[Federal Register Volume 77, Number 188 (Thursday, September 27, 2012)]
[Notices]
[Pages 59454-59455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-23727]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 2009-26

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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[[Page 59455]]

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 2009-26, Build America Bonds and Direct Payment Subsidy 
Implementation.

DATES: Written comments should be received on or before November 26, 
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 this regulation should be directed to Allan Hopkins, (202) 
622-6665, Internal Revenue Service, Room 6129, 1111 Constitution Avenue 
NW., Washington, DC 20224, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Build America Bonds and Direct Payment Subsidy 
Implementation.
    OMB Number: 1545-2143.
    Notice Number: Notice 2009-26.
    Abstract: This Notice provides guidance on the new tax incentives 
for Build America Bonds under Sec.  54AA of the Internal Revenue Code 
(``Code'') and the implementation plans for the refundable credit 
payment procedures for these bonds. This Notice includes guidance on 
the modified Build America Bond program for Recovery Zone Economic 
Development Bonds under Sec.  1400U-2 of the Code. This Notice provides 
guidance on the initial refundable credit payment procedures, required 
elections, and information reporting. This Notice solicits public 
comments on the refundable credit payment procedures for these bonds. 
This Notice is intended to facilitate prompt implementation of the 
Build America Bond program and to enable state and local governments to 
begin issuing these bonds for authorized purposes to promote economic 
recovery and job creation.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
not-for-profit institutions.
    Estimated Number of Respondents: 1,000.
    Estimated Average Time per Respondent: 15 hours.
    Estimated Total Annual Burden Hours: 15,000.
    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: September 21, 2012.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2012-23727 Filed 9-26-12; 8:45 am]
BILLING CODE 4830-01-P