Investment Credit

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 3468 Investment Credit (draft ty 2022)	Form	Modified	Available
Emergency Justification Memo - 1545-0155_AG.docx	Supplementary Document	Uploaded 2023-01-23	Available
SUP STAT 1545-0155 (Form 3468).docx	Supporting Statement A	Uploaded 2023-01-09	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
39648	Investment Credit	Instruction	Modified
39648	Investment Credit	Form	Modified	Investment Credit (draft ty 2022)

ICR Details

OMB Control No: 1545-0155	ICR Reference No: 202212-1545-023
Status: Historical Active	Previous ICR Reference No: 202201-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Investment Credit
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 01/30/2023
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/30/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/30/2023
Terms of Clearance: 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 # 1545-0155 for a period of six months. This action is due to a statutory changes made by the Inflation Reduction Act of 2022 to the investment 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
Expiration Date	07/31/2023	6 Months From Approved	08/31/2025
Responses	2,109	0	15,345
Time Burden (Hours)	75,017	0	545,822
Cost Burden (Dollars)	0	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.

Emergency Justfication: The Department of the Treasury and the Internal Revenue Service (IRS) are requesting a revision to OMB Control Number 1545-0155, Form 3468, Investment Credit under emergency procedures in connection with provisions of section 107 of Public Law 117-167 (August 9, 2022) known as The Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022, and section 13102 of Public Law 117-169, (August 16, 2022), commonly known as the Inflation Reduction Act (IRA) of 2022. The CHIPS Act of 2022, P.L. 117-167, Sec. 107, added a new investment credit under section 48D equal to 25% of the investment in any facility for the primary purpose of manufacturing of semiconductors or semiconductor manufacturing equipment placed in service after 2022. The IRA of 2022, P.L. 117-169, Sec. 13102, for energy credit property (which includes geothermal energy) and other property placed in service after 2022 (which is applicable for 2022 fiscal tax years ending in 2023), IRA 2022 provides that the credit rate increases to 30% instead of 10%. Form 3468 is required to be updated in order to take into account these statutory changes. Because the provisions in CHIPS and IRA are available to 2022 fiscal tax filers, the Department of the Treasury and the Internal Revenue Service believe that emergency processing and immediate approval are in the public interest. Due to the extraordinary circumstances and statutory deadlines for implementing these provisions, Treasury and IRS request emergency processing of this information collection request by January 30, 2023. 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.

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Authorizing Statute(s): US Code: 26 USC 48 Name of Law: Energy credit
   US Code: 26 USC 46 Name of Law: Amount of credit
   US Code: 26 USC 47 Name of Law: Rehabilitation credit
   PL: Pub.L. 117 - 167 107 Name of Law: The Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022
   PL: Pub.L. 117 - 169 13102 Name of Law: Inflation Reduction Act (IRA) of 2022
  

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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Investment Credit	3468	Investment Credit (draft ty 2022)

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ICR Summary of Burden

table that charts list of burden

	Total Approved	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	2,109	15,345	0	-13,236	0	0
Annual Time Burden (Hours)	75,017	545,822	0	-470,805	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Cutting Redundancy

Short Statement: Since the previous OMB approval, the form has been revised to repurpose line 7 for the Advanced manufacturing investment credit and other changes to language, and percentages were made. 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 1545-0155. This has decreased the burden by 470,805 hours.

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Annual Cost to Federal Government: $88,089

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: 01/30/2023

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