[Federal Register Volume 87, Number 43 (Friday, March 4, 2022)]
[Notices]
[Pages 12548-12549]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-04547]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting comments on Enhanced Oil Recovery 
Credit

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 May 3, 2022 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected]. Include OMB Number 1545-1292 or 
Enhanced Oil Recovery Credit in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to LaNita Van Dyke, at 
(202) 317-6009, at Internal Revenue Service, Room 6526, 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 2019-2020 
because the section 43 credit was completely phased out and the form 
was not needed due to the continued high price of crude oil; however, 
it will apply again for tax years beginning in 2021. The changes made 
to Form 8830, reflect Notice 2021-47. This will increase the number of 
responses by

[[Page 12549]]

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 28, 2022.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2022-04547 Filed 3-3-22; 8:45 am]
BILLING CODE 4830-01-P