Instructions For Form 8038-B printable pdf download

Department of the Treasury

Instructions for Form 8038-B

Internal Revenue Service

(Rev. January 2010)

Information Return for Build America Bonds and Recovery Zone Economic

Development Bonds

request payment with respect to an

Federal Government, use Form 8038-T,

Section references are to the Internal

interest payment date for that issue.

Arbitrage Rebate, Yield Reduction and

Revenue Code unless otherwise noted.

Penalty in Lieu of Arbitrage Rebate.

Failure to complete the form including

General Instructions

the attached schedules may result in a

If the bond issue consists of both

delay in processing this form. All attached

tax-exempt bonds and build America

What’s New

schedules must include the issuer’s name

bonds, the issuer must report the

The American Recovery and

and EIN at the top.

tax-exempt portion on Form 8038-G and

Reinvestment Act of 2009 created three

the build America bond portion on Form

Late filing. An issuer may be granted an

types of build America bonds. Section

8038-B.

extension of time to file Form 8038-B

54AA added both Tax Credit and Direct

under Rev. Proc. 2002-48, 2002-37 I.R.B.

Rounding to Whole Dollars

Pay build America bonds. Section

531. Type or print at the top of the form,

1400U-2 added recovery zone economic

You should report the money items on

“Request for Relief under Section 3 of

development bonds, a form of Direct Pay

this return as whole dollars. To do so,

Rev. Proc. 2002-48.” See Rev. Proc.

build America bonds. Notice 2009-26

drop amounts less than 50 cents and

2002-48 for complete information on

required that, subject to updated IRS

increase amounts from 50 cents through

requirements for an extension of time to

information reporting forms or

99 cents to the next higher dollar.

file Form 8038-B.

procedures, all three types of build

Questions on Filing Form

Note. If Form 8038-B is filed late, it still

America bonds issued were to be

must be filed 30 days prior to the

8038-B

reported on Form 8038-G, Information

submission of the first Form 8038-CP for

Return for Tax-Exempt Governmental

For specific questions on how to file Form

that issue.

Obligations.

8038-B send an email to the IRS at:

TaxExemptBondQuestions@irs.gov

Where To File

Purpose of Form

and put “Form 8038-B Question” in the

File Form 8038-B and any attachments

Beginning February 2010, Form 8038-B is

subject line. In the email include a

with the Department of the Treasury,

to be used by issuers of build America

description of your question, a return

Internal Revenue Service Center, Ogden,

bonds (Tax Credit), build America bonds

email address, the name of a contact

UT 84201-0020.

(Direct Pay), and recovery zone economic

person, and a telephone number.

development bonds to provide the IRS

Private delivery services. You can use

Definitions

with the information required by section

certain private delivery services

149(e).

designated by the IRS to meet the “timely

Build America bond (Tax Credit). This

mailing as timely filing/paying” rule for tax

is an issue of taxable state or local

Who Must File

returns and payments. These private

governmental bonds (excluding private

Governmental issuers of build America

delivery services include only the

activity bonds under section 141) as

following:

bonds and recovery zone economic

defined in section 54AA(d) that provides a

•

development bonds must file a separate

DHL Express (DHL): DHL Same Day

tax credit to the holder of the bond.

Form 8038-B for each issue of build

Service.

•

Build America bond (Direct Pay). This

Federal Express (FedEx): FedEx

America bonds and recovery zone

is an issue of taxable state or local

economic development bonds issued

Priority Overnight, FedEx Standard

governmental bonds (excluding private

after February 2010.

Overnight, FedEx 2Day, FedEx

activity bonds under section 141) as

International Priority, and FedEx

Note. Build America bonds (Tax Credit),

defined in section 54AA(g), the issuer of

International First.

build America bonds (Direct Pay), and

•

which elects to receive a refundable credit

United Parcel Service (UPS): UPS Next

recovery zone economic development

under section 6431 in lieu of tax credits to

Day Air, UPS Next Day Air Saver, UPS

bonds must each be reported on a

the holder of the bond.

2nd Day Air, UPS 2nd Day Air A.M., UPS

separate Form 8038-B. This instruction

Recovery zone economic development

Worldwide Express Plus, and UPS

applies regardless of whether the single

bond. This is an issue of taxable state or

Worldwide Express.

issue consists of variable rate, fixed rate,

local governmental bonds that meets the

The private delivery service can tell

or both variable rate and fixed rate bonds.

requirements under section 1400U-2 that

you how to get written proof of the mailing

may be used to finance certain qualified

When To File

date.

economic development purposes as

File Form 8038-B on or before the 15th

Other Forms That May Be

defined under section 1400U-2(c), the

day of the 2nd calendar month after the

Required

issuer of which receives a refundable

close of the calendar quarter in which the

credit under section 6431.

For issuers who elect under section 6431

bond was issued. Form 8038-B may not

to receive a direct payment from the

Arbitrage rebate. The issuer of a build

be filed before the issue date and must be

Federal Government equal to a

America bond or recovery zone economic

completed based on the facts as of the

percentage of the interest payment, the

development bond must rebate to the

issue date. For build America bonds

payment must be requested on Form

United States arbitrage profits earned

(Direct Pay) and for recovery zone

8038-CP. Each Form 8038-CP can only

from investing proceeds of the bond in

economic development bonds, Form

relate to the interest paid on a single bond

higher yielding nonpurpose investments.

8038-B must be filed at least 30 days

issue.

See section 148(f).

prior to the submission of the first Form

8038-CP, Return for Credit Payments to

For rebating arbitrage (or paying a

Gross proceeds. Gross proceeds

Issuers of Qualified Bonds, that is filed to

penalty in lieu of arbitrage rebate) to the

means any proceeds and replacement

Cat. No. 54165A

Instructions For Form 8038-B

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