[Federal Register Volume 72, Number 119 (Thursday, June 21, 2007)]
[Notices]
[Page 34357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-11975]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation 121475-03

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 
Regulation 121475-03 Qualified Zone Academy Bonds: Obligations of 
States and Political Subdivision.

DATES: Written comments should be received on or before August 20, 2007 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. 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 regulation should be directed to Carolyn N. Brown, (202) 
622-6688, or at Internal Revenue Service, room 6516, 1111 Constitution 
Avenue, NW., Washington, DC 20224 or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Qualified Zone Academy Bonds: Obligations of States and 
Political Subdivision.
    OMB Number: 1545-1908.
    Regulation Number: Regulation 121475-03.
    Abstract: The agency needs the information to ensure compliance 
with the requirement under the regulation that the taxpayer rebates the 
earnings on the defeasance escrow to the United States. The agency will 
use the notice to ensure that the respondent pays rebate when rebate 
becomes due. The respondent are state and local governments that issue 
qualified zone academy bonds under Sec.  1397E of the IRC.
    Current Actions: There are no changes being made to the regulation 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, Local or Tribal Government.
    Estimated Number of Respondents: 6.
    Estimated Average Time per Respondent: 30 minutes.
    Estimated Total Annual Reporting Hours: 3.
    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 13, 2007.
Larnice Mack,
IRS Reports Clearance Officer.
[FR Doc. E7-11975 Filed 6-20-07; 8:45 am]
BILLING CODE 4830-01-P