Notice2022-04547
Proposed Collection; Requesting comments on Enhanced Oil Recovery Credit
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 4, 2022
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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. Currently, the IRS is soliciting comments concerning enhanced oil recovery credit.
Full Text
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<title>Federal Register, Volume 87 Issue 43 (Friday, March 4, 2022)</title>
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[Federal Register Volume 87, Number 43 (Friday, March 4, 2022)]
[Notices]
[Pages 12548-12549]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-04547]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting comments on Enhanced Oil Recovery
Credit
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. Currently, the IRS is soliciting
comments concerning enhanced oil recovery credit.
DATES: Written comments should be received on or before May 3, 2022 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 <a href="/cdn-cgi/l/email-protection#c7a8aaa5e9b2a9aeb387aeb5b4e9a0a8b1"><span class="__cf_email__" data-cfemail="d9b6b4bbf7acb7b0ad99b0abaaf7beb6af">[email protected]</span></a>. Include OMB Number 1545-1292 or
Enhanced Oil Recovery Credit in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to LaNita Van Dyke, at
(202) 317-6009, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at <a href="/cdn-cgi/l/email-protection#024e636c6b76632c54636c467b6967426b70712c656d74"><span class="__cf_email__" data-cfemail="7a361b14130e1b542c1b143e03111f3a130809541d150c">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Enhanced Oil Recovery Credit.
OMB Number: 1545-1292.
Form Number: 8830.
Abstract: This regulation provides guidance concerning the costs
subject to the enhanced oil recovery credit, the circumstances under
which the credit is available, and procedures for certifying to the
Internal Revenue Service that a project meets the requirements of
section 43(c) of the Internal Revenue Code.
Current Actions: There are no changes being made to the
regulations, at this time. Form 8830 was not issued for 2019-2020
because the section 43 credit was completely phased out and the form
was not needed due to the continued high price of crude oil; however,
it will apply again for tax years beginning in 2021. The changes made
to Form 8830, reflect Notice 2021-47. This will increase the number of
responses by
[[Page 12549]]
1,550 and annual burden by 11,067 hours.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or households, and business or other
for-profit organizations.
Estimated Number of Respondents: 1,590.
Estimated Time per Respondent: 7.87 hours.
Estimated Total Annual Burden Hours: 12,527.
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: February 28, 2022.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2022-04547 Filed 3-3-22; 8:45 am]
BILLING CODE 4830-01-P
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