Instruction 1097-Btc- 2010 Page 3
ADVERTISEMENT
1
2
3
4
52010
Department of the Treasury
Internal Revenue Service
Instructions for Form
1097-BTC
Section references are to the Internal Revenue Code unless
Definitions
otherwise noted.
Tax credit bond. Generally a tax credit bond is an
What’s New
obligation issued under section 54, 54A, 54AA, or
1400N(l) that entitles the taxpayer holding such bond on
Issuers of certain tax credit bonds use Form 1097-BTC to
one or more credit allowance dates occurring during any
report tax credits to the bond holders and the IRS. Bond
tax year to a credit against the federal income tax
holders who receive a Form 1097-BTC also use Form
imposed for that tax year.
1097-BTC to report tax credits passed to another person.
Because Form 1097-BTC is new, reporting is voluntary
Qualified tax credit bond. Qualified tax credit bonds
for 2010. Reporting will be mandatory for 2011. The 2011
under section 54A are qualified forestry conservation
Form 1097-BTC will likely allow for the reporting of
bonds under section 54B, new clean renewable energy
credits in aggregate rather than bond-by-bond as is the
bonds under section 54C, qualified energy conservation
case for 2010.
bonds under section 54D, qualified zone academy bonds
under section 54E, and qualified school construction
Reminder
bonds under section 54F.
In addition to these specific instructions, you should also
Qualified forestry conservation bond. An obligation
use the 2010 General Instructions for Certain Information
that is part of an issue 100 percent of the available
Returns (Forms 1098, 1099, 3921, 3922, 5498, and
project proceeds of which are used to finance one or
more qualified forestry conservation purposes, as defined
W-2G). Those general instructions include information
about the following topics.
in section 54B.
•
Backup withholding.
New clean renewable energy bond. An obligation that
•
Electronic reporting requirements.
is part of an issue 100 percent of the available project
•
Penalties.
proceeds of which are to be used for capital expenditures
•
Who must file (nominee/middleman).
incurred by governmental bodies, public power providers,
•
When and where to file.
or cooperative electric companies for one or more
•
Taxpayer identification numbers.
qualified renewable energy facilities, as defined in section
•
Statements to recipients.
54C.
•
Corrected and void returns.
•
Qualified energy conservation bond. An obligation
Other general topics.
that is part of an issue 100 percent of the available
You can get the general instructions at IRS.gov or by
project proceeds of which are to be used for one or more
calling 1-800-TAX-FORM (1-800-829-3676).
qualified energy conservation purposes, as defined in
section 54D.
Qualified zone academy bond. An obligation that is
Specific Instructions
part of an issue 100 percent of the available project
proceeds of which are to be used for a qualified purpose
Issuers of certain tax credit bonds (or their agents) and
nominees/intermediaries (such as a broker, a
with respect to a qualified zone academy established by
partnership, a trust, an estate, a regulated investment
an eligible local education agency, as provided in section
54E.
company, or a real estate investment trust) must file a
separate Form 1097-BTC for each tax credit distributed
Qualified school construction bond. An obligation
from the following tax credit bonds issued after January
that is part of an issue 100 percent of the available
1, 2010.
project proceeds of which are to be used for the
•
Qualified forestry conservation bonds.
construction, rehabilitation, or repair of a public school
•
New clean renewable energy bonds.
facility or for the acquisition of land on which such a
•
Qualified energy conservation bonds.
facility is to be constructed with the proceeds, as
•
Qualified zone academy bonds.
provided in section 54F.
•
Qualified school construction bonds.
•
Clean renewable energy bond. An obligation that is
Clean renewable energy bonds.
•
part of an issue 95 percent of the proceeds of which are
Midwestern tax credit bonds.
•
used for capital expenditures incurred by qualified
Build America bonds (tax credit).
borrowers for one or more qualified projects as defined in
For tax credit bonds issued as serial bonds, each bond
section 54.
must be reported on a separate Form 1097-BTC.
Midwestern tax credit bond. An obligation that is part
Note. Issuers that have elected to issue specified tax
of an issue of bonds issued in connection with
credit bonds under section 6431(f) to receive a
Midwestern disaster areas in any state in which a
refundable credit under section 6431(a) in lieu of tax
Midwestern disaster area is located. See section
credits under section 54A should not file Form 1097-BTC.
1400N(l) for more information about these requirements.
Cat. No. 54657F
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial