Information Return For Tax-Exempt Private Activity Bond Issues (Page 4 of 4) in pdf

The NAICS codes are available on the

If one of the above applies, then enter

Line 46a. Enter the amount of volume cap

U.S. Census Bureau Website at

the name and EIN of the primary private

allocated to the issuer. Attach a copy of the

user. A “primary private user” is the

local government’s certification, if

nongovernmental entity that meets the

applicable. The official must certify that the

Part VI—Description of

private business tests of section 141(b) or

issue meets the requirements and the

Refunded Bonds

private loan financing test of section 141(c).

applicable volume cap under section

1394(f). The certification must also include

Complete this part only if the bonds are to

Part VIII—Volume Cap

the information requested by lines 1 through

be used to refund a prior issue of

3 and 5 through 8 on page 1 of Form 8038,

Line 42. Enter the amount of volume cap

tax-exempt private activity bonds.

as well as the title of the certifying official.

allocated to the issuer. Attach a copy of the

Lines 33 and 34. The remaining weighted

Line 46b. Enter the name of the

state certification, if applicable. The

average maturity is determined without

empowerment zone. See the instructions for

appropriate state official must certify that the

regard to the refunding. The weighted

line 11j for where to get the names of the

issue meets the requirements of section 146

average maturity is determined in the same

empowerment zones.

(relating to volume cap on private activity

manner as for line 21, column (d).

bonds). See the regulations under section

Line 47. Enter the amount of volume cap

Line 35. Enter the last date on which any

149(e). The certification must also include

allocated to the issuer. Attach a copy of the

of the bonds being refunded will be called.

the information requested by lines 1 through

state certification, if applicable. The

Line 36. If more than a single issue of

3 and 5 through 8 on page 1 of Form 8038,

appropriate state official must certify that the

bonds will be refunded, enter the date of

as well as the title of the certifying official.

issue meets the volume cap requirements of

issue of each of the issues.

section 142(k)(5). The certification must also

Line 43. Enter the amount of the issue

include the information requested by lines 1

subject to the unified state volume cap for

Part VII—Miscellaneous

through 3 and 5 through 8 on page 1 of

private activity bonds under section 146. If,

Line 37. Under the rules of section 147(f),

Form 8038, as well as the title of the

under section 141, the nonqualified amount

private activity bonds are not tax exempt

certifying official.

of an issue exceeds $15 million, but does

unless they receive public approval by

not exceed the amount that would cause a

Privacy Act and Paperwork Reduction

certain officials or voter referendums. Enter

bond which is part of an issue to be treated

Act Notice. We ask for the information on

the name of the governmental unit(s)

as a private activity bond, the issuer must

this form to carry out the Internal Revenue

approving the issue. Enter also the date of

allocate a part of its volume cap to the

laws of the United States. You are required

approval by the applicable elected

nonqualified amount over $15 million.

to give us the information. We need it to

representatives and the date of the public

Line 44a. Enter the amount of any bond

ensure that you are complying with these

hearing. In the alternative, enter the date of

issued as part of an issue to finance exempt

laws and to allow us to figure and collect the

the voter referendum.

facilities that are not subject to the volume

right amount of tax. Section 6109 requires

If, under the rules of section 147(f), no

cap. These facilities include:

return preparers to provide their identifying

•

approval is needed because the issue

Airports.

numbers on the return.

•

meets an exception to the public approval

Docks.

•

You are not required to provide the

requirement, write “No approval needed” on

Wharves.

•

information requested on a form that is

line 37. Also enter on line 37 the provision of

Environmental enhancements of

subject to the Paperwork Reduction Act

section 147(f) under which the issue is

hydroelectric generating facilities.

•

unless the form displays a valid OMB control

excepted (for example, “section

Solid waste facilities. Note: These

number. Books or records relating to a form

147(f)(2)(D)”), or if under any transitional

facilities may have to be governmentally

or its instructions must be retained as long

rule write “Transitional rule” and the

owned. See section 146(h).

•

as their contents may become material in

applicable Act (for example, “Tax Reform

High-speed intercity rail facilities. Note:

the administration of any Internal Revenue

Act of 1986”) and section.

Only 75% of any exempt facility bond for

law. Generally, tax returns and return

Line 39. Check this box if the issue is a

these facilities is not subject to the volume

information are confidential, as required by

construction issue and an irrevocable

cap; however, no volume cap applies if all

section 6103.

election to pay a penalty in lieu of arbitrage

the bond-financed property is

The time needed to complete and file this

rebate has been made on or before the date

governmentally owned. See sections 146(g)

form will vary depending on individual

the bonds were issued. The penalty is

and 142(b)(1)(B).

circumstances. The estimated average time

payable with a Form 8038-T for each

Line 44b. If any part of the issue is issued

is:

6-month period after the date the bonds are

under a carryforward election, enter the

issued. Do not make any payment of penalty

amount of the bonds being issued under

Learning about the law or

in lieu of arbitrage rebate with this form. See

that election. Attach a copy of the applicable

the form . . . . . . . . . . . . . .

10 hr., 35 min.

Rev. Proc. 92-22, 1992-1 C.B. 736 for rules

Form 8328, Carryforward Election of

regarding the “election document.”

Preparing the form . . . . . . .

12 hr., 27 min.

Unused Private Activity Bond Volume Cap.

Line 40. Check this box if the issuer has

Line 44c. If any part of the issue is not

Copying, assembling, and

identified a hedge on its books and records

subject to the volume cap under a

sending the form to the IRS

16 min.

in accordance with Regulation sections

transitional rule of the Tax Reform Act of

1.148-4(h)(2)(viii) and 1.148-4(h)(5) that

If you have comments concerning the

1986, enter the appropriate section of the

permit an issuer of tax-exempt bonds to

accuracy of these time estimates or

Act and then the amount of the bonds

identify a hedge for it to be included in yield

suggestions for making this form simpler, we

excepted from the volume cap by that rule.

calculations for computing arbitrage.

would be happy to hear from you. You can

Line 44d. Any bond that is issued to

write to Internal Revenue Service, Tax

Line 41. Check this box if:

currently refund another bond is not subject

Products Coordinating Committee,

to the volume cap to the extent that the

The issue

SE:W:CAR:MP:T:T:SP, 1111 Constitution

amount of such bond does not exceed the

Ave. NW, IR-6526 Washington, DC 20224.

outstanding amount of the refunded bond.

comprised

described

Do not send Form 8038 to this address.

See section 146(i) and section 1313(a) of

of ...

in section ...

Instead, see “Where to File” on page 1.

the Tax Reform Act of 1986. Enter the

amount not subject to the volume cap.

Qualified

Line 45b. Enter the state limit on qualified

redevelopment bonds 144(c)

veterans’ mortgage bonds for the calendar

year under section 143(l)(3).

Qualified small issue

bonds

144(a)

Exempt facilities

142(a)(4) through

bonds

142(a)(11) and

142(a)(13) through

142(a)(15)

-4-

Information Return For Tax-Exempt Private Activity Bond Issues Page 4

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