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Instructions for Form 8038-B

Department of the Treasury

Internal Revenue Service

(Rev. November 2012)

Information Return for Build America Bonds and Recovery Zone Economic

Development Bonds

DRAFT AS OF

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

amounts from 50 cents through 99 cents

Section references are to the Internal Revenue

Code unless otherwise noted.

must be filed 30 days prior to the

to the next higher dollar.

submission of the first Form 8038-CP for

General Instructions

Questions on Filing Form

that issue.

8038-B

Purpose of Form

Where To File

For specific questions on how to file Form

Form 8038-B is to be used by issuers of

August 8, 2012

File Form 8038-B and any attachments

8038-B send an email to the IRS at:

build America bonds (Tax Credit), build

with the Department of the Treasury,

TaxExemptBondQuestions@irs.gov

America bonds (Direct Pay), and recovery

Internal Revenue Service Center, Ogden,

and put “Form 8038-B Question” in the

zone economic development bonds to

UT 84201.

subject line. In the email include a

provide the IRS with the information

description of your question, a return email

Private delivery services. You can use

required by section 149(e).

address, the name of a contact person,

certain private delivery services

and a telephone number.

Who Must File

designated by the IRS to meet the “timely

mailing as timely filing/paying” rule for tax

Definitions

Governmental issuers of build America

returns and payments. These private

bonds and recovery zone economic

Build America bond (Tax Credit). This

delivery services include only the

development bonds must file a separate

following:

is an issue of taxable state or local

Form 8038-B for each issue of build

governmental bonds (excluding private

DHL Express (DHL): DHL Same Day

America bonds (Tax Credit), build

activity bonds under section 141) as

Service.

America bonds (Direct Pay), and recovery

defined in section 54AA(d) that provides a

Federal Express (FedEx): FedEx

zone economic development bonds.

tax credit to the holder of the bond.

Priority Overnight, FedEx Standard

Note. This instruction applies regardless

Overnight, FedEx 2Day, FedEx

Build America bond (Direct Pay). This

of whether the single issue consists of

International Priority, and FedEx

is an issue of taxable state or local

variable rate, fixed rate, or both variable

International First.

governmental bonds (excluding private

rate and fixed rate bonds.

United Parcel Service (UPS): UPS Next

activity bonds under section 141) as

Day Air, UPS Next Day Air Saver, UPS

When To File

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

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

which elects to receive a refundable credit

File Form 8038-B on or before the 15th

Worldwide Express Plus, and UPS

under section 6431 in lieu of tax credits to

day of the 2nd calendar month after the

Worldwide Express.

the holder of the bond.

close of the calendar quarter in which the

The private delivery service can tell you

bond was issued. Form 8038-B may not

Recovery zone economic development

how to get written proof of the mailing

be filed before the issue date and must be

bond. This is an issue of taxable state or

date.

completed based on the facts as of the

local governmental bonds that meets the

issue date.

Other Forms That May Be

requirements under section 1400U-2 that

may be used to finance certain qualified

Required

For build America bonds (Direct Pay)

economic development purposes as

and for recovery zone economic

For issuers who elect under section 6431

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

development bonds, Form 8038-B must

to receive a direct payment from the

issuer of which receives a refundable

be filed at least 30 days prior to the

Federal Government equal to a

credit under section 6431.

submission of the first Form 8038-CP,

percentage of the interest payment,

Return for Credit Payments to Issuers of

Arbitrage rebate. The issuer of a build

issuers must request the payment on

Qualified Bonds, that is filed to request

America bond or recovery zone economic

Form 8038-CP. Each Form 8038-CP can

payment with respect to an interest

development bond must rebate to the

only relate to the interest paid on a single

payment date for that issue.

United States arbitrage profits earned

bond issue.

from investing proceeds of the bond in

Failure to complete the form including

For rebating arbitrage (or paying a

higher yielding nonpurpose investments.

the attached statements may result in a

penalty in lieu of arbitrage rebate) to the

See section 148(f).

delay in processing this form. All attached

Federal Government, use Form 8038-T,

statements must include the issuer's name

Gross proceeds. Gross proceeds

Arbitrage Rebate, Yield Reduction and

and EIN at the top.

means any proceeds and replacement

Penalty in Lieu of Arbitrage Rebate.

proceeds of an issue as defined under

Late filing. An issuer may be granted an

If the bond issue consists of both

Regulations section 1.148-1(b).

extension of time to file Form 8038-B

tax-exempt bonds and build America

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

bonds, the issuer must report the

Sale proceeds. Sale proceeds are

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

tax-exempt portion on Form 8038-G and

determined under Regulations section

“Request for Relief under Section 3 of

the build America bond portion on Form

1.148-1(b) as any amount actually or

Rev. Proc. 2002-48.” See Rev. Proc.

8038-B.

constructively received from the sale of

2002-48 for complete information on

the issue, including amounts used to pay

Rounding to Whole Dollars

requirements for an extension of time to

underwriters' discount or compensation

You should report the money items on this

and accrued interest, other than

file Form 8038-B.

return as whole dollars. To do so, drop

pre-issuance accrued interest. Sale

amounts less than 50 cents and increase

Jul 30, 2012

Cat. No. 54165A

Instructions For Form 8038-B Draft - Information Return For Build America Bonds And Recovery Zone Economic Development Bonds - Internal Revenue Service Page 2

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