83_FR_56623 83 FR 56404 - Proposed Collection; Comment Request for Form 4255

83 FR 56404 - Proposed Collection; Comment Request for Form 4255

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 219 (November 13, 2018)

Page Range56404-56404
FR Document2018-24666

The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Recapture of Investment Credit.

Federal Register, Volume 83 Issue 219 (Tuesday, November 13, 2018) 
[Federal Register Volume 83, Number 219 (Tuesday, November 13, 2018)]
[Notices]
[Page 56404]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-24666]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 4255

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Recapture of 
Investment Credit.

DATES: Written comments should be received on or before January 14, 
2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 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 Martha R. 
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Recapture of Investment Credit.
    OMB Number: 1545-0166.
    Form Number: 4255.
    Abstract: Internal Revenue Code section 50(a) requires that a 
taxpayer's income tax be increased by the investment credit recapture 
tax if the taxpayer disposes of investment credit property before the 
close of the recapture period used in figuring the original investment 
credit. Form 4255 provides for the computation of the recapture tax.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and farms.
    Estimated Number of Respondents: 13,200.
    Estimated Time per Respondent: 9 hrs. 49 min.
    Estimated Total Annual Burden Hours: 129,492.
    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. 
Comments will be 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 has 
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 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: October 25, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-24666 Filed 11-9-18; 8:45 am]
 BILLING CODE 4830-01-P

56404 Federal Register / Vol. 83, No. 219 / Tuesday, November 13, 2018 / Notices As required by section 315 of the through the use of automated collection property before the close of the FACT Act, § 1022.82 5 requires users of techniques or other forms of information recapture period used in figuring the consumer reports to have in place technology; and original investment credit. Form 4255 reasonable policies and procedures that (e) Estimates of capital or start-up provides for the computation of the must be followed when a user receives costs and costs of operation, recapture tax. a notice of address discrepancy from a maintenance, and purchase of services Current Actions: There are no changes CRA. to provide information. being made to the form at this time. Section 1022.82 requires each user of Dated: November 6, 2018. consumer reports to develop and Type of Review: Extension of a Theodore J. Dowd, currently approved collection. implement reasonable policies and procedures designed to enable the user Deputy Chief Counsel, Office of the Affected Public: Business or other for- Comptroller of the Currency. profit organizations, individuals, and to form a reasonable belief that a [FR Doc. 2018–24615 Filed 11–9–18; 8:45 am] farms. consumer report relates to the consumer about whom it requested the report BILLING CODE P Estimated Number of Respondents: when it receives a notice of address 13,200. discrepancy from a CRA. A user of Estimated Time per Respondent: 9 consumer reports also must develop and DEPARTMENT OF THE TREASURY hrs. 49 min. implement reasonable policies and Internal Revenue Service procedures for furnishing a customer Estimated Total Annual Burden address that the user has reasonably Hours: 129,492. Proposed Collection; Comment confirmed to be accurate to the CRA Request for Form 4255 The following paragraph applies to all from which it receives a notice of of the collections of information covered address discrepancy when the user can: AGENCY: Internal Revenue Service (IRS), by this notice: (1) Form a reasonable belief that the Treasury. An agency may not conduct or consumer report relates to the consumer ACTION: Notice and request for sponsor, and a person is not required to about whom the user has requested the comments. respond to, a collection of information report; (2) establish a continuing unless the collection of information relationship with the consumer; and (3) SUMMARY: The Internal Revenue Service displays a valid OMB control number. establish that it regularly and in the (IRS), as part of its continuing effort to Books or records relating to a collection ordinary course of business furnishes reduce paperwork and respondent of information must be retained as long information to the CRA from which it burden, invites the general public and as their contents may become material received the notice of address other Federal agencies to take this in the administration of any internal discrepancy. opportunity to comment on information revenue law. Generally, tax returns and Type of Review: Regular. collections, as required by the tax return information are confidential, Affected Public: Individuals; Paperwork Reduction Act of 1995. The as required by 26 U.S.C. 6103. Businesses or other for-profit. IRS is soliciting comments concerning Estimated Number of Respondents: Recapture of Investment Credit. Request for Comments: Comments 1,186. DATES: Written comments should be submitted in response to this notice will Estimated Total Annual Burden: received on or before January 14, 2019 be summarized and/or included in the 132,007 hours. to be assured of consideration. request for OMB approval. Comments Comments submitted in response to will be of public record. Comments are ADDRESSES: Direct all written comments this notice will be summarized, invited on: (a) Whether the collection of to Laurie Brimmer, Internal Revenue information is necessary for the proper included in the request for OMB Service, Room 6526, 1111 Constitution performance of the functions of the approval, and become a matter of public Avenue NW, Washington, DC 20224. agency, including whether the record. Comments are invited on: (a) Whether the collection of FOR FURTHER INFORMATION CONTACT: information has practical utility; (b) the information is necessary for the proper Requests for additional information or accuracy of the agency’s estimate of the performance of the functions of the copies of the form and instructions burden of the collection of information; OCC, including whether the information should be directed to Martha R. Brinson, (c) ways to enhance the quality, utility, has practical utility; at (202) 317–5753, or at Internal and clarity of the information to be (b) The accuracy of the OCC’s Revenue Service, Room 6526, 1111 collected; (d) ways to minimize the estimate of the burden of the collection Constitution Avenue NW, Washington, burden of the collection of information of information; DC 20224, or through the internet at on or other forms of information (c) Ways to enhance the quality, Martha.R.Brinson@irs.gov. technology; and (e) estimates of capital utility, and clarity of the information to SUPPLEMENTARY INFORMATION: or start-up costs and costs of operation, be collected; Title: Recapture of Investment Credit. maintenance, and purchase of services (d) Ways to minimize the burden of OMB Number: 1545–0166. to provide information. the collection on respondents, including Form Number: 4255. Approved: October 25, 2018. Abstract: Internal Revenue Code 5 Title X of the Dodd-Frank Wall Street Reform section 50(a) requires that a taxpayer’s Laurie Brimmer, and Consumer Protection Act transferred this Senior Tax Analyst. regulation to the BCFP. The OCC retains income tax be increased by the enforcement authority for this regulation for investment credit recapture tax if the [FR Doc. 2018–24666 Filed 11–9–18; 8:45 am] amozie on DSK3GDR082PROD with NOTICES1 institutions with $10 billion in total assets or less. taxpayer disposes of investment credit BILLING CODE 4830–01–P VerDate Sep<11>2014 17:34 Nov 09, 2018 Jkt 247001 PO 00000 Frm 00131 Fmt 4703 Sfmt 9990 E:\FR\FM\13NON1.SGM 13NON1


Document Created: 2018-11-10 03:19:12
Document Modified: 2018-11-10 03:19:12
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comments.
DatesWritten comments should be received on or before January 14, 2019 to be assured of consideration.
ContactRequests for additional information or copies of the form and instructions should be directed to Martha R. Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at [email protected]
FR Citation83 FR 56404 
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