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Department of the Treasury
Internal Revenue Service
Instructions for Form

8038-CP and Schedule A

(Form 8038-CP)

(Rev. December 2023)
Return for Credit Payments to Issuers of Qualified Bonds

Section references are to the Internal Revenue Code unless 31, 2010, then the bonds may no longer be qualified bonds
otherwise noted. under the applicable section and the issuer may no longer be
entitled to request a payment using Form 8038-CP.
Future Developments The Tax Cuts and Jobs Act (P.L. 115-97) repealed the
For the latest information about developments related to Form authority to issue tax credit bonds (including the election to
8038-CP and its instructions, such as legislation enacted after receive a refundable credit under former section 6431), including
they were published, go to IRS.gov/Form8038CP. specified tax credit bonds. The repeal applies to qualified
forestry conservation bonds, NCREBs, QECBs, QZABs, and
What's New QSCBs issued after December 31, 2017. If an issuer takes
Electronic filing is available and may be required. Under action that results in a significant modification or reissuance of
final regulations (T.D. 9972) published in February 2023, filers specified tax credit bonds after the effective date of the Tax Cuts
are required to file Form 8038-CP electronically if they are and Jobs Act, then the bonds may no longer be qualified bonds
required to file 10 or more returns of any type in a calendar year. under the applicable section and the issuer may no longer be
The final regulations are effective for Forms 8038-CP filed after entitled to request a payment using Form 8038-CP.
December 31, 2023. Additionally, any other filer of Form Form 8038-CP is used by issuers of BABs and RZEDBs, and
8038-CP may voluntarily file Form 8038-CP electronically. (See specified tax credit bonds (Direct Pay bonds) that elect to
Where To File, later, for more information.) receive a direct payment from the federal government equal to a
Variable rate bonds. There are updated instructions for percentage of the interest payments on these bonds. For more
line 17a which include two examples. information, see Notices 2009-26, 2009-16 I.R.B. 833, and
2010-35, 2010-19 I.R.B. 660.
Reminders
Note. Each type of bond must be reported on a separate Form
General Instructions 8038-CP.
Other tax credit bonds, including QZABs issued pursuant to
Use Correct Version of Form and Schedule A an allocation of 2011 (or later) volume cap, qualified forestry
Use the January 2022 version of Form 8038-CP and the conservation bonds, clean renewable energy bonds, and
December 2022 version of Schedule A to Form 8038-CP. Midwestern tax credit bonds are not eligible for the election by
Receipt by the IRS of a prior version of the Form 8038-CP could the issuer to receive refundable credit payments under former
result in a delay of the credit payment or otherwise affect normal section 6431(f).
processing. This return is to be filed only if, as of the date filed, the
issuer of the outstanding bonds for which this return is
Purpose of Form CAUTION! submitted has reasonably concluded that the bonds
The American Recovery and Reinvestment Act of 2009 (ARRA) meet all applicable requirements for the payment of the
created build America bonds (BABs) and recovery zone requested credit.
economic development bonds (RZEDBs). The Hiring Incentives
to Restore Employment Act (HIRE Act) provided an option for Who Must File
issuers of new clean renewable energy bonds (NCREBs),
qualified energy conservation bonds (QECBs), qualified zone Issuers of BABs (Direct Pay), RZEDBs, and specified tax credit
academy bonds (QZABs), and qualified school construction bonds must submit this return to request credit payments
bonds (QSCBs) to elect to issue such bonds as specified tax payable under “the Acts”.
credit bonds. The Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (the Tax Relief What To File
Act) discontinued the option to elect to issue QZABs as Issuers of BABs (Direct Pay), RZEDBs, and specified tax credit
specified tax credit bonds for bonds issued pursuant to an bonds are required to submit the most recent version of Form
allocation of the 2011 or later national QZAB limitation. The 8038-CP after the effective date of the version to request
ARRA, the HIRE Act, and the Tax Relief Act are referred to payment of a refundable credit. As of the date of publication of
throughout these instructions as “the Acts”. these instructions, the most recent version of Form 8038-CP is
the January 2022 version to be used for all such forms to be
Note. Only issuers of BABs and RZEDBs issued before January received by the IRS on or after January 1, 2022. As of the date of
1, 2011, and specified tax credit bonds issued before January 1, publication of these instructions, the most recent version of
2018, that qualify for, and have elected to receive, a refundable Schedule A is the December 2022 version.
credit under former section 6431 may file Form 8038-CP. The The payment requested on Form 8038-CP can only relate to
authority to issue BABs and RZEDBs expired on January 1, the interest payable on a single bond issue. If the issue has both
2011. If an issuer takes action that results in a significant fixed rate bonds and variable rate bonds, file a separate Form
modification or reissuance of BABs or RZEDBs after December 8038-CP for each interest rate structure. If a single bond issue

