87 FR 43 pgs. 12548-12549 - Proposed Collection; Requesting comments on Enhanced Oil Recovery Credit
Type: NOTICEVolume: 87Number: 43Pages: 12548 - 12549
Pages: 12548, 12549FR document: [FR Doc. 2022-04547 Filed 3-3-22; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting comments on Enhanced Oil Recovery Credit
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice and request for comments.
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. Currently, the IRS is soliciting comments concerning enhanced oil recovery credit.
DATES:
Written comments should be received on or before May 3, 2022 to be assured of consideration.
ADDRESSES:
Direct all written comments to Andres Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to omb.unit@irs.gov. Include OMB Number 1545-1292 or Enhanced Oil Recovery Credit in the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of this collection should be directed to LaNita Van Dyke, at (202) 317-6009, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Lanita.VanDyke@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Enhanced Oil Recovery Credit.
OMB Number: 1545-1292.
Form Number: 8830.
Abstract: This regulation provides guidance concerning the costs subject to the enhanced oil recovery credit, the circumstances under which the credit is available, and procedures for certifying to the Internal Revenue Service that a project meets the requirements of section 43(c) of the Internal Revenue Code.
[top] Current Actions: There are no changes being made to the regulations, at this time. Form 8830 was not issued for 2019-2020 because the section 43 credit was completely phased out and the form was not needed due to the continued high price of crude oil; however, it will apply again for tax years beginning in 2021. The changes made to Form 8830, reflect Notice 2021-47. This will increase the number of responses by
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: 1,590.
Estimated Time per Respondent: 7.87 hours.
Estimated Total Annual Burden Hours: 12,527.
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: February 28, 2022.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2022-04547 Filed 3-3-22; 8:45 am]
BILLING CODE 4830-01-P