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:
1545-2306
ICR Reference No:
202212-1545-025
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 7207, Advanced Manufacturing Production Credit
Type of Information Collection:
New collection (Request for a new OMB Control Number)
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 issuance of a new OMB control number for a period of six months. This action is due to a statutory changes made by the Inflation Reduction Act of 2022 to the Advanced Manufacturing Production 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
Responses
1,000
0
0
Time Burden (Hours)
3,930
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
Form 7207 is used to claim the advanced manufacturing production credit under section 45X for eligible components produced by the taxpayer and sold during the tax year in the taxpayer's trade or business to an unrelated person.
Emergency Justfication:
The Department of the Treasury and the Internal Revenue Service (IRS) are requesting a new OMB Control Number for Form 7207, Advanced Manufacturing Production Credit under emergency procedures in connection with provision of section 13502 of Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA). IRA of 2022 created new section 45X, Advanced Manufacturing Production Credit to authorize a credit for eligible components produced and sold after 2022. Section 45X provide that, for purposes of the general business credit under section 38 of the Code, the advanced manufacturing production credit for any taxable year is an amount equal to the sum of the credit amounts determined under section 45X(b) with respect to each eligible component produced by the taxpayer and sold by such taxpayer to an unrelated person, but only if such production and sale is in a trade or business of the taxpayer. IRS created new Form 7207 to reflect code section 45X. In addition, under section 45X(a)(3)(B), a taxpayer may make an election in the form and manner prescribed by the Secretary of the Treasury or her delegate to treat a sale of components by such taxpayer to a related person as made to an unrelated person. Following normal Paperwork Reduction Act clearance procedures would thus result in harm to manufacturers who produce and sell certain components after 2022. Therefore, due to the extraordinary circumstances and statutory deadlines for implementing the section 45X tax credit, Treasury and IRS request emergency processing of this information collection request by January 27, 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):
PL:
Pub.L. 117 - 169 13502
Name of Law: Inflation Reduction Act of 2022
US Code:
26 USC 45X
Name of Law: Advanced Manufacturing Production Credit
Citations for New Statutory Requirements:
PL: Pub.L. 117 - 169 13502 Name of Law: Inflation Reduction Act of 2022
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
Form 7207
7207
Advanced Manufacturing Production 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
1,000
0
1,000
0
0
0
Annual Time Burden (Hours)
3,930
0
3,930
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:
This is a new collection due to enactment of the section 13502 of the Inflation Reduction Act of 2022.
Annual Cost to Federal Government:
$0
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.
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:
George Angus 202 283-7149
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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