[Federal Register Volume 83, Number 245 (Friday, December 21, 2018)]
[Notices]
[Pages 65803-65804]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-27596]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request for Form 8038-T

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the public and other 
Federal agencies to take this opportunity to

[[Page 65804]]

comment on proposed and/or continuing information collections, as 
required by the Paperwork Reduction Act of 1995. Currently, the IRS is 
soliciting comments concerning Form 8038-T, Arbitrage Rebate, Yield 
Reduction and Penalty in Lieu of Arbitrage Rebate.

DATES: Written comments should be received on or before February 19, 
2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6236, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to R. Joseph Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or 
through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Arbitrage Rebate, Yield Reduction and Penalty in Lieu of 
Arbitrage Rebate.
    OMB Number: 1545-1219.
    Revenue Procedure Number: 8038-T.
    Abstract: Form 8038-T is used by issuers of tax exempt bonds to 
report and pay the arbitrage rebate and to elect and/or pay various 
penalties associated with arbitrage bonds. The issuers include state 
and local governments.
    Current Actions: There is currently, no change to the form. We are 
updating the records to include the recordkeeping burden associated 
with regulation section 1.148-5(d)(6)(iii), previously approved under 
OMB number 1545-1490 and 1545-1098.
    Type of Review: Revision of a currently approved collection.
    Affected Public: State, local or tribal governments.
    Estimated Number of Respondents: 3,900.
    Estimated Time per Respondent: 24 hrs., 11 min.
    Estimated Total Annual Burden Hours: 59,325.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: December 13, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-27596 Filed 12-20-18; 8:45 am]
 BILLING CODE 4830-01-P