Pre-Filing Registration for Elective Payment and Transfer Elections

Forms and Documents

Document Name	Status
EPE_0731_pt3.pdf Supplementary Document	2023-08-15
EPE_0720_pt2.pdf Supplementary Document	2023-08-15
EPE_0731_Complete.pdf Supplementary Document	2023-08-15
TD 9975.pdf Supplementary Document	2023-08-10
Supporting Statement-1545-XXXX.docx Supporting Statement A	2023-08-10

IC Document Collections

IC ID	Document Title	Status
259726	Transfer of Certain Credits Other-Screenshots	New
259725	Elective Payment of Applicable Credits Other-Screenshots	New
259724	Advanced Manufacturing Investment Credit Other-Screenshots	New

ICR Details

OMB Control No:	ICR Reference No: 202304-1545-005
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Pre-Filing Registration for Elective Payment and Transfer Elections
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/15/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	70,050	0
Time Burden (Hours)	434,471	0
Cost Burden (Dollars)	0	0

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Abstract: Section 107(a) of the CHIPS Act of 2022 (CHIPS Act), enacted as Division A of Public Law 117–167, 136 Stat. 1366, 1393 (August 9, 2022), added section 48D to the Code to establish the advanced manufacturing investment credit (section 48D credit) as an investment credit for purposes of section 46 of the Code, which is a current year general business credit under section 38 of the Code. On August 16, 2022, section 6417 was added to the Internal Revenue Code (Code) by Public Law 117-169, title I, section 13801(a), 136 Stat. 1818, commonly referred to as the Inflation Reduction Act of 2022 (IRA). Section 6417 is effective for tax years beginning after December 31, 2022. Section 6418 of the Code was enacted by section 13801(b) of the IRA to permit eligible credits to be transferred from eligible taxpayers to an unrelated taxpayer. This temporary regulation prescribes the registration procedures of the IRS electronic registration portal. The temporary regulations will also cover a new return filing requirement for current non-filers (for example, state and local governments will have to a file a Form 990-T (1545-0047), to make the elective payment election).

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Authorizing Statute(s): PL: Pub.L. 117 - 169 13801 Name of Law: Inflation Reduction Act of 2022 (IRA)
   US Code: 26 USC 48D Name of Law: Advanced Manufacturing Investment Credit
   US Code: 26 USC 6417 Name of Law: Elective Payment of Applicable Credits
   US Code: 26 USC 6418 Name of Law: Transfer of Certain Credits
   PL: Pub.L. 117 - 167 107 Name of Law: CHIPS Act of 2022 (CHIPS Act)
  

Citations for New Statutory Requirements: US Code: 26 USC 48D Name of Law: Advanced Manufacturing Investment Credit
US Code: 26 USC 6417 Name of Law: Elective Payment of Applicable Credits
US Code: 26 USC 6418 Name of Law: Transfer of Certain Credits

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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 40086	06/21/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 55123	08/14/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Advanced Manufacturing Investment Credit
Elective Payment of Applicable Credits
Transfer of Certain Credits

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ICR Summary of Burden

	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	70,050	0	70,050	0	0	0
Annual Time Burden (Hours)	434,471	0	434,471	0	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: No

Burden Reduction Due to:

Short Statement: Section 107(a) of the Chips Act of 2022 created section 48D as a new investment tax credit under the Code. Section 6417 and 6418 are new. They were added to the Code on August 16, 2022. They are effective for tax years beginning after December 31, 2022. The Treasury Department and the IRS have determined that registration through the IRS electronic registration portal is necessary to enable the IRS to elective payments issued to applicable entities to prevent duplication, fraud, and excessive payments. The change to collection of information resulting from the temporary regulation will create an estimated 70,050 responses and an estimated annual burden of 434,471 hours.

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Annual Cost to Federal Government: $2,500,000

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.     No

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)? No

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: 08/15/2023

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