[Federal Register Volume 75, Number 177 (Tuesday, September 14, 2010)]
[Notices]
[Page 55849]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22790]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1097-BTC, Bond Tax
Credit
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 1097-BTC, Bond Tax Credit.
DATES: Written comments should be received on or before November 15,
2010 to be assured of consideration.
ADDRESSES: Direct all written comments to Gerald Shields, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Joel
Goldberger (202) 927-9368, at Internal Revenue Service, Room 6129, 1111
Constitution Avenue, NW., Washington, DC 20224, or through the Internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Form 1097-BTC, Bond Tax Credit.
Abstract: This is an information return for reporting tax credit
bond credits distributed to holders of tax credit bonds. The taxpayer
holding a tax credit bond on an allowance date during a tax year is
allowed a credit against federal income tax equivalent to the interest
that the bond would otherwise pay. The bondholder must include the
amount of the credit in gross income and treat it as interest income.
The issuers and holders of the tax credit bond will send Form 1097-BTC
to the bond holders quarterly and file the return with the IRS
annually.
Current Actions: This form is being submitted for a new Information
Collection.
Type of Review: This is a new collection.
Affected Public: Businesses or other for profit organizations, not
for profit institutions, individuals or households.
Estimated Number of Respondents: 101,630,369.
Estimated Total Annual Burden Hours: 828,287,508.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request For Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: September 8, 2010.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2010-22790 Filed 9-13-10; 8:45 am]
BILLING CODE 4830-01-P