[Federal Register Volume 82, Number 28 (Monday, February 13, 2017)]
[Notices]
[Pages 10539-10540]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02802]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8830

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. Currently, the IRS is soliciting 
comments concerning enhanced oil recovery credit.

DATES: Written comments should be received on or before April 14, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue

[[Page 10540]]

Service, Room 6141, 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) 317-5746, Internal Revenue Service, Room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224 or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Enhanced Oil Recovery Credit.
    OMB Number: 1545-1292.
    Form Number: 8830.
    Abstract: This regulation provides guidance concerning the costs 
subject to the enhanced oil recovery credit, the circumstances under 
which the credit is available, and procedures for certifying to the 
Internal Revenue Service that a project meets the requirements of 
section 43(c) of the Internal Revenue Code.
    Current Actions: There are no changes being made to the 
regulations, at this time. Form 8830 was not issued for 2006-2015 
because it did not apply for tax years beginning in those years due to 
the continued high price of crude oil; however it will apply again for 
tax years beginning in 2016. Since oil prices remain low, it is 
possible that the credit will apply for tax years beginning in 2017. 
The changes made to Form 8830, reflect Notice 2016-44. This will 
increase the number of responses by 1,550 and annual burden by 11,067 
hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households, and business or other 
for-profit organizations
    Estimated Number of Respondents: 1,590.
    Estimated Time per Respondent: 7.87 hours.
    Estimated Total Annual Burden Hours: 12,527.
    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: February 6, 2017.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2017-02802 Filed 2-10-17; 8:45 am]
 BILLING CODE 4830-01-P