Form 1097-BTC, Bond Tax Credit

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 1097-BTC Bond Tax Credit	Form	Modified	Available
Form 1097-BTC Form 1097-BTC, Bond Tax Credit	Form	Modified	Repair queued
1545-2197 Supporting Statement.docx	Supporting Statement A	Uploaded 2023-04-01	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
194836	Form 1097-BTC, Bond Tax Credit	Form	Modified	Bond Tax Credit
194836	Form 1097-BTC, Bond Tax Credit	Form	Modified
194836	Form 1097-BTC, Bond Tax Credit	Instruction	Modified

ICR Details

OMB Control No: 1545-2197	ICR Reference No: 202303-1545-011
Status: Historical Active	Previous ICR Reference No: 201910-1545-021
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1097-BTC, Bond Tax Credit
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/08/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/01/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2026	36 Months From Approved	06/30/2023
Responses	1,500	0	212
Time Burden (Hours)	474	0	67
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1097-BTC, Bond Tax Credit, is an information return used by a regulated investment company (RIC) to report tax credit bond credits distributed to shareholders. Shareholders of the RIC include their proportionate share of the interest income attributable to the credits and are allowed to claim the proportionate share of credits on their tax returns. A RIC must report the shareholder's proportionate share of credits and gross income after the close of the RIC's tax year. Form 1097-BTC, Bond Tax Credit, has been designed to report to the taxpayers and the IRS the tax credit distributed.

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Authorizing Statute(s): US Code: 26 USC 6049 Name of Law: Returns Regarding Payments Of Interest
   US Code: 26 USC 853A Name of Law: Credits from tax credit bonds allowed to shareholders
   US Code: 26 USC 6041 Name of Law: Information At Source
  

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:
	88 FR 911	01/05/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 19189	03/30/2023
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
Form 1097-BTC, Bond Tax Credit	1097-BTC	Bond Tax Credit

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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	1,500	212	0	0	1,288	0
Annual Time Burden (Hours)	474	67	0	0	407	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: No

Burden Reduction Due to:

Short Statement: There is no change in the paperwork burden previously approved by OMB. However, the change in estimated number of responses increases the total burden by 407 hours due to Agency Estimate.

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Annual Cost to Federal Government: $163,593

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.     No

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: 04/01/2023

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