2023-17399. Agency Information Collection Activities; Submission for OMB Review; Comment Request; Internal Revenue Service (IRS) Information Collection Request

AGENCY:

Departmental Offices, Department of the Treasury.

ACTION:

Notice.

SUMMARY:

The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.

DATES:

Comments should be received on or before September 13, 2023 to be assured of consideration.

ADDRESSES:

Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/​public/​do/​PRAMain. Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.

Copies of the submissions may be obtained from Melody Braswell by emailing [e-mail], calling (202) 622–1035, or viewing the entire information collection request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

1. Title: Pre-Filing Registration for Elective Payment and Transfer Elections.

OMB Number: 1545–NEW.

Type of Review: New information collection request.

Description: The collection of information contains reporting and recordkeeping requirements. The recordkeeping requirements are considered general tax records under Section 1.6001–1(e). These records are required for IRS to validate that taxpayers have met the regulatory requirements and are entitled to transfer the credits. For PRA purposes, general tax records are already approved by OMB under 1545–0047 for tax-exempt organizations and government entities; under 1545–0074 for individuals; and under 1545–0123 for business entities.

These reporting requirements include a requirement to register with IRS to make the elective payment election or the transfer election in §§ 1.48D–6T, 1.6417–5T, 1.6418–4T. This pre-filing registration requirement is being submitted to OMB and will be processed in accordance with the PRA as required by 5 CFR 1320.10. This collection of information is necessary to prevent duplication, fraud, improper payments, or excessive payments under sections 48D, 6417 and 6418 of the Code. The IRS is seeking a new OMB control number (1545–NEW) for the pre-registration requirements.

Form: Advanced Manufacturing Investment Credit 1.48D–6T(c), Elective Payment of Applicable Credits 1.6417–5T, Transfer of Certain Credits 1.6418–4T.

Affected Public: Private Sector.

(1) Under section 48D, taxpayers eligible to elect the elective payment election of the advanced manufacturing investment credit.

Estimated total annual reporting burden: 271 hours.

Estimated average annual burden per respondent: 5.41 hours.

Estimated number of respondents: 50.

(2) Under section 6417, tax-exempt organizations, State and local governments, Indian tribal governments, Alaska Native Corporations, the Tennessee Valley Authority, rural electric cooperatives, and certain taxpayers eligible to elect the elective payment of applicable credits in a taxable year.

Estimated total annual reporting burden: 126,200 hours.

Estimated average annual burden per respondent: 6.31 hours.

Estimated number of respondents is: 20,000.

(3) Under section 6418, eligible taxpayers that elect to transfer eligible credits in a taxable year.

Estimated total annual reporting burden: 308,000 hours.

Estimated average annual burden per respondent: 6.16 hours.

Estimated number of respondents: 50,000.

Authority:44 U.S.C. 3501 et seq.

Melody Braswell,

Treasury PRA Clearance Officer.