Dec 19, 2023 Cat. No. 52942P

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constitutes both BABs (Direct Pay) and RZEDBs, file a separate For the IRS mailing address to use if you're using PDSs, go to
Form 8038-CP for each type of bond. IRS.gov/PDSstreetAddresses.
File a separate Form 8038-CP with a Schedule A for PDSs can’t deliver items to P.O. boxes. You must use the
NCREBs, QECBs, QZABs, and QSCBs. If the information ! U.S. Postal Service to mail any item to an IRS P.O. box
provided on the return relates to more than one type of bond or if CAUTION address.
the return is not completed in full, the credit payment could be
delayed or normal processing could otherwise be affected. In Assembling Form 8038-CP, Schedule A, and
order to process the refundable credit payment, the IRS will
correspond with the designated contact person listed in Part II, at Attachments
the address in Part II, as necessary. Before filing Form 8038-CP, assemble the package of the core
form, Schedule A, and attachments in the following order.
When To File 1. Core form with Parts I through III, Direct Deposit (if
A Form 8038-CP filed for fixed rate bonds must be filed no later applicable), Signature and Consent, and Paid Preparer Use Only
than 45 days before the relevant interest payment date. Form (if applicable) completed.
8038-CP may not, however, be submitted earlier than 90 days 2. Schedule A completed, if applicable. Schedule A must
before the relevant interest payment date. See Notice 2009-26, be submitted for all NCREBs, QECBs, QZABs, and QSCBs for
2009-16 I.R.B. 883. which the issuer has elected to receive a refundable credit under
For variable rate bonds, when the issuer knows the interest former section 6431.
payment amount 45 days prior to the interest payment date, 3. Attachments completed as applicable. If applicable,
Form 8038-CP may be filed within the same timelines as fixed include:
rate bonds (45 days before the relevant interest payment date a. An explanation for an amended return,
but no earlier than 90 days before the relevant interest payment
date). However, a separate Form 8038-CP should still be filed for b. An explanation for line 21c,
the variable rate bonds. See also the specific instructions below c. A revised debt service schedule,
for completing line 17a. d. An explanation for line 23b, and
For variable rate bonds when the issuer doesn’t know the e. An explanation for line 24b.
interest payment amount 45 days prior to the interest payment Don't attach materials not authorized in these instructions or
date, the issuer must aggregate all credit payments on a not otherwise authorized by the IRS.
quarterly basis and file a Form 8038-CP for reimbursement in
arrears no later than 45 days after the last interest payment date To facilitate the processing of your e-filed return, don't
within the quarterly period for which the reimbursement is being ! password protect or encrypt PDF attachments.
requested. See also the specific instructions below for CAUTION Password protecting or encrypting a PDF file that is
completing line 17a. attached to an e-filed return prevents the IRS from opening the
attachment.
Where To File
Mandatory electronic filing. A filer required to file at least 10 Other Forms That May Be Required
returns of any type during the calendar year must file Forms For rebating arbitrage (or paying a penalty in lieu of arbitrage
8038-CP electronically starting in 2024. “Returns” for purposes rebate) to the federal government, use Form 8038-T, Arbitrage
of these instructions include information returns (for example, Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate.
Forms W-2 and Forms 1099), income tax returns, employment
tax returns (including quarterly Forms 941, Employer's No Rounding to Whole Dollars
QUARTERLY Federal Tax Return), and excise tax returns. For You must enter cents on the form. Do not round amounts to the
general information about electronic filing, go to IRS.gov/Efile, nearest dollar (for example, $1.75 must be entered as $1.75, not
and see Pub. 4163, Modernized e-File (MeF) Information for $2.00; conversely, $1.25 must be entered as $1.25, not $1.00).
Authorized IRS e-File Providers for Business Returns. Round fractional cents to the next lowest cent (for example,
Waivers and exemptions. On a year-by-year basis, the IRS round $1.996 down and enter as $1.99). The amount paid to you
may waive the requirements to file Form 8038-CP electronically. will be based on these parameters.
In certain circumstances, a filer may be administratively exempt
from the requirement to file electronically. The filer should keep Where the Requested Payment Will Be Sent
documentation supporting their undue hardship or other The credit payment on line 22 will be sent by check to the entity
applicable reason for not filing electronically in the filer’s records. that is to receive payment listed in Part I at the address
For more information about mandatory electronic filing, waivers, designated in Part I, unless the issuer has elected to have the
and exemptions, see Regulations section 301.6011-11. payment deposited directly, in which case the payment will be
Paper returns. For filers submitting paper returns, send Form directly deposited to the Automated Clearing House (ACH)
8038-CP to: routing and account numbers listed on lines 26a and 26c.
Note. If the entity listed in Part I is not the issuer, the ACH
Department of the Treasury routing and account numbers listed on lines 26a and 26c must
Internal Revenue Service Center be the account information of the entity listed in Part I. If the
Ogden, UT 84201-0050 entity listed in Part I is the issuer, the account information must
be the account information of the issuer. The issuer must enter
Private delivery services (PDSs). Paper filers can use certain the correct ACH routing and account numbers on Form 8038-CP
PDSs designated by the IRS to meet the “timely mailing as timely to receive a direct deposit.
filing” rule for tax returns. Go to IRS.gov/PDS for the current list
of designated services.
The PDS can tell you how to get written proof of the mailing
date.

