82 FR 48318 - Proposed Extension of Information Collection Request Submitted for Public Comment; Mortgage Credit Certificates (MCCs)

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 199 (October 17, 2017)

Page Range		48318-48318
FR Document		2017-22438

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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 the application process for determination of employee stock ownership plans.

Federal Register, Volume 82 Issue 199 (Tuesday, October 17, 2017)

[Federal Register Volume 82, Number 199 (Tuesday, October 17, 2017)]
[Notices]
[Page 48318]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-22438]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Mortgage Credit Certificates (MCCs)

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the 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 the application process for determination of employee stock 
ownership plans.

DATES: Written comments should be received on or before December 18, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6141, 1111 Constitution Avenue NW., Washington, 
DC 20224. Requests for additional information or copies of the 
regulations should be directed to R. Joseph Durbala, at Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224, or through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Mortgage Credit Certificates (MCCs).
    OMB Number: 1545-0922.
    Regulation Project Number: Form 8329 and Form 8330.
    Abstract: Mortgage Credit Certificates provide qualified holders of 
the certificates with a credit against income tax liability. In 
general, an Issuer elects to establish a mortgage credit certificate 
program in lieu of issuing qualified mortgage revenue bonds. Section 25 
of the Code permits states and political subdivisions to elect to issue 
Mortgage Credit Certificates in lieu of qualified mortgage revenue 
bonds. Form 8329 is used by lending institutions and Form 8330 is used 
by state and local governments to provide the IRS with information on 
the issuance of mortgage credit certificates (MCCs) authorized under 
Internal Revenue Code section 25. IRS matches the information supplied 
by lenders and issuers to ensure that the credit is computed properly.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: Form 8329--10,000; Form 8330--
2,000
    Estimated Time per Respondent: Form 8329--5 hrs. 53 min.; Form 
8330--7 hrs. 28 min.
    Estimated Total Annual Burden Hours: Form 8329--58,800; Form 8330--
14,920.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: October 10, 2017.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2017-22438 Filed 10-16-17; 8:45 am]
BILLING CODE 4830-01-P

