Notice2025-03478
Proposed Collection; Comment Request for Regulation Project
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, 2025
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning the election involving the repeal of the bonding requirement.
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 41 (Tuesday, March 4, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 41 (Tuesday, March 4, 2025)]
[Notices]
[Pages 11207-11208]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-03478]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Internal Revenue Service, 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
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning the
election involving the repeal of the bonding requirement.
DATES: Written comments should be received on or before May 5, 2025 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#344446551a575b5959515a4047745d46471a535b42"><span class="__cf_email__" data-cfemail="403032216e232f2d2d252e3433002932336e272f36">[email protected]</span></a>. Include OMB control number
1545-2120 or Election Involving the Repeal of the Bonding Requirement,
in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the revenue procedures should be directed to Kerry Dennis at
(202) 317-5751, or 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#8dc6e8fffff4a3c1a3c9e8e3e3e4fecde4fffea3eae2fb"><span class="__cf_email__" data-cfemail="1f547a6d6d663153315b7a7171766c5f766d6c31787069">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Election Involving the Repeal of the Bonding Requirement and
Notification of Increase of Tax under Sec. 42(j)(6).
OMB Number: 1545-2120.
Revenue Procedure Numbers: 2008-60; 2012-27.
Abstract: This revenue procedure affects taxpayers who are
maintaining a surety bond or a Treasury Direct Account (TDA) to satisfy
the low-income housing tax credit recapture exception in Sec. 42(j)(6)
of the Internal Revenue Code, as in effect on or before July 30, 2008.
This revenue procedure provides the procedures for taxpayers to follow
when making the election under section 3004(i)(2)(B)(ii) of the Housing
Assistance Tax Act of 2008 (Pub. L. 110-289) to no longer maintain a
surety bond or a TDA to avoid recapture.
Current Actions: There are no changes to the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals and Households, Businesses and other
for-profit organizations.
Estimated Number of Respondents: 7,810.
Estimated Time per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 7,810.
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
[[Page 11208]]
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 26, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025-03478 Filed 3-3-25; 8:45 am]
BILLING CODE 4830-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on March 4, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.