81 FR 95309 - Submission for OMB Review; Comment Request
DEPARTMENT OF THE TREASURY Federal Register Volume 81, Issue 248 (December 27, 2016)
Federal Register Volume 81, Issue 248 (December 27, 2016)
| Page Range | 95309-95310 | |
| FR Document | 2016-31212 |
[Federal Register Volume 81, Number 248 (Tuesday, December 27, 2016)] [Notices] [Pages 95309-95310] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-31212] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request December 21, 2016. 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, Public Law 104-13, on or after the date of publication of this notice. DATES: Comments should be received on or before January 26, 2017 to be assured of consideration. ADDRESSES: Send comments regarding the burden estimates, or any other aspect of the information collections, including suggestions for reducing the burden, to (1) Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at [email protected] and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8142, Washington, DC 20220, or email at [email protected]. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained by emailing [email protected], calling (202) 622-0934, or viewing the entire information collection request at www.reginfo.gov. Internal Revenue Service (IRS) OMB Control Number: 1545-0242. Type of Review: Extension without change of a currently approved collection. Title: Gas Guzzler Tax. Forms: 6197. Abstract: Form 6197 is used to compute the gas guzzler tax on automobiles whose fuel economy does not meet certain standard for fuel economy. The tax is reported quarterly on Form 720. Form 6197 is filed each quarter with Form 720 for manufacturers. Individuals can make a one-time filing if they import a gas guzzler auto for personal use. The IRS uses the information to verify computation of the tax and compliance with the law. Affected Public: Businesses or other for-profits. Estimated Total Annual Burden Hours: 4659. OMB Control Number: 1545-1013. Type of Review: Extension without change of a currently approved collection. Title: Return of Excise Tax on Undistributed Income of Real Estate Investment Trusts. Abstract: Form 8612 is used by real estate investment trusts to compute and pay the excise tax on undistributed income imposed under section 4981. IRS uses the information to verify that the correct amount of tax has been reported. Form: 8612. Affected Public: Businesses or other for-profits. Estimated Total Annual Burden Hours: 196. OMB Control Number: 1545-1068. Type of Review: Extension without change of a currently approved collection. Title: T.D. 8618--Definition of a Controlled Foreign Corporation, Foreign Base Company Income, and Foreign Personal Holding Company Income of a Controlled Foreign Corporation (INTL-362-88). Abstract: The election and recordkeeping requirements are necessary to exclude certain high-taxed or active business income from subpart F income or to include certain income in the appropriate category of subpart F income. The recordkeeping and election procedures allow the U.S. shareholders and the IRS to know the amount of the controlled foreign corporation's subpart F income. Affected Public: Businesses or other for-profits. Estimated Total Annual Burden Hours: 50,417. OMB Control Number: 1545-1709. Type of Review: Revision of a currently approved collection. Title: Application for Automatic Extension of Time to File an Exempt Organization Return (Form-8868). Form: 8868. Abstract: 26 U.S.C. 6081 of the Internal Revenue Code grants a reasonable extension of time for filing any return. This form is used by fiduciaries and certain exempt organizations, to request an extension of time to file their returns. The information is used to determine whether the extension should be granted. Affected Public: Not-for-profit institutions. Estimated Total Annual Burden Hours: 1,048,290. OMB Control Number: 1545-1729. Type of Review: Extension without change of a currently approved collection. Title: TD 9114 (Final) Electronic Payee Statements. Abstract: In general, under these regulations, a person required to furnish a statement on Form W-2 under Code sections 6041(d) or 6051, or Forms 1098-T or 1098-E under Code section 6050S, may furnish these statements electronically if the recipient consents to receive them electronically, and if the person furnishing the statement (1) makes certain disclosures to the recipient, (2) annually notifies the recipient that the statement is available on a Web site, and (3) provides access to the statement on that Web site for a prescribed period of time. Affected Public: Businesses or other for-profits. Estimated Total Annual Burden Hours: 2,844,950. OMB Control Number: 1545-1733. Type of Review: Revision of a currently approved collection. Title: Form 720-CS, Carrier Summary Report, Form 720-TO, Terminal Operator Report, and Form 8809-EX, Request for Extension of Time to File an ExSTARS Information Return. Form: 720-CS, 720-TO, 8809-EX Abstract: Representatives of the motor fuel industry, state governments, and the Federal