[Federal Register Volume 87, Number 75 (Tuesday, April 19, 2022)]
[Notices]
[Page 23321]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-08325]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 8586

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 information 
collections, as required by the Paperwork Reduction Act of 1995. The 
IRS is soliciting comments concerning Form 8586, Low-Income Housing 
Credit.

DATES: Written comments should be received on or before June 21, 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 1545-0984 or Low-Income 
Housing 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: Low-Income Housing Credit.
    OMB Number: 1545-0984.
    Form Number: 8586.
    Abstract: Internal Revenue Code section 42 permits owners of 
residential rental projects providing low-income housing to claim a tax 
credit for part of the cost of constructing or rehabilitating such low-
income housing. Form 8586 is used by taxpayers to compute the credit 
and by the IRS to verify that the correct credit has been claimed.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, and businesses, or 
other for-profit organizations.
    Estimated Number of Respondents: 779.
    Estimated Time per Respondent: 8 hrs., 48 min.
    Estimated Total Annual Burden Hours: 6,855.
    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.
    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: April 14, 2022.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2022-08325 Filed 4-18-22; 8:45 am]
BILLING CODE 4830-01-P