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         If the amount of the credit payment requested is required         b. Complete lines 19a–24b using the information reported 
!        to be offset against other outstanding taxes or                 on the original final return in addition to the new or corrected 
CAUTION  obligations, then the credit payment to be received could       information. (See the applicable instructions, later.)
be less than the amount requested. For more information, see               c. The entry for line 25 must be “Yes.” Failure to check “Yes” 
Notices 2009-26 and 2010-35.                                             on line 25 could result in a delay in processing or otherwise 
                                                                         affect normal processing.
Specific Instructions                                                      5. If the direct deposit information on the original final return 
                                                                         is still current, enter the same information as provided on the 
Part I—Information on Entity That Is To Receive                          original final return. If the direct deposit information on the 
Payment                                                                  original final return isn’t correct, leave lines 26a, 26b, and 26c 
                                                                         blank on the amended return and we will send any required 
Amended Return                                                           payment by a check to the entity listed in Part I at the address 
When to check the “Amended Return” box.         An amended               listed in Part I of the amended return.
return can only be filed if you are filing to correct errors in Part III   6. Complete the Signature and Consent part of the form 
on a previously filed final return. A previously filed final return      using current information.
means:
                                                                         Filing the amended return. 
1. Form 8038-CP previously submitted for the final interest                If the previously filed final return was permitted to be filed on 
payment date for the bonds; and                                          •
                                                                         paper and was filed using a paper return, the amended return 
2. “Yes” is checked on:                                                  must be filed using a paper return.
a. Line 25 of the January 2020 or later versions of Form                 • If the previously filed final return was permitted to be filed on 
8038-CP, or                                                              paper, but was filed electronically, the amended return may be 
b. Line 23 of the January 2012 or prior versions of Form                 filed either on paper or electronically.
8038-CP.                                                                 • If the issuer previously filed final return was required to be filed 
                                                                         electronically, any amended return must be filed electronically. 
Entries on the amended return.        The following are directions       See Regulations section 301.6011-11.
for the entries to make on the amended return.                           • Attach an explanation of the reason for the amended return as 
                                                                         a separate document labeled “Explanation for Amended Return.” 
1. Check the “Amended Return” box in the heading of Part I               Include the issuer name, the employer identification number 
of the return.                                                           (EIN), the relevant interest payment date for the final return, and 
2. Complete Part I of the amended return as follows.                     the report number on the explanation. For each line being 
a. Enter the same information for lines 1–4 as reported on               amended, provide the original entry, the new entry, and an 
the original final return.                                               explanation. For paper filing, attach it to the return.
b. Complete lines 5–6 using current information.                                 If a final return was not filed, any corrections to the 
3. Complete Part II of the amended return as follows.                      !     amount of credit payment requested in Part III of a 
                                                                         CAUTION previously filed return must be corrected by using the net 
a. Enter the same information for lines 7–9 as reported on               adjustment line 21a or 21b. Such corrections may only be 
the original final return.                                               submitted on a subsequent Form 8038-CP filed to request a 
b. Enter the correct three-digit original report number on               credit payment. Do not check the “Amended Return” box if you 
line 10.                                                                 are correcting non-final prior filings of a Form 8038-CP by using 
i.    For the January 2020 and prior versions of Form 8038-CP,           line 21a or 21b.
the report number was assigned by the IRS. You were notified of 
the report number in Notice CP152A. Enter the original report            Line 1. Enter the name of the entity to which the requested 
number from Notice CP152A for the final return. If you can’t             refundable credit payment is to be paid. If the payment is to be 
locate Notice CP152A for the final return on the January 2020            made to the entity that issued the bonds, enter the name of that 
and prior versions of Form 8038-CP, enter report number 499 on           issuer. For BABs and RZEDBs, the issuer's name should be the 
line 10 of the amended return.                                           name listed on Form 8038-B, Information Return for Build 
                                                                         America Bonds and Recovery Zone Economic Development 
Note. Use of report number 499 will notify the IRS that you don’t        Bonds, Part I, line 1. For specified tax credit bonds, the issuer's 
have the original report number. Lack of the original report             name should be the name listed on Form 8038-TC, Information 
number may affect normal processing of the amendment.                    Return for Tax Credit Bonds and Specified Tax Credit Bonds, 
ii. For the January 2022 and later versions of Form 8038-CP,             Part I, line 1. If the issuer authorized another entity (for example, 
you assigned the report number for entry on line 10. Enter the           a trustee bank) to receive the requested refundable credit 
same report number you entered on the original final return.             payment on its behalf, enter the name of that entity.
c. Enter the same information for lines 11–14 as reported on             Note. By entering the name of an entity other than the issuer, 
the original final return.                                               the issuer consents and authorizes the IRS to send the 
                                                                         requested refundable credit payment to the entity listed in Part I. 
d. Complete lines 15–16 using current information.                       The issuer further consents and authorizes the IRS to 
e. Check the appropriate box on line 17a.                                communicate directly with the entity listed in Part I and to 
f.    On line 17b, enter the same issue price amount as                  disclose its return information to that entity, as necessary, to 
reported on the original final return.                                   process the refundable credit payment.
g. On line 17c, enter the appropriate three-digit code. (See             Line 2. Enter the EIN of the entity identified on line 1. If the 
the instructions for Part II, line 17c, later.)                          issuer is the entity listed in Part I, for BABs and RZEDBs, the 
4. Complete Part III of the amended return as follows.                   issuer's EIN should be the EIN listed on Form 8038-B, Part I, 
                                                                         line 2. If the issuer is the entity listed in Part I, for specified tax 
a. On line 18, enter the same interest payment date as 
                                                                         credit bonds, the issuer's EIN should be the EIN listed on Form 
reported on the original final return.
                                                                         8038-TC, Part I, line 2.

