[Federal Register Volume 74, Number 14 (Friday, January 23, 2009)]
[Notices]
[Pages 4303-4304]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1319]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 2008-79

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 
Notice 2008-XX, Tax Exempt Housing Bonds and 2008 Housing Legislation.

DATES: Written comments should be received on or before March 24, 2009 
to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of notice should be directed to Allan Hopkins, at (202) 622-
6665, or at Internal Revenue Service, room 6129, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Tax Exempt Housing Bonds and 2008 Housing Legislation.
    OMB Number: 1545-2119.
    Notice Number: Notice 2008-79.
    Abstract: This information is being requested from issuers of tax-
exempt bonds who issue bonds subject to the new volume cap or utilize 
proceeds of mortgage revenue bonds to refinance certain qualified 
subprime mortgage loans, as provided in the Housing Assistance Tax Act 
of 2008, enacted July 30, 2008 (``2008 Housing Act''). We are asking 
issuers to report bonds issued pursuant to the new volume cap on 
existing form 8038 that is already required to be filed in connection 
with bond issues, and issuers of mortgage revenue bonds to attach a 
schedule to the 8038 providing a reasonable estimate of the total 
expected principal amount that will be utilized to refinance qualified 
subprime mortgage loans. We are asking issuers to file a second copy of 
an existing IRS Form 8328 in order to make the election to carry 
forward additional volume cap provided under

[[Page 4304]]

the 2008. This notice sets forth the procedures to be followed by 
service recipients and service providers in order to correct certain 
operational failures of a nonqualified deferred compensation plan to 
comply with Sec.  409A(a). It also describes the types of operational 
failures that can be corrected under the notice.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: This is an extension of a currently approved 
collection.
    Affected Public: State, local, or tribal governments.
    Estimated Number of Respondents: 100.
    Estimated Average Time Per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 300.
    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: January 14, 2009.
R. Joseph Durbala,
IRS Reports Clearance Officer.
 [FR Doc. E9-1319 Filed 1-22-09; 8:45 am]
BILLING CODE 4830-01-P