[Federal Register Volume 77, Number 55 (Wednesday, March 21, 2012)]
[Notices]
[Page 16587]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-6754]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice

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)). The IRS is soliciting comments concerning information 
collection requirements related to tax exempt housing bonds and 2008 
housing legislation.

DATES: Written comments should be received on or before May 21, 2012 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, 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 Joel Goldberger, at (202) 927-
9368, 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 notice provides guidance regarding certain 
provisions affecting tax-exempt bonds and related matters under the 
Housing Assistance Tax Act of 2008, Division C of Public Law No. 110-
289, enacted on July 30, 2008 (``2008 Housing Act''). Section 3021 of 
the 2008 Housing Act amends Sec. Sec.  143 and 146 of the Internal 
Revenue Code (``Code'') to provide a temporary $11 billion increase in 
the annual private activity bond volume cap under Sec.  146 for 
qualified housing issues and to allow the use of qualified mortgage 
bonds to refinance certain subprime mortgage loans. (Except as 
otherwise provided, section references in this notice are to the Code.) 
This notice provides guidance on allocations, carryforwards, 
information reporting, and uses of this additional bond volume cap, and 
guidance on the use of qualified mortgage revenue bonds to refinance 
certain subprime mortgage loans. In addition, Sec.  3005 of the 2008 
Housing Act amends Sec.  142(d)(2) of the Code to disregard basic 
housing allowance payments to military members at certain military 
bases for purposes of applicable low-income set-aside income 
limitations under Sec.  42 and Sec.  142. This notice lists certain 
affected military bases. Section 3023 of the 2008 Housing Act provides 
temporary authority to Federal Home Loan Banks to guarantee certain 
tax-exempt bonds. This notice provides guidance on tax-exempt bonds 
eligible for such guarantees.
    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: March 8, 2012.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-6754 Filed 3-20-12; 8:45 am]
BILLING CODE 4830-01-P