03/31/2022
  Requested Previously Approved
36 Months From Approved 03/31/2022
7,810 7,810
7,810 7,810
0 0

This revenue procedure affects taxpayers who are maintaining a surety bond or a Treasury Direct Account (TDA) to satisfy the low-income housing tax credit recapture exception in § 42(j)(6) of the Internal Revenue Code, as in effect on or before July 30, 2008. This revenue procedure provides the procedures for taxpayers to follow when making the election under section 3004(i)(2)(B)(ii) of the Housing Assistance Tax Act of 2008 (Pub. L. 110–-289) to no longer maintain a surety bond or a TDA to avoid recapture.

US Code: 26 USC 42(j)(6) Name of Law: No recapture on disposition of building (or interest therein) where bond posted
   PL: Pub.L. 110 - 289 3004(i)(2)(B)(ii) Name of Law: Housing Assistance Tax Act of 2008
  
None

Not associated with rulemaking

  86 FR 63090 11/15/2021
87 FR 18477 03/29/2022
No

  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 7,810 7,810 0 0 0 0
Annual Time Burden (Hours) 7,810 7,810 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
Dillon Taylor 202 622-4940 [email protected]

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
03/31/2022


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