48318 Federal Register / Vol. 82, No. 199 / Tuesday, October 17, 2017 / Notices

OMB Number: 1545–0235. DEPARTMENT OF THE TREASURY Type of Review: Extension of a
Regulation Project Number: Form 730. currently approved collection.
Internal Revenue Service Affected Public: Business or other for-
Abstract: Form 730 is used to identify
taxable wagers under Internal Revenue profit organizations.
Proposed Extension of Information
Code section 4401 and collect the tax Estimated Number of Respondents:
Collection Request Submitted for
monthly. The information is used to Form 8329—10,000; Form 8330—2,000
Public Comment; Mortgage Credit
determine if persons accepting wagers Certificates (MCCs) Estimated Time per Respondent:
are correctly reporting the amount of Form 8329—5 hrs. 53 min.; Form
wagers and paying the required tax. AGENCY: Internal Revenue Service (IRS), 8330—7 hrs. 28 min.
Current Actions: There is no change to Treasury. Estimated Total Annual Burden
this existing form. ACTION: Notice and request for Hours: Form 8329—58,800; Form
Type of Review: Extension of a comments. 8330—14,920.
currently approved collection. The following paragraph applies to all
SUMMARY: The Internal Revenue Service, the collections of information covered
Affected Public: Businesses or other as part of its continuing effort to reduce by this notice:
for-profit organizations and individuals. paperwork and respondent burden, An agency may not conduct or
Estimated Number of Respondents: invites the public and other Federal sponsor, and a person is not required to
51,082. agencies to take this opportunity to respond to, a collection of information
Estimated Time Per Respondent: 8 comment on proposed and/or unless the collection of information
hours, 11 minutes. continuing information collections, as displays a valid OMB control number.
required by the Paperwork Reduction
Estimated Total Annual Burden Books or records relating to a
Act of 1995. Currently, the IRS is
Hours: 418,362. collection of information must be
soliciting comments concerning the
The following paragraph applies to all retained if their contents may become
application process for determination of
of the collections of information covered material in the administration of any
employee stock ownership plans.
by this notice. internal revenue law. Generally, tax
DATES: Written comments should be returns and tax return information are
An agency may not conduct or received on or before December 18, 2017 confidential, as required by 26 U.S.C.
sponsor, and a person is not required to to be assured of consideration. 6103.
respond to, a collection of information
ADDRESSES: Direct all written comments Desired Focus of Comments: The
unless the collection of information
to Tuawana Pinkston, Internal Revenue Internal Revenue Service (IRS) is
displays a valid OMB control number.
Service, Room 6141, 1111 Constitution particularly interested in comments
Books or records relating to a collection
Avenue NW., Washington, DC 20224. that:
of information must be retained as long
as their contents may become material
Requests for additional information or • Evaluate whether the proposed
copies of the regulations should be collection of information is necessary
in the administration of any internal
directed to R. Joseph Durbala, at Internal for the proper performance of the
revenue law. Generally, tax returns and
Revenue Service, Room 6129, 1111 functions of the agency, including
tax return information are confidential,
Constitution Avenue NW., Washington, whether the information will have
as required by 26 U.S.C. 6103.
DC 20224, or through the internet, at practical utility;
Request for Comments: Comments RJoseph.Durbala@irs.gov.
submitted in response to this notice will • Evaluate the accuracy of the
SUPPLEMENTARY INFORMATION: agency’s estimate of the burden of the
be summarized and/or included in the
request for OMB approval. All Title: Mortgage Credit Certificates proposed collection of information,
comments will become a matter of (MCCs). including the validity of the
public record. Comments are invited on: OMB Number: 1545–0922. methodology and assumptions used;
(a) whether the collection of information Regulation Project Number: Form • Enhance the quality, utility, and
is necessary for the proper performance 8329 and Form 8330. clarity of the information to be
of the functions of the agency, including Abstract: Mortgage Credit Certificates collected; and
whether the information shall have provide qualified holders of the • Minimize the burden of the
practical utility; (b) the accuracy of the certificates with a credit against income collection of information on those who
agency’s estimate of the burden of the tax liability. In general, an Issuer elects are to respond, including using
collection of information; (c) ways to to establish a mortgage credit certificate appropriate automated, electronic,
enhance the quality, utility, and clarity program in lieu of issuing qualified mechanical, or other technological
of the information to be collected; (d) mortgage revenue bonds. Section 25 of collection techniques or other forms of
ways to minimize the burden of the the Code permits states and political information technology, e.g., by
collection of information on subdivisions to elect to issue Mortgage permitting electronic submissions of
respondents, including through the use Credit Certificates in lieu of qualified responses.
of automated collection techniques or mortgage revenue bonds. Form 8329 is Comments submitted in response to
other forms of information technology; used by lending institutions and Form this notice will be summarized and/or
and (e) estimates of capital or start-up 8330 is used by state and local included in the ICR for OMB approval
costs and costs of operation, governments to provide the IRS with of the extension of the information
information on the issuance of mortgage
sradovich on DSK3GMQ082PROD with NOTICES

maintenance, and purchase of services collection; they will also become a
to provide information. credit certificates (MCCs) authorized matter of public record.
under Internal Revenue Code section 25.
Approved: October 11, 2017. IRS matches the information supplied Approved: October 10, 2017.
L. Brimmer, by lenders and issuers to ensure that the R. Joseph Durbala,
Senior Tax Analyst. credit is computed properly. IRS Tax Analyst.
[FR Doc. 2017–22405 Filed 10–16–17; 8:45 am] Current Actions: There is no change to [FR Doc. 2017–22438 Filed 10–16–17; 8:45 am]
BILLING CODE P the burden previously approved. BILLING CODE 4830–01–P

VerDate Sep<11>2014 17:10 Oct 16, 2017 Jkt 244001 PO 00000 Frm 00107 Fmt 4703 Sfmt 9990 E:\FR\FM\17OCN1.SGM 17OCN1

Document Created: 2017-10-17 01:11:29
Document Modified: 2017-10-17 01:11:29

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
Action		Notice and request for comments.
Dates		Written comments should be received on or before December 18, 2017 to be assured of consideration.
FR Citation		82 FR 48318

82 FR 48318 - Proposed Extension of Information Collection Request Submitted for Public Comment; Mortgage Credit Certificates (MCCs)

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 82, Issue 199 (October 17, 2017)

DEPARTMENT OF THE TREASURY
Internal Revenue Service