government are working to ensure compliance with excise taxes on motor fuels. This joint effort has resulted in a system to track the movement of all products to and from terminals. Form 720-CS is an information return that will be used by carriers to report their monthly deliveries and receipts of products to and from terminals. Form 720-TO is completed by bulk transport carriers (barges, vessels, and pipeline) who deliver fuel product to the terminals. Form 8809-EX is used to request a 30-day extension of time to file an Excise Summary terminal Activity Reporting System (ExSTARS) information report (Form 720CS, Carrier Summary Report or Form 720TO, Terminal operator Report). Affected Public: Businesses or other for-profits. Estimated Total Annual Burden Hours: 2,530,383. OMB Control Number: 1545-1908. Type of Review: Extension without change of a currently approved collection. [[Page 95310]] Title: REG-121475-03 (TD 9495-Final) Qualified Zone Academy Bonds: Obligations of States and Political Subdivisions. Abstract: The regulations that provide guidance to state and local governments that issue qualified zone academy bonds and to banks, insurance companies, and other taxpayers that hold those bonds on the program requirements for qualified zone academy bonds. The final regulations implement the amendments to section 1397E and provide guidance on the maximum term, permissible use of proceeds, and remedial actions for qualified zone academy bonds. Affected Public: State, Local, and Tribal Governments. Estimated Total Annual Burden Hours: 3. Bob Faber, Acting Treasury PRA Clearance Officer. [FR Doc. 2016-31212 Filed 12-23-16; 8:45 am] BILLING CODE 4830-01-P
![Federal Register / Vol. 81, No. 248 / Tuesday, December 27, 2016 / Notices 95309
through the use of automated collection guzzler auto for personal use. The IRS Affected Public: Not-for-profit
techniques or other forms of information uses the information to verify institutions.
technology; and (e) estimates of capital computation of the tax and compliance Estimated Total Annual Burden
or start-up costs and costs of operation, with the law. Hours: 1,048,290.
maintenance, and purchase of services Affected Public: Businesses or other OMB Control Number: 1545–1729.
to provide information. for-profits. Type of Review: Extension without
Approved: December 21, 2016.
Estimated Total Annual Burden change of a currently approved
Hours: 4659. collection.
Allan Hopkins,
OMB Control Number: 1545–1013. Title: TD 9114 (Final) Electronic
Tax Analyst.
Type of Review: Extension without Payee Statements.
[FR Doc. 2016–31202 Filed 12–23–16; 8:45 am] change of a currently approved Abstract: In general, under these
BILLING CODE 4830–01–P collection. regulations, a person required to furnish
Title: Return of Excise Tax on a statement on Form W–2 under Code
Undistributed Income of Real Estate sections 6041(d) or 6051, or Forms
DEPARTMENT OF THE TREASURY Investment Trusts. 1098–T or 1098–E under Code section
Abstract: Form 8612 is used by real 6050S, may furnish these statements
Submission for OMB Review; estate investment trusts to compute and
Comment Request electronically if the recipient consents
pay the excise tax on undistributed to receive them electronically, and if the
December 21, 2016. income imposed under section 4981. person furnishing the statement (1)
The Department of the Treasury will IRS uses the information to verify that makes certain disclosures to the
submit the following information the correct amount of tax has been recipient, (2) annually notifies the
collection requests to the Office of reported. recipient that the statement is available
Management and Budget (OMB) for Form: 8612. on a Web site, and (3) provides access
review and clearance in accordance Affected Public: Businesses or other to the statement on that Web site for a
with the Paperwork Reduction Act of for-profits. prescribed period of time.
1995, Public Law 104–13, on or after the Estimated Total Annual Burden Affected Public: Businesses or other
date of publication of this notice. Hours: 196. for-profits.
OMB Control Number: 1545–1068. Estimated Total Annual Burden
DATES: Comments should be received on
Type of Review: Extension without Hours: 2,844,950.
or before January 26, 2017 to be assured
change of a currently approved
of consideration. OMB Control Number: 1545–1733.
collection.
ADDRESSES: Send comments regarding Title: T.D. 8618—Definition of a Type of Review: Revision of a
the burden estimates, or any other Controlled Foreign Corporation, Foreign currently approved collection.
aspect of the information collections, Base Company Income, and Foreign Title: Form 720–CS, Carrier Summary
including suggestions for reducing the Personal Holding Company Income of a Report, Form 720–TO, Terminal
burden, to (1) Office of Information and Controlled Foreign Corporation (INTL– Operator Report, and Form 8809–EX,
Regulatory Affairs, Office of 362–88). Request for Extension of Time to File an
Management and Budget, Attention: Abstract: The election and ExSTARS Information Return.
