[Federal Register Volume 77, Number 119 (Wednesday, June 20, 2012)]
[Notices]
[Pages 37098-37099]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-14844]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8038-CP

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 
Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds.

DATES: Written comments should be received on or before August 20, 2012 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, Room 6129, 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 R. Joseph 
Durbala, (202) 622-3634, at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or

[[Page 37099]]

through the internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Return for Credit Payments to Issuers of Qualified Bonds.
    OMB Number: 1545-2142.
    Form Number: Form 8038-CP.
    Abstract: Form 8038-CP, Return for Credit Payments to Issuers of 
Qualified Bonds, was developed to carry out the provisions of the 
American Recovery and Reinvestment Act of 2009. It provides State and 
local governments with the option of issuing a tax credit bond instead 
of a tax-exempt governmental obligation bond. The bill gives state and 
local governments the option to receive a direct payment from the 
Federal government equal to a subsidy that would have been received 
through the Federal tax credit for bonds.
    Current Actions: Form 8038-CP is used by issuers of build America 
bonds, recovery zone economic development bonds, and specified tax 
credit bonds who elect to receive a direct payment from the Federal 
Government equal to a percentage of the interest payments on these 
bonds. Changes were made to the form to comply with the current 
regulations. For specific tax credit bonds with mutual bond maturities, 
the refundable credit is determined separately for each maturity. As a 
result of the changes, the total estimated annual burden is projected 
to increase by 112,000 hours. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations, 
Farms.
    Estimated Number of Respondents: 500.
    Estimated Time per Respondent: 12 hours 20 minutes.
    Estimated Total Annual Burden Hours: 246,600.
    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 4, 2012.
Gerald G. Shields,
IRS Reports Clearance Officer.
[FR Doc. 2012-14844 Filed 6-19-12; 8:45 am]
BILLING CODE 4830-01-P