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Lines 5 and 6. If the issuer is not the entity listed in Part I, enter be entered on Part II, line 10, on all future Forms 8038-CP filed
on line 5 the name and title and on line 6 the phone number of with respect to the BABs. Report number 402 will be entered on
the designated contact person for the entity named in Part I that Part II, line 10, on all future Forms 8038-CP filed with respect to
is to receive payment of the credit (such as an employee of the the RZEDBs.
trustee bank) that the IRS may call for more information. If the In October 2010, Issuer A sold fixed rate QSCBs and variable
issuer is the entity listed in Part I, enter on line 5 the name and rate QSCBs payable from the same taxes using the same official
title and on line 6 the phone number of the designated contact statement. The bonds are one bond issue for most purposes,
person (such as an officer or employee of the issuer, the legal and Issuer A properly reported the issuance of the bonds using a
representative of the issuer, or the paid preparer) whom the IRS single Form 8038-TC with two debt service schedules. In
may call for more information. January 2022, Issuer A assigned report number 403 to the fixed
rate QSCBs and report number 404 to the variable rate QSCBs.
Note. If the issuer on line 5 authorizes the IRS to call a person Report number 403 will be entered on Part II, line 10, on all future
other than an officer of the issuer for more information, by Forms 8038-CP filed with respect to the fixed rate QSCBs.
signing this return the issuer's authorized representative Report number 404 will be entered on Part II, line 10, on all future
consents to the disclosure of the issuer's return information to Forms 8038-CP filed with respect to the variable rate QSCBs.
such person, as necessary to process this return. In November 2010, Issuer A sold fixed rate QECBs, fixed rate
NCREBs, and variable rate NCREBs payable from the same
Part II—Reporting Authority revenues using the same official statement. In January 2022,
Part II should be completed in full if the issuer authorized the IRS Issuer A assigned report number 405 to the QECBs, report
to pay the requested refundable credit payment to another entity number 406 to the fixed rate NCREBs, and report number 407 to
on its behalf (for example, a trustee bank). the variable rate NCREBs. Separate Forms 8038-CP will be filed
Lines 7 and 8. If the issuer's name is the same as line 1, enter for the QECBs, fixed rate NCREBs, and variable rate NCREBs
“SAME” and skip lines 8, 9, 11, 15, and 16. If the issuer's name using the respective report numbers on Part II, line 10.
is not the same as line 1, enter the name, EIN, and complete Failure to assign a correct three-digit report number following
address of the issuer of the bond issue in Part II. For BABs and the assignment methodology in these instructions could delay
RZEDBs, the issuer's name and EIN should be the name and payment of the credit or otherwise affect normal processing.
EIN listed on Form 8038-B, Part I, lines 1 and 2, filed for the bond Line 12. Enter the issue date of the bond issue. For BABs
issue. For specified tax credit bonds, the issuer's name and EIN (Direct Pay) and RZEDBs, the issue date should be the issue
should be the name and EIN listed on Form 8038-TC, Part I, date listed on Form 8038-B, Part I, line 7, filed for the bond issue.
lines 1 and 2, filed for the bond issue. For specified tax credit bonds, the issue date should be the issue
Line 10. Issuers are now required to assign permanent report date listed on Form 8038-TC, Part I, line 7, filed for the bond
numbers for bonds currently eligible to receive credit payments issue.
and consistently use the same report number when filing to Line 13. Enter the name of the bond issue. If the bond issue is
claim the credit for the bonds. Assign a separate report number not named, enter “None.” For BABs (Direct Pay) and RZEDBs,
in the range 401–450 for each type of bond that is required to be the name of the bond issue should be the name listed on Form
treated as a separate bond issue for purposes of Form 8038-CP 8038-B, Part I, line 8, filed for the bond issue. For specified tax
payment requests. (See General Instructions, What To File, credit bonds, the name of the bond issue should be the name
earlier.) Enter the three-digit report number (report number) that listed on Form 8038-TC, Part I, line 8, filed for the bond issue.
the issuer assigned to the bonds on Part II, line 10, of the Form For electronic returns, do not use brackets, dollar signs, or
8038-CP. Separately reported bonds for purposes of Form commas in the name of the bond issue.
8038-CP payment requests should be numbered consecutively
starting with 401. Once a report number is used for any bonds, it Line 14. Enter the Committee on Uniform Securities
must be used as the report number for all future filings of Form Identification Procedures (CUSIP) number on the bond with the
8038-CP returns for those bonds. The report number may not be latest maturity. For BABs and RZEDBs, the CUSIP number
used for any other Direct Pay bonds, even after bonds are should be the CUSIP number listed on Form 8038-B, Part I,
redeemed or are no longer outstanding. line 9, filed for the bond issue. For NCREBs, QECBs, QZABs,
Issuers must file separate Forms 8038-CP for each type of and QSCBs, the CUSIP number should be the CUSIP number
bond and for fixed rate bonds and variable rate bonds. listed on Form 8038-TC, Part I, line 9, filed for the bond issue.
• If a single bond issue constitutes both BABs (Direct Pay) and Enter the nine-character CUSIP number without any spaces. If
RZEDBs, file a separate Form 8038-CP for each type of bond the bond issue was not publicly offered and there is no assigned
and assign a different report number for each. If a single bond CUSIP number, enter “None.” The CUSIP number used for
issue consists of more than one type of specified tax credit bond, purposes of Form 8038-CP does not change. Continue to use
assign separate report numbers for NCREBs, QECBs, QZABs, the CUSIP number originally reported on Form 8038-B or Form
and QSCBs, and file a separate Form 8038-CP for each type of 8038-TC even if the bond maturity associated with the CUSIP
bond. number is no longer outstanding. Use the CUSIP number
• If a single bond issue contains both fixed rate bonds and reported on Form 8038-B or Form 8038-TC even if you are
variable rate bonds, assign separate report numbers for each required by these instructions to treat bonds with different
interest rate structure and file a separate Form 8038-CP for each interest rate structures as separate bonds and file separate
interest rate structure. Forms 8038-CP (for example, for fixed and variable rate bonds of
Example. Issuer A elected to receive a refundable credit the same bond issue).
under former section 6431 for its bonds. Leaving line 14 blank, or entering something other than a
In February 2010, Issuer A sold BABs and RZEDBs payable ! nine-character CUSIP number without spaces or “None,”
from the same revenues using the same official statement. CAUTION could result in a delay in the credit payment or otherwise
Although the bonds are one bond issue for most purposes, affect normal processing.
Issuer A properly reported the issuance of the bonds using Example. In May 2010, Issuer B sold fixed rate BABs with a
separate Forms 8038-B for the BABs and the RZEDBs. In final maturity date of May 1, 2040, and variable rate BABs with a
January 2022, Issuer A assigned report number 401 to the BABs final maturity date of May 1, 2025, payable from the same taxes
and report number 402 to the RZEDBs. Report number 401 will

