[Federal Register Volume 68, Number 115 (Monday, June 16, 2003)]
[Notices]
[Page 35778]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-15161]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 990-T

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 990-T, Exempt Organization Business Income Tax Return.

DATES: Written comments should be received on or before August 15, 2003 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6411, 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 Larnice Mack 
at Internal Revenue Service, room 6407, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Exempt Organization Business Income Tax Return.
    OMB Number: 1545-0687.
    Form Number: 990-T.
    Abstract: Form 990-T is used to report and compute the unrelated 
business income tax imposed on exempt organizations by Internal Revenue 
Code section 511 and the proxy tax imposed by Code section 6033(e). The 
form provides the IRS with the information necessary to determine that 
the tax has been properly computed.
    Current Actions: The following changes are being considered:
    A. Because of section 501 of the Tax Relief Extension Act of 1999 
(Pub. L. 106-170), beginning in tax year 2000 the aggregate amounts of 
credits allowed under Subtitle A, Chapter 1, Subchapter A, Part IV, 
Subpart A of the Internal Revenue Code, will offset both a 
corporation's regular tax liability and its minimum tax. Because of 
this law change, Line 42 (alternative minimum tax) is relocated to Line 
38. The other lines are being renumbered to reflect this change.
    B. Schedule F of Form 990-T was used to compute the amount of 
specific payments (interest, annuity, royalty, or rent) that met the 
binding contract exception of Public Law 105-34, section 1041(b)(2) and 
are included on line 8. The binding contract exception, in effect on 
June 8, 1997, expires as of August 4, 2000. Therefore, Schedule F is 
being deleted as it is no longer needed.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Not-for-profit institutions.
    Estimated Number of Respondents: 37,103.
    Estimated Time Per Respondent: 138 hours., 3 minutes.
    Estimated Total Annual Burden Hours: 5,122,070.
    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: June 6, 2003.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-15161 Filed 6-13-03; 8:45 am]
BILLING CODE 4830-01-P