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:
1545-2132
ICR Reference No:
202212-1545-005
Status:
Historical Active
Previous ICR Reference No:
202101-1545-004
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Carbon Dioxide Sequestration 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:
01/23/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/20/2022
Terms of Clearance:
OMB notes that Form 8933 is approved for business and individual taxpayer use on an annual cycle per the terms of clearance under OMB control numbers 1545-0123 and 1545-0074.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2024
36 Months From Approved
03/31/2023
Responses
250
0
100
Time Burden (Hours)
4,380
0
215
Cost Burden (Dollars)
0
0
0
Abstract:
Use Form 8933 to claim the carbon oxide sequestration credit. The credit is allowed for qualified carbon oxide that is captured and disposed of or captured, used, and disposed of by the taxpayer in secure geological storage. Only carbon oxide captured and disposed of or used within the United States or a U.S. possession is taken into account when figuring the credit.
Authorizing Statute(s):
US Code:
26 USC 45Q
Name of Law: Credits against tax.
PL:
Pub.L. 110 - 343 115
Name of Law: Emergency Economic Stabilization Act
Citations for New Statutory Requirements:
PL: Pub.L. 117 - 169 13104 Name of Law: Inflation Reduction Act
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:
87 FR 61146
10/07/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 77960
12/20/2022
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
Form 8933 - Carbon Dioxide Sequestration Credit
Form 8933
Carbon Dioxide Sequestration 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
250
100
0
0
150
0
Annual Time Burden (Hours)
4,380
215
3,842
0
323
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:
To reflect new provisions under PL 117-169, section 13104, we are making the following changes to Form 8933. We added new Part IV for qualified direct air capture facilities under section 45Q(d)(2)(A) placed in service after 2022. The applicable dollar amount per metric ton for new line 7b is $36. The applicable dollar amount per metric ton for new line 8b is $26. The applicable dollar amount for new line 9b is $26. These new amounts, respectively, will be added to the Instructions for Form 8933. [IRC 45Q(b)(1)(B)] We added a new line 12 for section 45Q(f)(9) election. As a result of the new Part IV and new line 12, we renumbered parts, lines, and references on the form as needed. PL 117-169 Section 13104 mentions an increased credit amount for qualified facilities and carbon capture equipment, including the possibility of the issuance of guidance or regulations to carry out the purpose of this section. If any issuance of guidance or regulations leads to additional form changes, we will, as necessary, issue subsequent circulations to show the changes made necessary by the guidance or regulations. Section 13104 also mentions the possibility of a credit reduction due to tax-exempt bonds. If it is determined that a credit reduction due to tax-exempt bonds will need to be addressed on Form 8933, we will, as necessary, issue subsequent circulations to show the necessary changes. These changes will result in an estimated burden increase of 150 responses and 4,165 hours.
Annual Cost to Federal Government:
$48,658
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.
No
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.
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)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Lorinda Chin 202 317-6013
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:
12/20/2022
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