[Federal Register Volume 68, Number 139 (Monday, July 21, 2003)]
[Notices]
[Pages 43256-43257]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18482]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8586

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 8586, Low-Income Housing Credit.

DATES: Written comments should be received on or before September 19, 
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 (202) 622-3179, or [email protected], or Internal Revenue 
Service, Room 6407, 1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Low-Income Housing Credit.
    OMB Number: 1545-0984.
    Form Number: 8586.
    Abstract: Internal Revenue Code section 42 permits owners of 
residential rental projects providing low-income housing to claim a tax 
credit for part of the cost of constructing or rehabilitating such low-
income housing. Form 8586 is used by taxpayers to compute the credit

[[Page 43257]]

and by the IRS to verify that the correct credit has been claimed.
    Current Actions: The order of Part II, Tax Liability Limit, was 
revised for this form. Section 501 of Public Law 106-170 extended the 
provision that allows individuals to offset the regular tax liability 
in full for personal credits. Previously filers were allowed to claim 
credits to the extent that the regular tax liability exceeded the 
tentative minimum tax. For tax years beginning in 2000 and 2001, 
personal nonrefundable credits may offset both the regular tax and the 
minimum tax. Also, the computation was changed in Part II to reflect 
and to conform to changes that were made to the tax computation on Form 
1040. A new line 10 was added to show the sum of the regular tax before 
credits and the alternative minimum tax.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individual or households, and business or other 
for-profit organizations.
    Estimated Number of Response: 168,137.
    Estimated Time Per Respondent: 13 hrs., 45 minutes.
    Estimated Total Annual Burden Hours: 2,311,884.
    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 15, 2003.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-18482 Filed 7-18-03; 8:45 am]
BILLING CODE 4830-01-P