Form 8904 - Credit for Oil and Gas Production From Marginal Wells

Forms and Documents

Document	Type	Status	Availability
Form 8904 Credit for Oil and Gas Production From Marginal Wells	Form	Modified	Repair queued
2024 Supporting Statement (1545-2278).docx	Supporting Statement A	Uploaded 2024-10-17	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
228677	Credit for Oil and Gas Production From Marginal Wells	Form	Modified

ICR Details

OMB Control No: 1545-2278	ICR Reference No: 202410-1545-008
Status: Received in OIRA	Previous ICR Reference No: 202106-1545-001
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8904 - Credit for Oil and Gas Production From Marginal Wells
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/29/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2024
Responses	20,000	20,000
Time Burden (Hours)	59,200	59,200
Cost Burden (Dollars)	0	0

---

Abstract: Internal Revenue Code (IRC), Section 45I, provides guidance for claiming the credit for producing oil or natural gas from marginal wells. Notice 2021-34 provides the applicable reference price ($2.55 er 1,000 cubic feet) for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2019, for purposes of determining the marginal well production credit (MWC) under section 45I. PL 108-357, section 341 defines how the marginal well production credit for any taxable year is determined.

---

Authorizing Statute(s): PL: Pub.L. 108 - 357 341(a) Name of Law: American Jobs Creation Act of 2004
   US Code: 26 USC 45I Name of Law: Credit for producing oil and gas from marginal wells
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 65894	08/13/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 94880	11/29/2024
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Credit for Oil and Gas Production From Marginal Wells	8904	Credit for Oil and Gas Production From Marginal Wells

---

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	20,000	20,000	0	0	0	0
Annual Time Burden (Hours)	59,200	59,200	0	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:

---

Annual Cost to Federal Government: $22,499

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)? No

Is this ICR related to the Pandemic Response? No

---

Common Form ICR:  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:

(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: 11/29/2024

---