Form 8330 - Issuer'S Quarterly Information Return For Mortgage Credit Certificates (Mccs) Page 2
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Form 8330 (Rev. 10-2012)
Page
General Instructions
not include all the MCCs issued on a timely filed
Line 8. Include the total amount of MCCs issued for
return is subject to a penalty. The penalty is $200 for
all prior quarters under the MCC program elected for
each MCC required to be reported on Form 8330.
the nonissued bond amount shown in Part I, whether
Section references are to the Internal Revenue Code
The maximum penalty is $2,000.
or not issued during the current calendar year.
unless otherwise noted.
Line 9. Enter the aggregate, as of the end of the
Section 25 permits issuers that have authority to
Definitions
quarter, of amounts for all certificates issued for the
issue qualified mortgage bonds (as defined in
section 143) to elect to issue MCCs in lieu of
Mortgage credit certificate. A mortgage credit
MCC program elected for the nonissued bond
amount shown in Part I.
qualified mortgage bonds. See Temporary
certificate is a certificate issued under a “qualified
Regulations section 1.25-4T(c)(2) for more details.
mortgage credit certificate program” by the state or
Line 10. If the amount on line 9 exceeds 25% of the
political subdivision having the authority to issue
nonissued bond amount shown in Part I, see section
Future Developments
qualified mortgage bonds to provide financing for
25(f) and Temporary Regulations section 1.25-5T(d)
the acquisition, qualified rehabilitation, or qualified
for the appropriate calculation to reduce the
For the latest information about developments
home improvement of a taxpayer’s principal
following year’s bond volume cap under section
related to Form 8330 and its instructions, such as
residence. For more information, see section 25(c)(1).
146(d).
legislation enacted after they were published, go to
Qualified mortgage credit certificate program. A
Part III. Revocation of Qualified
qualified mortgage credit certificate program is a
Purpose of Form
Mortgage Credit Certificates
program established for any calendar year by a
state or political subdivision that is authorized to
Form 8330 is used by issuers (states and political
Identify each holder of a qualified MCC that was
issue qualified mortgage bonds under section 143
subdivisions) of MCCs to provide the IRS with
revoked during the calendar quarter. For more
(and for which there has been an appropriate
information required by section 25 and Temporary
information, see Temporary Regulations section
allocation of state volume cap for that calendar year
Regulations section 1.25-8T(b).
1.25-3T(m).
under section 146), but elected instead to issue
mortgage credit certificates. (See section 25(c)(2) for
Who Must File
Signature
additional requirements.)
Each issuer that elected to issue MCCs must file
Aggregate amount. The aggregate amount (the
Form 8330 must be signed by an authorized
Form 8330 for each qualified mortgage credit
certified indebtedness times the certificate credit
representative of the issuer.
certificate program.
rate for each MCC, totaled for all mortgage credit
Paid Preparer Use Only
certificates issued under a single MCC program),
When To File
may not exceed 25% of the nonissued bond amount
Anyone who prepares the return but does not
for which the election not to issue bonds was made.
File Form 8330 on a quarterly basis beginning with
charge the organization should not sign the return.
the quarter in which the election was made.
See section 25(d)(2).
Certain others who prepare the return should not
Certified indebtedness amount. The certified
The return for each MCC program is due as
sign. For example, a regular, full-time employee of
follows:
indebtedness amount is the amount of indebtedness
the issuer, such as a clerk, secretary, etc., should
specified in the MCC and incurred by a taxpayer:
not sign.
For the quarter
Form 8330
a. To acquire his or her principal residence,
ending:
is due by:
Generally, anyone who is paid to prepare a return
must sign it and fill in the other blanks in the Paid
March 31 .
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.
.
.
.
.
April 30
b. To make qualified home improvements on that
Preparer Use Only area of the return. A paid preparer
residence, or
June 30
.
.
.
.
.
.
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.
.
July 31
cannot use a social security number in the paid Paid
c. To make a qualified rehabilitation of that
Preparer Use Only box. The paid preparer must use
September 30 .
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.
October 31
residence.
a preparer tax identification number (PTIN). If the
December 31 .
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.
January 31
paid preparer is self-employed, the preparer should
Certificate credit rate. The certificate credit rate is
The IRS may grant an extension of time to file
enter his or her address in the box. The paid
the rate specified by the issuer on the MCC.
