[Federal Register Volume 63, Number 38 (Thursday, February 26, 1998)]
[Notices]
[Page 9906]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4967]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8586
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, Pub. L. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 8586, Low-Income Housing Credit.
DATES: Written comments should be received on or before April 27, 1998
to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 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 Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Low-Income Housing Credit.
OMB Number: 1545-0984.
Form Number: 8586.
Abstract: Internal Revenue Code section 42 permits owners of
residential rental projects providing low-income housing to claim a tax
credit for part of the cost of constructing or rehabilitating such low-
income housing. Form 8586 is used by taxpayers to compute the credit
and by the IRS to verify that the correct credit has been claimed.
Current Actions: Line 9c was added for the new child tax credit
under Internal Revenue Code section 24, and line 9d was added for the
new education credits under Code section 25A.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or households and business or other
for-profit organizations.
Estimated Number of Respondents: 50,000.
Estimated Time Per Respondent: 13 hrs., 4 min.
Estimated Total Annual Burden Hours: 653,000.
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 3 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: February 18, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer
[FR Doc. 98-4967 Filed 2-25-98; 8:45 am]
BILLING CODE 4830-01-U