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using the same official statement. Issuer B elected to receive a interest payment dates for the bonds and checks the box for
refundable credit under former section 6431 for its bonds and “Variable rate bond” on line 17a.
filed a single Form 8038-B for the bonds. The CUSIP number for
Line 17b. For BABs and RZEDBs, enter the total issue price for
the fixed rate bonds maturing on May 1, 2040, was reported on
the bond listed on Form 8038-B, Part III, line 3, filed for the bond
Form 8038-B, Part I, line 9.
issue. For specified tax credit bonds, enter the total issue price
In January 2022, Issuer B files separate Forms 8038-CP for for the bond listed on Form 8038-TC, Part III, line 1, filed for the
the fixed rate BABs and the variable rate BABs and uses the bond issue. The issue price used for purposes of Form 8038-CP
CUSIP number for the fixed rate bonds maturing on May 1, 2040, doesn’t change. Continue to use the issue price originally
on the Form 8038-CP filed for the fixed rate BABs and on the reported on Form 8038-B or Form 8038-TC even if some of the
Form 8038-CP filed for the variable rate BABs. bonds are no longer outstanding. Use the issue price reported
On November 1, 2022, Issuer B retires the fixed rate BABs. In on Form 8038-B or Form 8038-TC even if you are required by
January 2023, Issuer B files a Form 8038-CP with respect to the these instructions to file separate Forms 8038-CP for different
variable rate BABs. Issuer B must continue to use the CUSIP interest rate structures (for example, for fixed and variable rate
number originally reported on Form 8038-B (CUSIP number for bonds of the same bond issue).
fixed rate bonds with a maturity date of May 1, 2040) even Example. In September 2010, Issuer C sold at par
though the bonds corresponding to the CUSIP number are no $15,000,000 of fixed rate BABs with a final maturity date of
longer outstanding. September 1, 2030, and $5,000,000 of variable rate BABs with a
final maturity date of September 1, 2025, payable from the same
Lines 15 and 16. If the issuer isn’t the entity listed in Part I,
taxes using the same official statement. Issuer C elected to
enter the name, title, and phone number of the officer of the
receive a refundable credit under former section 6431 for the
issuer or other person whom the IRS may call for more
bonds and filed a single Form 8038-B for the bonds. The issue
information. If the issuer is the entity listed in Part I, leave lines 15
price for the bonds was reported on Form 8038-B, Part III, line 1,
and 16 blank.
as $20,000,000.
Note. If the issuer authorizes, on line 15, the IRS to contact a In January 2022, Issuer C files separate Forms 8038-CP for
person other than an officer of the issuer for more information, by the fixed rate BABs and the variable rate BABs but uses the total
signing this form the issuer's authorized representative consents issue price of $20,000,000 on the Form 8038-CP filed for the
to the disclosure of the issuer's return information to such fixed rate BABs and on the Form 8038-CP filed for the variable
person, as necessary to process this return. rate BABs.
Line 17a. Check the box that applies to the bonds of the issue On March 1, 2022, Issuer C retires the fixed rate BABs. In
for which this return is submitted. Only one box should be January 2024, Issuer C files a Form 8038-CP with respect to the
checked because payment requests for variable rate bonds and variable rate BABs. Issuer C must continue to use the issue price
fixed rate bonds are required to be filed on separate returns. originally reported on Form 8038-B ($20,000,000) even though
only $5,000,000 of variable rate BABs is still outstanding.
The following are additional instructions with respect to
variable rate bonds. Always file a separate Form 8038-CP for Line 17c. Identify the type of bonds by entering the
variable rate bonds. However, when the issuer knows the interest corresponding three-digit code number as follows.
payment amount at least 45 days prior to the interest payment • 102—New clean renewable energy bonds.
date, Form 8038-CP may be filed within the same timelines as • 103—Qualified energy conservation bonds.
fixed rate bonds (45 days before the relevant interest payment • 104—Qualified zone academy bonds.
date but no earlier than 90 days before the relevant interest • 105—Qualified school construction bonds.
payment date). See General Instructions, What To File, earlier. • 109—Build America bonds.
When the issuer files Form 8038-CP for variable rate bonds • 110—Recovery zone economic development bonds.
using the timelines for fixed rate bonds, the box on line 17a for A failure to provide requested information or providing
fixed rate bond is checked. ! incorrect information could delay processing of this
Example. In October 2010, Issuer F issued fixed rate BABs CAUTION return or otherwise affect normal processing. Do not
and variable rate BABs payable from the same taxes using the leave line 10, 12, 13, 14, 17a, 17b, or 17c blank.
same official statement. Interest on the fixed rate bonds is paid
on January 1 and July 1 of each year at a fixed rate of 6%.
Interest on the variable rate bonds is paid on January 1 and July Part III—Payment of Credit
1 of each year at a rate based upon a set formula and the Line 18. Enter the interest payment date to which the requested
interest rate is reset every 5 years pursuant to the formula. Issuer refundable credit payment relates. An interest payment date is
F elected to receive a refundable credit under former section the date on which interest is payable by the issuer to the holders
6431 for the bonds and filed a single Form 8038-B for the bonds. of the bonds. This may include a date on which bonds are retired
On April 10, 2024, Issuer F files a separate Form 8038-CP for earlier than maturity if interest is to be paid on that date. (For
the July 1, 2024, interest payment date for the fixed rate BABs variable rate bonds with the amount of interest payable not
and checks the box for “Fixed rate bond” on line 17a. On April known at least 45 days before the interest payment date, enter
10, 2024, Issuer F knows the interest payment amount for the the last interest payment date applicable to the quarterly period
July 1, 2024, interest payment date for the variable rate BABs to which this return relates.) For certain variable rate bonds, the
and files a separate Form 8038-CP and checks the box for remarketing date or the date the interest rate is reset may not be
“Fixed rate bond”on line 17a. the same date the interest is paid.
Example. In November 2010, Issuer G issued variable rate Line 19a. Enter the amount of interest payable to the holders of
BABs. Interest on the bonds is paid on the first day of each the bonds on the interest payment date. The amount entered on
month at an interest rate based upon a set formula and the line 19a can only relate to the interest payable on a single bond
interest rate is reset every month pursuant to the formula. Issuer issue and the amount of interest allocable to a single type of
F elected to receive a refundable credit under former section bond (BAB, RZEDB, or a single type of specified tax credit bond)
6431 for the bonds and filed a single Form 8038-B for the bonds. and similar interest rate structure (fixed or variable rate). (See
On January 10, 2024, Issuer G files a Form 8038-CP for the General Instructions, What To File, earlier.)
October 1, 2023, the November 1, 2023, and December 1, 2023,

