90 FR 41 pgs. 11207-11208 - Proposed Collection; Comment Request for Regulation Project
Type: NOTICEVolume: 90Number: 41Pages: 11207 - 11208
Pages: 11207, 11208FR document: [FR Doc. 2025-03478 Filed 3-3-25; 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; Comment Request for Regulation Project
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice and request for comments.
SUMMARY:
The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning the election involving the repeal of the bonding requirement.
DATES:
Written comments should be received on or before May 5, 2025 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 pra.comments@irs.gov. Include OMB control number 1545-2120 or Election Involving the Repeal of the Bonding Requirement, in the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the revenue procedures should be directed to Kerry Dennis at (202) 317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.L.Dennis@irs.gov .
SUPPLEMENTARY INFORMATION:
Title: Election Involving the Repeal of the Bonding Requirement and Notification of Increase of Tax under §?42(j)(6).
OMB Number: 1545-2120.
Revenue Procedure Numbers: 2008-60; 2012-27.
Abstract: This revenue procedure affects taxpayers who are maintaining a surety bond or a Treasury Direct Account (TDA) to satisfy the low-income housing tax credit recapture exception in §?42(j)(6) of the Internal Revenue Code, as in effect on or before July 30, 2008. This revenue procedure provides the procedures for taxpayers to follow when making the election under section 3004(i)(2)(B)(ii) of the Housing Assistance Tax Act of 2008 (Pub. L. 110-289) to no longer maintain a surety bond or a TDA to avoid recapture.
Current Actions: There are no changes to the paperwork burden previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals and Households, Businesses and other for-profit organizations.
Estimated Number of Respondents: 7,810.
Estimated Time per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 7,810.
The following paragraph applies to all the collections of information covered by this notice.
[top] 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 if their
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 26, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025-03478 Filed 3-3-25; 8:45 am]
BILLING CODE 4830-01-P