[Federal Register Volume 62, Number 136 (Wednesday, July 16, 1997)]
[Notices]
[Pages 38192-38193]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-18754]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8830
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 8830, Enhanced Oil Recovery Credit.
DATES: Written comments should be received on or before September 15,
1997 to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Enhanced Oil Recovery Credit.
OMB Number: 1545-1282.
Form Number: 8830.
Abstract: Internal Revenue Code section 43 allows taxpayers to
elect a tax credit of 15% of the qualified oil recovery costs paid or
incurred during the year. The credit is phased out as the reference
price of crude oil for the prior year exceeds $28 per barrel. Form 8830
is used by taxpayers to compute the credit.
Current Actions: Line 6(c) (Adoption Credit) was added to the form
effective for tax years beginning after December 31, 1996. The adoption
credit will become part of the computation of the tax liability
limitation on the enhanced oil recovery credit.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals or households.
Estimated Number of Respondents: 10,000.
Estimated Time Per Respondent: 7 hr., 52 min.
[[Page 38193]]
Estimated Total Annual Burden Hours: 78,700.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number.
Books or records relating to a collection of information must be
retained as long as their contents may become material in the
administration of any internal revenue law. Generally, tax returns and
tax return information are confidential, as required by 26 U.S.C. 6103.
Request for Comments
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval. All comments will
become a matter of public record.
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the functions of the agency,
including whether the information shall have practical utility; (b) the
accuracy of the agency's estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology; and (e) estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of services to provide
information.
Approved: July 8, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-18754 Filed 7-15-97; 8:45 am]
BILLING CODE 4830-01-U