Supporting statement updated during OMB review.
In response to the emergency request memorandum submitted by the Treasury and attached to this ICR, OIRA is approving Treasury's request for emergency consideration of OMB control # 1545-1979 for a period of six months. This action is due to a statutory changes made by the Inflation Reduction Act of 2022 to the energy efficient home credit. Prior to the expiration of this package in six months, Treasury shall undertake standard notice and comment procedures and describe in its next ICR submission all comments received and the extent to which commenters' recommendations were adopted.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
06/30/2023
6 Months From Approved
05/31/2023
1,980
0
198,000
5,128
0
512,820
0
0
0
Eligible contractors will use Form 8908 to claim the credit for new energy efficient homes that are acquired by sale or lease by an individual from that contractor during the tax year for use as a residence.
The Department of the Treasury and the Internal Revenue Service (IRS) are requesting a revision to OMB Control Number 1545-1979 (Energy Efficient Home Credit) under emergency procedures in connection with provisions of Congress passed Public Law 117-169, Section 13304, the Inflation Reduction Act of 2022, on August 16, 2022, which extended, modified, and increased energy efficient home credit. The Energy Policy Act of 2005, enacted the initial legislation on August 8, 2005, which enacted the legislation providing a tax credit for contractors producing new energy efficient homes.
The IRS created Form 8908 to reflect new code section 45L which allows qualified contractors to claim a credit for each qualified energy-efficient home sold. Eligible contractors use Form 8908 to claim a credit for each qualified energy efficient home sold or leased to another person during the tax year for use as a residence. The credit is based on the energy saving requirements of the home. The credit is part of the general business credit.
Section 13304 of the Inflation Reduction Act of 2022 extended, increased, and modified the energy efficient home credit. The extension generally covers homes sold or leased after December 31, 2021, and the increase and modifications are generally effective for homes sold or leased after December 31, 2022. [P.L. 117-169, sec. 13304(f)]. We are planning on implementing a December 2022 revision because the credit has been extended through 2032. The form revisions include adding lines 3a, 3b, 4a, and 4b to reflect increased credit amounts; and adding lines 5a, 5b, 6a, and 6b to reflect reduced new credit amounts.
Therefore, due to the extraordinary circumstances and statutory deadlines for implementing the Section 13304 of the Inflation Reduction Act of 2022, the Treasury and IRS request emergency processing of this information collection request by December 28th. Given the inability to seek public comment during such a short timeframe, IRS also respectfully requests a waiver from the requirement to publish a notice in the Federal Register seeking public comment during the period of Office of Management and Budget review. However, public comment will be solicited in conjunction with the subsequent extension of the approval to collect this information.
US Code:
26 USC 45L
Name of Law: New energy efficient home credit
Since the previous OMB approval, the form has been revised to add new lines related to the extension of the credit through 2032. The form revisions include adding lines 3a, 3b, 4a, and 4b to reflect increased credit amounts; and adding lines 5a, 5b, 6a, and 6b to reflect new credit amounts. These changes have not impacted the time per response for the form.
There have been burden changes related to an update to remove the individual and business filers from 1545-1979. This has decreased the burden by 507,692 hours.
$52,681
No
No
No
No
No
No
No
Obinna Chukwuanu 202 317-4244
Reginfo record details
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.
Form 8908 Energy Efficient New Home Credit
Emergency Justification Memo- 12-22-22.docx
Form 8908 - Energy Efficient Home Credit