Form 8330 if there is reasonable cause for not filing
preparer must:
However, the rate cannot be less than 10% nor
on time.
more than 50%. For other limitations, see
• Sign the return in the space provided for the
Temporary Regulations section 1.25-2T(b).
Last Form 8330 for a program. In the quarter in
preparer’s signature,
which the last qualified MCC that may be issued
Specific Instructions
• Enter the preparer information, and
under a program is in fact issued, the issuer should
• Give a copy of the return to the issuer.
check the box marked “Yes” in Part I relating to a
Part I. Reporting Authority
final return for this MCC program. Thereafter, the
Paperwork Reduction Act Notice. We ask for the
issuer is not required to file any subsequent reports
information on this form to carry out the Internal
Election date. Enter the date the issuer elected to
with respect to that MCC program. See Qualified
Revenue laws of the United States. You are required
issue MCCs in lieu of qualified mortgage bonds.
mortgage credit certificate program in the definitions
to give us the information. We need it to ensure that
below.
Nonissued bond amount. Enter the total amount of
you are complying with these laws.
qualified mortgage bonds (as defined in section
Reissued MCCs. Do not report a reissued MCC on
You are not required to provide the information
143(a)(1), and the related regulations) that the issuer
Form 8330. A reissued MCC is considered to be a
requested on a form that is subject to the Paperwork
has authority to issue but elected instead to convert
continuation of the original MCC. It is reported by
Reduction Act unless the form displays a valid OMB
into authority to issue MCCs. The amount of
the lender of the replacement loan on Form 8329,
control number. Books or records relating to a form
qualified mortgage bonds that an issuer elected not
Lender’s Information Return for Mortgage Credit
or its instructions must be retained as long as their
to issue may not exceed the issuer’s applicable limit
Certificates (MCCs).
contents may become material in the administration
(as determined under section 146(d)).
Aggregate number of Forms 8330 filed per
of any Internal Revenue law. Generally, tax returns
Part II. Computation of the Total
program. Certificates under an MCC program may
and return information are confidential, as required
be issued for indebtedness that is incurred up to the
by section 6103.
Amount of Mortgage Credit
close of the 2nd calendar year following the calendar
The time needed to complete and file this form
Certificates
year for which the issuing authority made the
will vary depending on individual circumstances.
election to issue MCCs in lieu of qualified mortgage
The estimated average time is:
List only the MCCs issued under the program
bonds. Thus, there may be as many as 12
elected for the nonissued bond amount shown in
Recordkeeping .
.
.
.
.
. 4 hr., 32 min.
consecutive quarterly reports to be filed by the
Part I. File a separate Form 8330 for each separate
issuer for a particular MCC program. See section
Learning about the law
program that is still open.
25(e)(3)(B).
or the form
.
.
.
.
.
.
. 1 hr., 23 min.
Column (a). Enter the certified indebtedness
Multiple Forms 8330 filed for a quarter. More than
Preparing and sending
amount for each MCC issued under the qualified
one Form 8330 may be filed for a particular quarter
the form to the IRS .
.
.
.
. 1 hr., 31 min.
MCC program.
for an issuer if the issuer had more than one MCC
If you have comments concerning the accuracy of
Column (b). Enter the certificate credit rate
program in operation during a calendar quarter. This
these time estimates or suggestions for making this
may occur where more than one election was made
associated with each MCC entered in column (a).
form simpler, we would be happy to hear from you.
during a calendar year, or where certificates still
Column (c). For each certificate amount listed in
You can write to the Internal Revenue Service, Tax
remain to be issued under one MCC program, after
column (a), multiply by the certificate credit rate
Products Coordinating Committee,
an election has been made creating another
associated with that certificate (column (b)) and
SE:W:CAR:MP:T:M:S, 1111 Constitution Ave. NW,
program.
enter the result in column (c).
IR-6526, Washington, DC 20224. Do not send the
Where To File
tax form to this address. Instead, see Where To File
If additional space is needed, attach a separate
on this page.
statement in the same format as lines 1 through 6 of
File Form 8330 with the Department of the Treasury,
Part II of this Form 8330. Include the total amount of
Internal Revenue Service Center, Ogden, UT 84201.
the MCCs listed on the separate statements only on
line 7 of the Form 8330. You may use an unsigned
Penalty
copy of a Form 8330 as the separate statement.
Any person who is required to file Form 8330 and
who does not file that return by the due date or does
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