[Federal Register Volume 71, Number 137 (Tuesday, July 18, 2006)]
[Notices]
[Pages 40781-40782]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-11283]


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

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.

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

SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent

[[Page 40782]]

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 18, 
2006 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6516, 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 Allan 
Hopkins, at (202) 622-6665, or at Internal Revenue Service, room 6516, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet, at [email protected].

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: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 2,416.
    Estimated Time Per Response: 7 hours, 10 minutes.
    Estimated Total Annual Burden Hours: 17,323.
    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 11, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer
[FR Doc. E6-11283 Filed 7-17-06; 8:45 am]
BILLING CODE 4830-01-P