[Federal Register Volume 77, Number 239 (Wednesday, December 12, 2012)]
[Notices]
[Page 74052]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-29915]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

December 6, 2012.
    The Department of the Treasury will submit the following 
information collection request 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 11, 2013 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestion 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 8140, Washington, DC 20220, 
or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be 
obtained by calling (202) 927-5331, email at [email protected], or the 
entire information collection request maybe found at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Number: 1545-2197.
    Type of Review: Revision of a currently approved collection.
    Title: Form 1097-BTC, Bond Tax Credit.
    Form: 1097-BTC.
    Abstract: This is an information return for reporting tax credit 
bond credits distributed to holders of tax credit bonds. The taxpayer 
holding a tax credit bond on an allowance date during a tax year is 
allowed a credit against federal income tax equivalent to the interest 
that the bond would otherwise pay. The bondholder must include the 
amount of the credit in gross income and treat it as interest income. 
The issuers and holders of the tax credit bond will send Form 1097-BTC 
to the bond holders quarterly and file the return with the IRS 
annually.
    The methodology used to calculate this burden has been changed from 
a ``business'' form to a ``special business'' form to better reflect 
more realistic filing requirements. A business form's calculation 
variables include attachments, code references, line items and 
responses. Special business forms only include line items and 
responses. The exclusion of these business variables in the special 
business calculation results in an overall decrease in burden of 
794,749,486 hours.
    Affected Public: Private Sector: Businesses or other For-Profit 
Institutions.
    Estimated Total Burden Hours: 33,538,022.

Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 2012-29915 Filed 12-11-12; 8:45 am]
BILLING CODE 4830-01-P