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Note. Credit payments are not allowed for preissuance accrued • 214—Claimed interest on prior return(s) on bonds previously
interest. legally defeased. (Also, list applicable interest payment date(s).)
Line 19b. For specified tax credit bonds only, enter the • 219—Other. Use this three-digit code if codes 211–214 do not
apply or if more than one three-digit code is applicable. (Also, list
applicable credit rate. The applicable credit rate is the daily tax
applicable explanation(s) for the correction(s) including listing
credit bond rate set by the Secretary under section 54A(b)(3),
prior interest payment date(s) affected and details of any net
determined as of the first day on which there is a binding written
amount.)
contract for the sale or exchange of the bond. See Notice
Note. Codes 215–218 are reserved and should not be used.
2009-15, which is on page 449 of Internal Revenue Bulletin
2009-6 at IRS.gov/pub/irs-irbs/irb09-06.pdf. Enter the percent If a three-digit explanation code number is not entered, the
out to two decimal places, and do not round (for example, for credit payment could be delayed or normal processing could
credit rate 10.746%, enter 10.74%). The tax credit bond rate is otherwise be affected. For electronic filing, the dates or
published by the Bureau of Fiscal Service on its Government explanation for “Other” is entered electronically. For paper filing,
Section Internet site at TreasuryDirect.gov. The applicable credit attach to the return the requested information on a single
rate should be the applicable credit rate listed on Form 8038-TC, explanation document and label it “Line 21c Information.” Include
Part III, line 4, filed for the bond issue. the issuer name, EIN, interest payment date, and report number
on the paper attachment.
Line 19c. For NCREBs, QECBs, QZABs, and QSCBs,
complete Schedule A and enter the amount from line 3 of Line 22. Enter the amount of the credit payment requested.
Schedule A. Combine the amount on line 20a, 20b, 20c, 20d, 20e, or 20f with
the amount on either line 21a or 21b, as applicable.
Note. You can only have one entry on line 20 (a through f).
Note. If an amount of the credit payment requested is required
Line 20a. For BABs, enter the amount of the requested credit to be offset against other outstanding taxes or obligations, then
payment relating to the interest payable on the interest payment the credit payment to be received could be less than the amount
date. The amount reported on line 20a must equal 35% (0.35) of on line 22. For more information, see Notices 2009-26 and
the amount reported on line 19a. 2010-35.
Line 20b. For RZEDBs, enter the amount of the requested Line 23a. Check “Yes” or “No.” Check “Yes” if the amount shown
credit payment relating to the interest payable on the interest on line 20a, 20b, 20c, 20d, 20e, or 20f does not equal the
payment date. The amount reported on line 20b must equal 45% amount of the credit payment shown on the debt service
(0.45) of the amount reported on line 19a. schedule attached to the information return for the bonds filed
Line 20c. For NCREBs, enter the smaller of line 19a or line 19c. with the IRS (Form 8038-TC or Form 8038-B), or the latest
revised debt service schedule subsequently filed with the IRS, or
Line 20d. For QECBs, enter the smaller of line 19a or line 19c. when the amount of qualified principal outstanding or qualified
Line 20e. For QZABs, enter the smaller of line 19a or line 19c. interest payable on future dates will vary from amounts
previously reported to the IRS. For variable rate bonds, check
Note. Issuers issuing QZABs pursuant to an allocation of 2011 “Yes” if there is a change in interest payment dates, the total
or later national QZAB limitation (volume cap) can’t make a valid principal amount of qualified bonds expected to be outstanding
election to issue such bonds as specified tax credit bonds and on payment dates, or the method for determining interest on the
may not claim a refundable credit under former section 6431 by bonds. Situations where you must check “Yes” for fixed and
filing Form 8038-CP. variable rate bonds include (a) early retirement or defeasance of
bonds, (b) treating a portion of the bonds as nonqualified under
Line 20f. For QSCBs, enter the smaller of line 19a or line 19c. Rev. Proc. 2018-26, (c) reissuance of bonds because of a
Lines 21a and 21b. Either line 21a or line 21b is available to significant modification under Regulations section 1.1001-3 or
correct your prior mistakes on prior filings of Form 8038-CP for other guidance, or (d) the debt service schedule has otherwise
the respective bonds. changed or been altered so that the debt service schedule you
• If a prior credit payment amount was received that was less most recently filed with the IRS is no longer accurate.
than the correct amount, then enter the amount on line 21a that Line 23b. If you checked “Yes” on line 23a, enter one applicable
relates to the corresponding increase to this payment request. three-digit explanation code number and provide the revised
• If a prior credit payment amount was received that exceeded debt service schedule. If a three-digit explanation code number
the correct amount for that payment, then enter the amount on is not entered, the credit payment could be delayed or normal
line 21b that relates to the corresponding decrease to this processing could otherwise be affected. Where indicated,
payment request. provide the applicable dates in MM/DD/YYYY format and the
• If there are both increase and decrease adjustments related to applicable amounts.
multiple prior payments, then net the amounts and include the
corresponding amount on either line 21a (for net increases) or Note. If the changes result from the issuer’s nonqualified use of
21b (for net decreases), as appropriate. bond proceeds and taking a remedial action under section 6 of
If any amount is entered on either line 21a or 21b, complete Rev. Proc. 2018-26, the issuer must enter the three-digit
line 21c. explanation code 235 on the Form 8038-CP filed for the first
Line 21c. Enter the applicable three-digit explanation code interest payment date after the nonqualified use of the bond
number and provide the applicable interest payment dates in proceeds occurs. The issuer must also (a) provide the date of
MM/DD/YYYY format. the nonqualified use and the amount of nonqualified use, and (b)
• 211—Erroneous entry on prior return(s) (for example, attach a revised debt service schedule reflecting the exclusion of
typographical error or input error or incorrect debt service amounts allocable to the nonqualified bonds beginning with the
schedule date used. (Also, list applicable interest payment date of the nonqualified use.
date(s).) • 231—Retirement of all or part of the bonds. (Also, provide the
• 212—Math error on prior return(s). (Also, list applicable date and amount redeemed/retired.)
interest payment date(s).) • 232—Correction of mistake in most recently filed debt service
• 213—Claimed interest on prior return(s) on bonds previously schedule.
redeemed. (Also, list applicable interest payment date(s).)

