Fillable Form 8923 - Mine Rescue Team Training Credit (Page 2 of 2) in pdf

Form 8923 (Rev. 1-2016)

Page

General Instructions

Specific Instructions

Section references are to the Internal Revenue Code unless

Line 2

otherwise noted.

In general, you must reduce your allowable training program

Future Developments

costs by the amount on line 2. This is required even if you

cannot take the full credit this year and must carry part of it

For the latest information about developments related to Form

back or forward. If you capitalized any costs included on line 1,

8923 and its instructions, such as legislation enacted after they

reduce the amount capitalized by the credit on line 2

were published, go to

attributable to these costs.

Purpose of Form

Line 3

Taxpayers who employ individuals as miners in U.S.

Enter the total mine rescue team training credit from:

underground mines use Form 8923 to claim the mine rescue

• Schedule K-1 (Form 1065), Partner's Share of Income,

team training credit. This credit applies to training program

Deductions, Credits, etc., box 15 (code P); or

costs paid or incurred for qualified mine rescue team

employees. This credit is scheduled to expire for tax years

• Schedule K-1 (1120S), Shareholder's Share of Income,

beginning after 2016. To find out if the mine rescue team

Deductions, Credits, etc., box 13 (code P).

training credit is extended beyond 2016, go to

Partnerships and S corporations must always report the

above credit on line 3. All other filers can report the above

Definitions

credits directly on Form 3800, Part III, line 1u and do not need

to file this form.

Training program costs. Taxpayers who employ individuals as

miners in U.S. underground mines can claim a credit of 20% of

Paperwork Reduction Act Notice. We ask for the information

the training program costs paid or incurred during the tax year

on this form to carry out the Internal Revenue laws of the United

for training of qualified mine rescue team employees. The

States. You are required to give us the information. We need it

maximum amount of training program costs that may be taken

to ensure that you are complying with these laws and to allow

into account annually for each qualified employee is $50,000.

us to figure and collect the right amount of tax.

The training costs include wages paid or incurred while the

You are not required to provide the information requested on

qualified employee is attending a training program.

a form that is subject to the Paperwork Reduction Act unless

Qualified employee. A qualified mine rescue team employee is

the form displays a valid OMB control number. Books or

any full-time employee of the taxpayer who is a miner eligible to

records relating to a form or its instructions must be retained as

serve for more than 6 months of the year as a mine rescue team

long as their contents may become material in the

member. The employee must have completed, at a minimum, an

administration of any Internal Revenue law. Generally, tax

initial 20-hour course of instruction, as prescribed by the Mine

returns and return information are confidential, as required by

Safety and Health Administration’s Office of Educational Policy

section 6103.

and Development, or received at least 40 hours of refresher

The time needed to complete and file this form will vary

training in such instruction. See 30 CFR section 49.8 for

depending on individual circumstances. The estimated burden

refresher training requirements.

for individual taxpayers filing this form is approved under OMB

Wages. Wages qualifying for the credit generally have the same

control number 1545-0074 and is included in the estimates

meaning as wages subject to the Federal Unemployment Tax

shown in the instructions for their individual income tax return.

Act (FUTA), but without regard to any dollar limit.

The estimated burden for all other taxpayers who file this form

is shown below. The estimated average time is:

Recordkeeping

1 hr., 25 min.

Preparing the form

. 1 min.

If you have comments concerning the accuracy of these time

estimates or suggestions for making this form simpler, we would

be happy to hear from you. See the instructions for the tax

return with which this form is filed.

Form 8923 - Mine Rescue Team Training Credit Page 2

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