Desk Officer for Treasury, New recordkeeping requirements are Form: 720–CS, 720–TO, 8809–EX
Executive Office Building, Room 10235, necessary to exclude certain high-taxed Abstract: Representatives of the motor
Washington, DC 20503, or email at or active business income from subpart fuel industry, state governments, and
OIRA_Submission@OMB.EOP.gov and F income or to include certain income the Federal government are working to
(2) Treasury PRA Clearance Officer, in the appropriate category of subpart F ensure compliance with excise taxes on
1750 Pennsylvania Ave. NW., Suite income. The recordkeeping and election motor fuels. This joint effort has
8142, Washington, DC 20220, or email procedures allow the U.S. shareholders resulted in a system to track the
at PRA@treasury.gov. and the IRS to know the amount of the movement of all products to and from
FOR FURTHER INFORMATION CONTACT: controlled foreign corporation’s subpart terminals. Form 720–CS is an
Copies of the submissions may be F income. information return that will be used by
obtained by emailing PRA@treasury.gov, Affected Public: Businesses or other carriers to report their monthly
calling (202) 622–0934, or viewing the for-profits. deliveries and receipts of products to
entire information collection request at Estimated Total Annual Burden and from terminals. Form 720–TO is
www.reginfo.gov. Hours: 50,417. completed by bulk transport carriers
OMB Control Number: 1545–1709. (barges, vessels, and pipeline) who
Internal Revenue Service (IRS) Type of Review: Revision of a deliver fuel product to the terminals.
OMB Control Number: 1545–0242. currently approved collection. Form 8809–EX is used to request a 30-
Type of Review: Extension without Title: Application for Automatic day extension of time to file an Excise
change of a currently approved Extension of Time to File an Exempt Summary terminal Activity Reporting
collection. Organization Return (Form-8868). System (ExSTARS) information report
Title: Gas Guzzler Tax. Form: 8868. (Form 720CS, Carrier Summary Report
Forms: 6197. Abstract: 26 U.S.C. 6081 of the or Form 720TO, Terminal operator
Abstract: Form 6197 is used to Internal Revenue Code grants a Report).
asabaliauskas on DSK3SPTVN1PROD with NOTICES
compute the gas guzzler tax on reasonable extension of time for filing Affected Public: Businesses or other
automobiles whose fuel economy does any return. This form is used by for-profits.
not meet certain standard for fuel fiduciaries and certain exempt Estimated Total Annual Burden
economy. The tax is reported quarterly organizations, to request an extension of Hours: 2,530,383.
on Form 720. Form 6197 is filed each time to file their returns. The OMB Control Number: 1545–1908.
quarter with Form 720 for information is used to determine Type of Review: Extension without
manufacturers. Individuals can make a whether the extension should be change of a currently approved
one-time filing if they import a gas granted. collection.
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![95310 Federal Register / Vol. 81, No. 248 / Tuesday, December 27, 2016 / Notices
Title: REG–121475–03 (TD 9495- seeks comments from interested parties information regarding insurance
Final) Qualified Zone Academy Bonds: on issues that Treasury will be coverage for terrorism losses of such
Obligations of States and Political analyzing in connection with its next insurers as the Secretary considers
Subdivisions. report concerning the Program, which appropriate to analyze the effectiveness
Abstract: The regulations that provide will address the participation of small of the Program[.]’’ 2 This information
guidance to state and local governments insurers in the Program, including any and data includes information
that issue qualified zone academy bonds competitive challenges such insurers regarding: (1) Lines of insurance with
and to banks, insurance companies, and face in the terrorism risk insurance exposure to such losses; (2) premiums
other taxpayers that hold those bonds marketplace. earned on such coverage; (3)
on the program requirements for DATES: Submit comments on or before geographical location of exposures; (4)
qualified zone academy bonds. The final February 27, 2017. pricing of such coverage; (5) the take-up
regulations implement the amendments rate for such coverage; (6) the amount of
ADDRESSES: Submit comments
to section 1397E and provide guidance private reinsurance for acts of terrorism
electronically through the Federal
on the maximum term, permissible use purchased; and (7) such other matters as
eRulemaking Portal: http://
of proceeds, and remedial actions for the Secretary considers appropriate.
www.regulations.gov, or by mail to the
qualified zone academy bonds. 31 CFR 50.51 outlines the data
Affected Public: State, Local, and Federal Insurance Office, Attn: Richard
collection process and requires insurers
Tribal Governments. Ifft, Room 1140 MT, Department of the
to submit the specified data and
Estimated Total Annual Burden Treasury, 1500 Pennsylvania Avenue
information relating to Program
Hours: 3. NW., Washington, DC 20220. Because
participation no later than May 15 of
postal mail may be subject to processing
Bob Faber, each calendar year. Treasury, through
delays, it is recommended that
Acting Treasury PRA Clearance Officer.
an insurance statistical aggregator,
comments be submitted electronically.
