[Federal Register Volume 85, Number 231 (Tuesday, December 1, 2020)]
[Notices]
[Pages 77340-77341]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26456]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Burden Related to Mortgage 
Credit Certificates (MCCs)

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 comment on proposed and/or 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. Currently, the IRS is soliciting comments 
concerning the application process for determination of employee stock 
ownership plans.

DATES: Written comments should be received on or before February 1, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 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: Mortgage Credit Certificates (MCCs).
    OMB Number: 1545-0922.
    Regulation Project Number: Form 8329 and Form 8330.
    Abstract: Mortgage Credit Certificates provide qualified holders of 
the certificates with a credit against income tax liability. In 
general, an Issuer elects to establish a mortgage credit certificate 
program in lieu of issuing qualified mortgage revenue bonds. Section 25 
of the Code permits states and political subdivisions to elect to issue 
Mortgage Credit Certificates in lieu of qualified mortgage revenue 
bonds. Form 8329 is used by lending institutions and Form 8330 is used 
by state and local governments to provide the IRS with information on 
the issuance of mortgage credit certificates (MCCs) authorized under 
Internal Revenue Code section 25. IRS matches the information supplied 
by lenders and issuers to ensure that the credit is computed properly.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: Form 8329--10,000; Form 8330--
2,000.
    Estimated Time per Respondent: Form 8329--5 hrs. 53 min.; Form 
8330--7 hrs. 28 min.
    Estimated Total Annual Burden Hours: Form 8329--58,800; Form 8330--
14,920.
    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

[[Page 77341]]

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: November 25, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-26456 Filed 11-30-20; 8:45 am]
BILLING CODE 4830-01-P