8038-CP Instructions for Form 8038-CP

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Instructions for Form
8038-CP

Department of the Treasury
Internal Revenue Service

(Rev. December 2022)

Return for Credit Payments to Issuers of Qualified Bonds

DRAFT AS OF
December 5, 2022

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

Schedule A (Form 8038-CP) was changed. The schedule
now requires entering the interest payment date instead of the
date of issue. Use the December 2022 revision of Schedule A
with the January 2022 revision of Form 8038-CP.
Electronic filing is available. Electronic filing of Form
8038-CP is now available.

Reminders
Form 8038-CP was redesigned in January 2022. The
revised Form 8038-CP limits when an amended return can be
filed and the requirements for filing an amended return. Filers
are required to enter the report number on line 10 for the bonds.
Line 17c asks for identification of the type of bonds using a
three-digit number. 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. Line 21c asks for an
explanation of any amount reported on line 21a or 21b using a
three-digit explanation code. Line 23b asks for an explanation of
the changes to the debt service schedule using a three-digit
explanation code. Line 24b asks for an explanation of the
response to line 24a using a three-digit explanation code.
Line 26 is used to report direct deposit information.

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, 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 QZAB

Dec 2, 2022

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 (Direct Pay bonds) who elect to
receive a direct 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 outstanding bonds for which this return is
CAUTION submitted has reasonably concluded that the bonds
meet all applicable requirements for the payment of the
requested credit.

!

Who Must File

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

What To File

Issuers of BABs (Direct Pay), 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.

Cat. No. 52942P

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.

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.

DRAFT AS OF
December 5, 2022

Don't attach materials not authorized in the instructions or not
otherwise authorized by the IRS.

When To File

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.

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

!

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 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.

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 for which the reimbursement is being
requested.

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 To File

Where the Requested Payment Will Be Sent

Other Forms That May Be Required

No Rounding to Whole Dollars

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 account numbers listed on lines 26a and 26c.

Electronic filing. You can file Form 8038-CP electronically. For
general information about electronic filing, visit IRS.gov/Efile,
and see Pub. 4163, Modernized e-File (MeF) Information for
Authorized IRS e-File Providers for Business Returns Tax
Returns Processed in Year 2022.
Paper returns. Send Form 8038-CP to:

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.

Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201-0050
Private delivery services (PDSs). Paper filers can use certain
PDSs 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 PDSs, go to
IRS.gov/PDSstreetAddresses.

!

CAUTION

If the amount of the credit payment requested is required
to be offset against other outstanding taxes or
CAUTION 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

PDSs can’t deliver items to P.O. boxes. You must use
the U.S. Postal Service to mail any item to an IRS P.O.
box address.

Part I—Information on Entity That Is To Receive
Payment
Amended Return

Assembling Form 8038-CP, Schedule A, and
Attachments

When to check the Amended Return box. An amended
return can only be filed if you are filing to correct errors in Part III

Before filing Form 8038-CP, assemble the package of the core
form, Schedule A, and attachments in the following order.
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6. Complete the Signature and Consent parts of the form
using current information.

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.

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, we encourage you to file the amended return on paper.
• Attach an explanation of the reason for the amended return as
a separate document labeled “Explanation for Amended
Return.” Include the issuer name, employer identification
number (EIN), the relevant interest payment date for 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.

DRAFT AS OF
December 5, 2022

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 January 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.

If a final return was not filed, any corrections to the
amount of credit payment requested in Part III of a
CAUTION 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. 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 January 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, later.)
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, later.)
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 isn’t 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.

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 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.
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.

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Part II—Reporting Authority

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 delay
payment of the credit or otherwise affect normal processing.

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.

DRAFT AS OF
December 5, 2022

Line 12. Enter the issue date of the bond issue. For BABs
(Direct Pay) and RZEDBs, the issue date should be the issue
date listed on Form 8038-B, Part I, line 7, filed for the bond
issue. For specified tax credit bonds, the issue date should be
the issue date listed on Form 8038-TC, Part I, line 7, 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 specified tax credit
bond, assign separate report numbers for NCREBs, QECBs,
QZABs, and QSCBs, 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.
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.

Line 13. Enter the name of the bond issue. If the bond issue is
not named, write “None.” For BABs (Direct Pay) 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 nine-character CUSIP number without spaces or
CAUTION “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 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
-4-

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
variable rate bonds 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.

though the bonds corresponding to the CUSIP number are no
longer outstanding.
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.