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• 233—Closing Agreement with IRS. (Also, provide the date of Line 24b. If you checked “No” on line 24a, enter the three-digit
agreement.) code number concerning the circumstances surrounding the
• 234—Legal defeasance of bonds. (Also, provide the date and nonpayment or expected nonpayment. If a three-digit
amount legally defeased.) explanation code is not entered, the credit payment could be
• 235—Remedial action under Rev. Proc. 2018-26. (Also, delayed or normal processing could otherwise be affected.
provide the date of nonqualified use and amount of nonqualified Provide any applicable dates in MM/DD/YYYY format and the
bonds.) applicable amounts where requested and provide an explanation
• 239—Other. Use this three-digit code if codes 231–235 do not if “249—Other” applies.
apply or if more than one three-digit code is applicable. (Also, • 241—Insolvent, no receivership or bankruptcy proceedings.
provide an explanation including relevant dates and principal • 242—Insolvency, receivership or bankruptcy proceedings in
amounts.) progress.
Note. Codes 236–238 are reserved and should not be used. • 243—Insolvency, receivership or bankruptcy proceedings
For electronic filing, the dates and amounts to be provided, discharged debt. (Also, provide the date, the amount
and the explanation for “239—Other” are entered electronically. discharged, and any change in interest rates.)
For paper filing, attach to the return the requested information • 244—Insufficient payment sources due to sequestration—no
and label it “Line 23b Information.” Also include the issuer name, receivership proceedings.
EIN, interest payment date, and report number on the paper • 245—Insufficient payment resources for reasons other than
attachment. sequestration—no receivership proceedings.
Requirements for revised debt service schedule. The debt • 249—Other. (Also, provide an explanation.)
Note. Codes 246–248 are reserved and should not be used.
service schedule must contain the information described below
for the bonds. For electronic filing, any dates, amounts or explanation for
“Other” is entered electronically. For paper filing, attach to the
1. Name of issuer.
return the requested information and label it “Line 24b
2. EIN of issuer. Information.” Also include the issuer name, EIN, interest payment
3. Report number (see instructions for line 10). date, and report number on the paper attachment.
4. Name of issue. Line 25. Check “Yes” or “No.” If a box is not checked, credit
5. Date of issue. payments may be delayed.
6. CUSIP number (see instructions for line 14). Check “Yes” if the requested payment is for the final interest
7. Issue price (see instructions for line 17b). payment date for the bonds. The final payment of interest for the
bonds is the last payment of interest prior to, or in conjunction
8. For fixed rate bonds, a revised debt service schedule with, the final maturity, redemption, or significant modification of
through final maturity that provides a list of each interest the bond issue.
payment date, the total interest payable on such date, the total
principal amount of qualified bonds expected to be outstanding Check “No” if future Forms 8038-CP are expected to be filed
on such date, the interest rate(s), the refundable credit payment with respect to future interest payment dates on the bonds
expected to be requested from the IRS as allowed under former (same bond issue, same type of bond, and same interest rate
section 6431(f) on such date, and the earliest date that the structure (fixed rate or variable rate)).
qualified bonds can be called. Reminder: Each type of bond requires a distinct report
9. For variable rate bonds, a revised debt service schedule number and each interest rate structure requires a distinct report
through final maturity that provides a list of each interest number. See the instructions for line 10, earlier.
payment date, the total principal amount of qualified bonds Line 26. Complete lines 26a through 26c if you want the amount
expected to be outstanding on such date, and a description of shown on line 22 directly deposited into a checking or savings
how interest on the qualified bonds is figured. However, if the account. Otherwise, we will send a check to the entity listed in
issuer knows the interest amount for a certain period, for that Part I.
period the issuer should provide the refundable credit payment
The IRS is not responsible for a lost credit payment if
expected to be requested from the IRS as allowed under former
section 6431(f). ! you enter the wrong account information. Check with
CAUTION your financial institution to get the correct ACH routing
10. The revised debt service schedule described in (8) or (9) and account numbers and to make sure your direct deposit will
above must be provided as a separate document labeled be accepted. Other wire instructions or routing or account
“Revised Debt Service Schedule.” For electronic filing, the numbers other than ACH routing or account numbers are not
revised debt service schedule must be a separate PDF acceptable substitutes for ACH routing and account numbers on
document submitted with the return. For paper filing, attach it to Form 8038-CP.
the return.
If the amount of the direct deposit to the designated account is
Line 24a. Check “Yes” if, as of the filing of this form, you paid or different from the amount you expected, you will receive an
reasonably expect to pay all of the interest to bondholders explanation in the mail about 2 weeks after your credit payment
reported on line 19a on or before the interest payment date is deposited.
reported on line 18. If you paid or reasonably expect to pay all of
the interest on the next business day because the interest Line 26a. The ACH routing number must be nine digits. The first
payment date falls on a weekend or holiday, you should check two digits must be 01 through 12 or 21 through 32. Otherwise,
“Yes.” the direct deposit will be rejected and a check will be sent
Check “No” if, as of the filing of this form, you did not pay or instead. If the entity listed in Part I is not the issuer (such as a
do not reasonably expect to pay all of the interest to bondholders trustee bank), ask that entity for the correct routing number. (See
reported on line 19a on or before the date reported on line 18, Where the Requested Payment Will Be Sent, earlier.)
representing the interest payment date to which this payment of Line 26b. Check the appropriate box for the type of account. Do
credit relates. not check more than one box. If unknown, leave blank.

