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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-2197
ICR Reference No:
201312-1545-028
Status:
Historical Active
Previous ICR Reference No:
201202-1545-002
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
ah-2097-028
Title:
Form 1097-BTC, Bond Tax Credit
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/20/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/30/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2016
36 Months From Approved
11/30/2015
Responses
212
0
101,630,369
Time Burden (Hours)
67
0
828,287,508
Cost Burden (Dollars)
0
0
0
Abstract:
This is an information return for reporting tax credit bond credits distributed to holders of tax credit bonds. The taxpayer holding a tax credit bond on an allowance date during a tax year is allowed a credit against federal income tax equivalent to the interest that the bond would otherwise pay. The bondholder must include the amount of the credit in gross income and treat it as interest income. The issuers and holders of the tax credit bond will send Form 1097-BTC to the bond holders quarterly and file the return with the IRS annually.
Authorizing Statute(s):
US Code:
26 USC 853A(f)
Name of Law: as added by the 2009 Recovery Act
US Code:
26 USC 6041
Name of Law: Returns and Records
PL:
Pub.L. 111 - 5 1541
Name of Law: American Recorvery and Reinvestment Act of 2009
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
79 FR 15384
03/19/2014
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 36869
06/30/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Form 1097-BTC, Bond Tax Credit
1097-BTC
Bond Tax Credit
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
212
101,630,369
0
-101,630,157
0
0
Annual Time Burden (Hours)
67
828,287,508
0
-33,537,955
-794,749,486
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
This is an information return for reporting tax credit bond credits distributed to holders of tax credit bonds. Based on updated filing figures the estimates previously provided were much higher the actually received. The estimated number of responses is reduced from 101,630,369 to 212. This reduction, along with recommendations from Treasury Counsel and the Information Reporting Program Advisory Committee, have fostered a change from a required quarterly filing to as-needed reporting, occurring at the end of a given month in which credits are actually distributed. This change will result in an estimated burden decrease of 33,537,955 hours per year. The methodology used to calculate this burden has also been modified to better reflect more realistic filing requirements. This methodology is able to account for the use of today's technology more accurately. As a result, the expected time per response is reduced from the previous estimate of 8.15 hours to 19 minutes. This will decrease the estimated burden by 794,749, 486 hours per year.
Annual Cost to Federal Government:
$500
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Yes
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Janice Martin 202 622-3312
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
06/30/2014
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