DRAFT AS OF
December 5, 2022

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 19a. Enter the amount of interest payable to the holders of
the bonds on the interest payment date. The amount 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.)

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.

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

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.

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.

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.

Note. Issuers issuing QZABs pursuant to an allocation of 2011
or later national zone academy bond limitation (volume cap)
can’t 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.
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.

A failure to provide requested information or providing
incorrect information could delay processing of this
CAUTION 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
-5-

• 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.

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.)
• 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.

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.

DRAFT AS OF
December 5, 2022

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.

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 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

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.
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
-6-

If the amount of 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.

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.

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.)

DRAFT AS OF
December 5, 2022

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.

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.

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 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.
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

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. See the instructions for line 10, earlier.

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.

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.

• Sign the return in the space provided for the preparer's

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 can’t 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:

signature, and
• Give a copy of the return to the issuer.

General Information

The IRS is not responsible for a lost credit payment if
you enter the wrong account information. Check with
CAUTION 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.

!

How to get faster payments.
• File early.
1. The IRS accepts Form 8038-CP 45 days before the return
due date (but no more than 90 days before the interest payment
date for fixed rate bonds).
2. Filing electronic or paper returns on the due date doesn’t
permit sufficient time to make a timely payment if there are
-7-

bonds of the same type, principal maturity date, and interest
rate.)

mistakes on the return or correspondence is needed to verify
information.
• File an electronic return.
• Make sure the correct version of a paper return is used
(January 2022).
• Ensure that contact persons listed on lines 5 and 15 are
familiar with the information on the return and can answer
questions from the IRS.
• Use direct deposit (line 26).
• Make sure to enter a valid report number on line 10. See
instructions for line 10.

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 NCREBs and QECBs, 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.

DRAFT AS OF
December 5, 2022

Avoid common mistakes.
• Make sure to attach a revised debt service schedule when
you checked “Yes” on line 23a.

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 maturity of bonds on each interest payment
date.

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

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).

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.

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).

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 that would be payable on the
interest payment date using the applicable credit rate.

Specific Instructions

Enter the following from Form 8038-CP.
• Issuer name—From Part II, line 7.
• EIN—From Part II, line 8.
• Report number—From Part II, line 10.
• Interest payment date (MM/DD/YYYY)—From Part III, line 18.

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 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, 2023, and the
amount of interest that would be payable on the QSCBs on that
date using the applicable credit rate, is shown in the following
tables:

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.

!

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

CAUTION

1. Column (a): List the maturity date (MM/DD/YYYY) for
each separate maturity of the bonds. (A maturity is comprised of

-8-

Interest Payable on the QSCBs on January 15, 2023
Date of Principal Maturity

Amount of QSCBs Outstanding

Bond Interest Rate

Semiannual Interest Payable on
January 15, 2023, 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

DRAFT AS OF
December 5, 2022
01/15/2026

$10,000,000

5.35%

$267,500.00

Interest That Would Be Payable 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, 2023, 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 that would be 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

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 July 15, 2023, and the
amount of interest that would be payable on the QECBs on that
date using the applicable credit rate, is shown in the following
tables:

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 that would be payable on
the interest payment date using the applicable credit rate.
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

Interest Payable on the QECBs on July 15, 2023
Date of Principal Maturity

Amount of QECBs Outstanding

Bond Interest Rate

Semiannual Interest Payable on
July 15, 2023, 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

-9-

Interest That Would Be Payable 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

DRAFT AS OF
December 5, 2022

For the July 15, 2023, 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 that would be 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

If you have comments concerning the accuracy of these time
estimates or suggestions for making this form simpler, we would
be happy to hear from you. You can send us comments through
IRS.gov/FormComments.

Paperwork Reduction Act Notice. We ask for the information
on this form to carry out the Internal Revenue laws of the United
States. You are required to give us the information. We need it to
ensure that you are complying with these laws.
You are not required to provide the information requested on
a form that is subject to the Paperwork Reduction Act unless the
form displays a valid OMB control number. Books or records
relating to a form or its instructions must be retained as long as
their contents may become material in the administration of any
Internal Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.
The time needed to complete and file this form will vary
depending on individual circumstances. The estimated burden
for tax-exempt organizations filing this form is approved under
OMB control number 1545-0047 and is included in the estimates
shown in the instructions for their information return.

Or you can write to:
Internal Revenue Service
Tax Forms and Publications Division
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224
Do not send Form 8038-CP to this address. Instead, see
Where To File, earlier.

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