80 FR 51873 - Proposed Collection; Comment Request for Form 5735

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 80, Issue 165 (August 26, 2015)

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 5735, American Samoa Economic Development Credit.

[Federal Register Volume 80, Number 165 (Wednesday, August 26, 2015)]
[Notices]
[Pages 51873-51874]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21086]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 5735

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 5735, American Samoa Economic Development Credit.

DATES: Written comments should be received on or before October 26, 
2015 to be assured of consideration.

ADDRESSES: Direct all written comments to Christie Preston, 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 R. Joseph 
Durbala, at (202) 317-5746, or at Internal Revenue Service, Room 6129, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: American Samoa Economic Development Credit.
    OMB Number: 1545-0217.
    Form Number: Form 5735.
    Abstract: Form 5735 is used to figure the American Samoa economic 
development credit under section 30A. The credit is generally allowed 
against income tax imposed by Chapter 1. The credit is not allowed 
against the following taxes:
    1. Tax on accumulated earnings (section 531).
    2. Personal holding company tax (section 541).
    3. Additional tax for recovery of foreign expropriation losses 
(section 1351).
    4. Recapture of investment credit (section 50).
    5. Recapture of low-income housing credit (section 42(j)(4)(D)).
    6. Recapture of Indian employment credit (section 45A).
    Current Actions: There are no changes being made to the forms at 
this time.

[[Page 51874]]

    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 10.
    Estimated Time per Respondent: 12 hours, 42 minutes.
    Estimated Total Annual Burden Hours: 127.
    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: August 18, 2015.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2015-21086 Filed 8-25-15; 8:45 am]
 BILLING CODE 4830-01-P