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:
202212-1545-023
Status:
Historical Active
Previous ICR Reference No:
202201-1545-004
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Investment Credit
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
01/30/2023
OIRA Conclusion Action:
Approved without change
Conclusion Date:
01/30/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/30/2023
Terms of Clearance:
In response to the emergency request memorandum submitted by the Treasury and attached to this ICR, OIRA is approving Treasury's request for emergency consideration of OMB control # 1545-0155 for a period of six months. This action is due to a statutory changes made by the Inflation Reduction Act of 2022 to the investment credit. Prior to the expiration of this package in six months, Treasury shall undertake standard notice and comment procedures and describe in its next ICR submission all comments received and the extent to which commenters' recommendations were adopted.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2023
6 Months From Approved
08/31/2025
Responses
2,109
0
15,345
Time Burden (Hours)
75,017
0
545,822
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.
Emergency Justfication:
The Department of the Treasury and the Internal Revenue Service (IRS) are requesting a revision to OMB Control Number 1545-0155, Form 3468, Investment Credit under emergency procedures in connection with provisions of section 107 of Public Law 117-167 (August 9, 2022) known as The Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022, and section 13102 of Public Law 117-169, (August 16, 2022), commonly known as the Inflation Reduction Act (IRA) of 2022. The CHIPS Act of 2022, P.L. 117-167, Sec. 107, added a new investment credit under section 48D equal to 25% of the investment in any facility for the primary purpose of manufacturing of semiconductors or semiconductor manufacturing equipment placed in service after 2022. The IRA of 2022, P.L. 117-169, Sec. 13102, for energy credit property (which includes geothermal energy) and other property placed in service after 2022 (which is applicable for 2022 fiscal tax years ending in 2023), IRA 2022 provides that the credit rate increases to 30% instead of 10%. Form 3468 is required to be updated in order to take into account these statutory changes. Because the provisions in CHIPS and IRA are available to 2022 fiscal tax filers, the Department of the Treasury and the Internal Revenue Service believe that emergency processing and immediate approval are in the public interest. Due to the extraordinary circumstances and statutory deadlines for implementing these provisions, Treasury and IRS request emergency processing of this information collection request by January 30, 2023. Given the inability to seek public comment during such a short timeframe, IRS also respectfully requests a waiver from the requirement to publish a notice in the Federal Register seeking public comment during the period of Office of Management and Budget review. However, public comment will be solicited in conjunction with the subsequent extension of the approval to collect this information.
Authorizing Statute(s):
US Code:
26 USC 48
Name of Law: Energy credit
US Code:
26 USC 46
Name of Law: Amount of credit
US Code:
26 USC 47
Name of Law: Rehabilitation credit
PL:
Pub.L. 117 - 167 107
Name of Law: The Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022
PL:
Pub.L. 117 - 169 13102
Name of Law: Inflation Reduction Act (IRA) of 2022
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
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 (draft ty 2022)
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
2,109
15,345
0
-13,236
0
0
Annual Time Burden (Hours)
75,017
545,822
0
-470,805
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:
Yes
Burden Reduction Due to:
Cutting Redundancy
Short Statement:
Since the previous OMB approval, the form has been revised to repurpose line 7 for the Advanced manufacturing investment credit and other changes to language, and percentages were made. These changes have not impacted the time per response for the form. There have been burden changes related to an update to remove the individual and business filers from 1545-0155. This has decreased the burden by 470,805 hours.
Annual Cost to Federal Government:
$88,089
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:
Patricia Palacios 559 550-8723
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:
01/30/2023
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