intends to establish a web portal,
[FR Doc. 2016–31212 Filed 12–23–16; 8:45 am] If submitting comments by mail, please
through which insurers will be able to
BILLING CODE 4830–01–P submit an original version with two
submit the requested data. All
copies. Comments concerning the
information submitted via the web
proposed data collection forms should
portal will be subject to the
DEPARTMENT OF THE TREASURY be captioned with ‘‘2017 TRIA Data
confidentiality and data protection
Collection Form Comments.’’ Comments
Data Collection and Comments in Aid provisions of applicable Federal law.
addressing the participation of small The first year of data collection under
of Analyses of the Terrorism Risk insurers in the Program should be
Insurance Program Section 104(h) was 2016. In March
captioned with ‘‘2017 TRIA Small 2016, Treasury requested that
AGENCY: Departmental Offices, U.S. Insurer Study Comments.’’ Please participating insurers voluntarily
Department of the Treasury. include your name, group affiliation, submit 2015 insurance data.3 This was
ACTION: Request for comments.
address, email address, and telephone done to ensure that Treasury data
number(s) in your comment. Where collection was both limited and
SUMMARY: The Terrorism Risk Insurance appropriate, a comment should include meaningful. This voluntary collection
Act of 2002 (TRIA) created the a short Executive Summary (no more identified the types of data and
Terrorism Risk Insurance Program than five single-spaced pages). information sought by Treasury, and
(Program) to address disruptions in the FOR FURTHER INFORMATION CONTACT: provided insurers with time to make
market for terrorism risk insurance, to Richard Ifft, Senior Insurance adjustments to ease the burden of
help ensure the continued availability Regulatory Policy Analyst, Federal compliance with subsequent mandatory
and affordability of commercial Insurance Office, Room 1410 MT, data collections. The collection
property and casualty insurance for Department of the Treasury, 1500 templates proposed for use in calendar
terrorism risk, and to allow for the Pennsylvania Avenue NW., Washington, year 2017 follow from the form created
private markets to stabilize and build DC 20220, at (202) 622–2922 (not a toll- for use in calendar year 2016, although
insurance capacity to absorb any future free number), Kevin Meehan, Senior certain changes have been made due to
losses for terrorism events. The Program Insurance Regulatory Policy Analyst, experience developed through the 2016
has been reauthorized on a number of Federal Insurance Office, at (202) 622– voluntary data call.
occasions, most recently in the 7009 (not a toll-free number), or Lindsey In addition, Section 108(h) of TRIA
Terrorism Risk Insurance Program Baldwin, Senior Policy Analyst, Federal requires the Secretary to conduct, by
Reauthorization Act of 2015. TRIA Insurance Office, at (202) 622–3220 (not June 30, 2017, a study of small insurers
requires the Secretary of the Treasury a toll free number). Persons who have (to be defined by regulation by the
(Secretary) to perform periodic analyses difficulty hearing or speaking may Secretary, as has been done under 31
of certain matters concerning the access these numbers via TTY by calling CFR 50.4(z)) participating in the
Program. In order to assist the Secretary the toll-free Federal Relay Service at Program to identify any competitive
with this process, TRIA requires (800) 877–8339. challenges that small insurers face in
insurers to submit on an annual basis SUPPLEMENTARY INFORMATION: the terrorism risk insurance
certain insurance data and information marketplace. Treasury’s rules provide
I. Background
regarding participation in the Program. for the collection of data in connection
Treasury requests stakeholder feedback TRIA 1 directs the Secretary,
asabaliauskas on DSK3SPTVN1PROD with NOTICES
with these small insurers (31 CFR
on the data collection forms proposed beginning in calendar year 2016, to 50.52), and Treasury has also identified
for use in the 2017 data collection ‘‘require insurers participating in the several questions regarding the role of
process, pursuant to 31 CFR 50.51(c). Program to submit to the Secretary such small insurers in the Program, to which
Copies of these forms and associated comments are sought for use in the
1 Public Law 107–297, 116 Stat. 2322, codified at
explanatory materials are available for study that Treasury must conduct
15 U.S.C. 6701, note. As the provisions of TRIA (as
electronic review at https:// amended) appear in a note, instead of particular
www.treasury.gov/resource-center/fin- sections, of the United States Code, the provisions 2 TRIA sec. 104(h).
mkts/Pages/program.aspx. Treasury also of TRIA are identified by the sections of the law. 3 81 FR 11649 (Mar. 4, 2016).
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Document Created: 2018-02-14 09:13:44
Document Modified: 2018-02-14 09:13:44
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Dates | Comments should be received on or before January 26, 2017 to be assured of consideration. | |
| Contact | Copies of the submissions may be obtained by emailing [email protected], calling (202) 622-0934, or viewing the entire information collection request at www.reginfo.gov. | |
| FR Citation | 81 FR 95309 |
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