[Federal Register Volume 69, Number 99 (Friday, May 21, 2004)]
[Notices]
[Page 29350]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-11586]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-106177-97]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 an existing 
proposed regulation, REG-106177-97, Qualified State Tuition Programs.

DATES: Written comments should be received on or before July 20, 2004 
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 regulations should be directed to Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, room 6407, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Qualified State Tuition Programs.
    OMB Number: 1545-1614.
    Regulation Project Number: REG-106177-97.
    Abstract: This regulation affects qualified State tuition programs 
(QSTPs) established under Code section 529 and individuals receiving 
distributions from QSTPs. The information required by the regulation 
will be used by the IRS and individuals receiving QSTP distributions to 
verify compliance with section 529 and to determine that the taxable 
amount of the distribution has been computed correctly.
    Current Actions: Section 529 was amended to delete section (b)(3) 
which provided that a program was required to impose a more that de 
minimis penalty on any refund of earnings from an account unless (1) 
used for qualified higher education expenses, (2) made on account of 
death or disability, or (3) made on account of certain scholarships or 
certain other allowances or payments up to the amount of the 
scholarship, allowance or payment, received by the designated 
beneficiary. This change eliminated the burden connected with the 
collection of the penalty.
    The burden for recordkeeping with respect to transactions and 
separate accounts has changed because of an increase in the number of 
accounts. The estimated number of accounts has increased to 5,677,680.
    Type of review: Revision of OMB approval.
    Affected Public: State, local or tribal governments and individuals 
or households.
    Estimated Number of Respondents/Recordkeepers: 52.
    Estimated Time Per Respondent/Recordkeeper: 81,889 hrs., 37 
minutes.
    Estimated Total Annual Reporting/Recordkeeping Burden Hours: 
4,258,260.
    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: May 17, 2004.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 04-11586 Filed 5-20-04; 8:45 am]
BILLING CODE 4830-01-P