View Information Collection Request (ICR) Package
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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:
1545-0155
ICR Reference No:
202201-1545-004
Status:
Historical Active
Previous ICR Reference No:
201805-1545-028
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 3468 - Investment Credit
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
08/24/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/28/2022
Terms of Clearance:
Supporting statement updated during OMB review. OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2025
36 Months From Approved
08/31/2022
Responses
15,345
0
15,345
Time Burden (Hours)
545,822
0
523,418
Cost Burden (Dollars)
0
0
0
Abstract:
Taxpayers are allowed a credit against their income tax for certain expenses they incur for their trades or businesses. Form 3468 is used to compute this investment tax credit. The information collected is used by the IRS to verify that the credit has been correctly computed.
Authorizing Statute(s):
US Code:
26 USC 46
Name of Law: Amount of credit
US Code:
26 USC 48
Name of Law: Energy credit
US Code:
26 USC 47
Name of Law: Rehabilitation credit
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:
86 FR 59836
10/28/2021
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 10896
02/25/2022
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
Investment Credit
3468
Investment 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
15,345
15,345
0
0
0
0
Annual Time Burden (Hours)
545,822
523,418
0
22,404
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
There were several new lines added due to legislation for tax year 2020/2021. Line 12d was added for solar illumination or solar energy credit phase-out on basis of property that was placed in service during the year and the construction of which began in 2021. [P.L. 114-113, Div. P, sec. 303; IRC 48(a)(6)(A)(ii)]. Lines 12n, 12o, and 12p were added for qualified fuel cell credit phase-out on basis of property that was placed in service during the tax year and the construction of which began in 2021. [IRC 48(a)(7)(A)(ii)]. Line 12aa was added for qualified small wind energy credit phase-out on basis of property that was placed in service during the year and the construction of which began in 2021. [IRC 48(a)(7)(A)(ii)] Line 12ee (formerly line 12z). For the 2019 tax year, to minimize the impact on MeF and others caused by the late legislations, we utilized line 12z for the 2020 facilities as well as the 2018 since the phase-out percentage for facilities constructed in 2018 and 2020 was the same. For 2020 tax year, we removed the 2020 facilities text to new line 12gg. Line 12gg was added for the phase-out of wind facility property placed in service during the year and the construction of which began in 2020. [P.L. 116-94, Div. Q, sec. 127; IRCs 45(d) and 48(a)(5)(E)(iv)]. The above changes resulted in a program change increase of 22,404 and a new total burden of 545,822 hours.
Annual Cost to Federal Government:
$74,631
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
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?
No
Agency Contact:
David Lupi-Sher 2026223092
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:
02/28/2022
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