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:
1545-0988
ICR Reference No:
202207-1545-012
Status:
Historical Inactive
Previous ICR Reference No:
202101-1545-019
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 8609, Low-Income Housing Credit Allocation Certification; Form 8609-A, Annual Statement for Low-Income Housing Credit
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
09/30/2022
OIRA Conclusion Action:
Preapproved
Conclusion Date:
10/06/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/29/2022
Terms of Clearance:
This submission is associated with the information collection requirements contained temporary regulation sections of TD 9967 and accompanying NPRM.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2023
6 Months From Approved
07/31/2024
Responses
33,000
0
30,000
Time Burden (Hours)
428,265
0
414,915
Cost Burden (Dollars)
0
0
0
Abstract:
Owners of residential low-income rental buildings may claim a low-income housing credit for each qualified building over a 10-year credit period. Form 8609 can be used to obtain a housing credit allocation from the housing credit agency. Form 8609, along with Form 8609-A, is used by the owner to certify necessary information required by the law. The private sector and government agencies, such as housing credit agencies, are affected groups.
Emergency Justfication:
The Department of the Treasury and the Internal Revenue Service (IRS) are requesting emergency processing and immediate approval of paperwork requirements that will appear for the first time in temporary regulations included in the forthcoming LIHTC Average Income TD. Taxpayers are seeking to rely on these final regulations as soon as possible, and enabling that reliance is a top priority of the Department. Reliance, however, will not practically be possible before these paperwork requirements receive OMB approval. Thus, emergency processing and immediate approval are in the public interest.
Authorizing Statute(s):
US Code:
26 USC 42
Name of Law: Low-income housing credit
US Code:
26 USC 38
Name of Law: General Business Credit
Citations for New Statutory Requirements:
PL: Pub.L. 115 - 141 42 Name of Law: Consolidated Appropriations Act of 2018
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1545-BO92
Final or interim final rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Form 8609, Low-Income Housing Credit Allocation and Certification
8609
Form 8609-A - Annual Statement for Low-Income Housing Credit
8609-A
Line 11 Worksheet
Low-Income Housing Credit Average Income Test Regulations
ICR Summary of Burden
Total Request
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
33,000
30,000
3,000
0
0
0
Annual Time Burden (Hours)
428,265
414,915
13,350
0
0
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:
No
Burden Reduction Due to:
Short Statement:
Forms 8609 and 8609-A have previously been revised to comply with updates in current laws and regulatory requirements. In general, the substantive final regulations (TD 9967) provide significant flexibility with respect to satisfying the average income test set-aside, designating Applicable Fraction Units, and changing the imputed income limitation designations of residential units. It is this increased regulatory flexibility, however, that makes these paperwork requirements necessary. The requirements are needed to enhance administrability and certainty for the taxpayers and Agencies that will be taking advantage of the sought-for flexibility. The changes resulting from the final regulations will increase the burden by and estimated 13,350 hours.
Annual Cost to Federal Government:
$25,516
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)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Maria Staggers 2022836577
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:
09/29/2022
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