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Line 26c. The ACH account number can be up to 17 characters            • Make sure to attach a revised debt service schedule when 
(both numbers and letters). Include hyphens but omit spaces            you checked “Yes” on line 23a.
and special symbols. Enter the number from left to right and           Phone help. 
leave any unused boxes blank.                                          • For questions regarding this form, please call the Tax-Exempt 
                                                                       Bonds Customer Service at 877-829-5500.
Signature and Consent
                                                                       Instructions for Schedule A
An officer of the issuer with authority to bind the issuer must sign 
Form 8038-CP and any applicable certification. If the entity listed    When Is Schedule A Required?
in Part I is not the issuer, the authority of the person signing this  Schedule A is used to compute the amount of the refundable 
return must include the authority to bind the issuer, the authority    credit payment allowed under former section 6431(f) and must 
to request that the IRS send the refundable credit payment to the      be completed for all specified tax credit bonds (NCREBs, 
entity identified in Part I, and the authority to consent to the       QECBs, QZABs, and QSCBs). Computation of the credit 
disclosure of return information necessary to process the              payment is done on a bond-by-bond basis (usually, this means a 
refundable credit payment to the designated contact person(s)          separate computation for each maturity in a bond issue, but 
listed in Parts I and II on Form 8038-CP, as applicable. Also print    bonds with the same maturity but different terms such as interest 
the name and title of the person signing Form 8038-CP.                 rate are also considered separate bonds). Schedule A 
                                                                       eliminates the need for issuers of NCREBs and QECBs to file 
Note. If the issuer designates on line 5 of Part I or line 15 of Part  separate Forms 8038-CP for each maturity of bonds on each 
II a person other than an officer of the issuer as a contact person    interest payment date.
for the IRS to call for more information, by signing this return the     For NCREBs and QECBs, the amount of the refundable credit 
issuer's authorized representative consents to the disclosure of       payment is the lesser of 100% of the amount of interest payable 
the issuer's return information to such person, as necessary to        under the bond on such interest payment date or 70% (0.70) of 
process the refundable credit payment.                                 the amount of interest which would have been payable under 
                                                                       such bond on such date if such interest were determined at the 
Paid Preparer                                                          applicable credit rate determined under section 54A(b)(3).
                                                                         For QZABs and QSCBs, the amount of the refundable credit 
If an authorized officer of the issuer filled in this return, the paid payment is the lesser of 100% of the amount of interest payable 
preparer block should remain blank. Anyone who prepares the            under the bond on such interest payment date or 100% of the 
return but does not charge the issuer should not sign the return.      amount of interest which would have been payable under such 
Certain others who prepare the return should not sign. For             bond on such date if such interest were determined at the 
example, a regular, full-time employee of the organization, such       applicable tax credit bond rate determined under section 54A(b)
as a clerk, secretary, etc., should not sign.                          (3).

  Generally, anyone who is paid to prepare a return must sign it       Specific Instructions
and fill in the other blanks in the Paid Preparer Use Only area of     Enter the following from Form 8038-CP.
the return. A paid preparer can’t use a social security number in      • Issuer name—From Part II, line 7.
the preparer tax identification number (PTIN) box. The paid            • EIN—From Part II, line 8.
preparer must use a PTIN. If the paid preparer is self-employed,       • Report number—From Part II, line 10.
the preparer should enter his or her address in the box.               • Interest payment date (MM/DD/YYYY)—From Part III, line 18.
  The paid preparer must:                                                The Schedule A table is used to compute the amount of the 
• Sign the return in the space provided for the preparer's             permitted credit for an interest payment date. Complete the table 
signature, and                                                         as follows for the interest payment date entered on Part III, 
• Give a copy of the return to the issuer.                             line 18, of Form 8038-CP to compute the sum to be entered on 
                                                                       line 1.
General Information                                                            If you use page 2 to list maturities, complete line 4 on 
                                                                               page 2 before completing lines 2 and 3.
How to get faster payments.                                            CAUTION!
• File early.
  1. The IRS accepts Form 8038-CP 45 days before the return              1. Column (a): List the maturity date (MM/DD/YYYY) for 
due date (but no more than 90 days before the interest payment         each separate maturity of the bonds. (A maturity is comprised of 
date for fixed rate bonds).                                            bonds of the same type, principal maturity date, and interest 
                                                                       rate.)
  2. Filing electronic or paper returns on the due date doesn’t 
permit sufficient time to make a timely payment if there are           Note.   If there are insufficient lines on page 1 of Schedule A for 
mistakes on the return or correspondence is needed to verify           all the maturities, list the remaining maturities on page 2 of 
information.                                                           Schedule A.
• File an electronic return.
• Make sure the correct version of a paper return is used                2. Column (b): Enter the amount of interest payable on the 
(January 2022).                                                        bonds maturing on the date listed in column (a) on the interest 
• Ensure that contact persons listed on lines 5 and 15 are             payment date entered on Part III, line 18, of Form 8038-CP.
familiar with the information on the return and can answer               3. Column (c): Enter the amount of interest that would be 
questions from the IRS.                                                payable on the bonds maturing on the date listed in column (a) 
• Use direct deposit (line 26).                                        on the interest payment date entered on Part III, line 18, of Form 
• Make sure to enter a valid report number on line 10. See             8038-CP if calculated using the applicable credit rate (Form 
instructions for line 10.                                              8038-CP, Part III, line 19b).
Avoid common mistakes.                                                   4. Column (d): For NCREBs and QECBs, enter 70% of the 
                                                                       amount of interest that would be payable on the bonds maturing 

8

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on the date listed in column (a) on the interest payment date QSCBs. With respect to each bond in the bond issue, issuers of
entered on Part III, line 18, of Form 8038-CP if calculated using QZABs and QSCBs filing Form 8038-CP request the lesser of:
the applicable credit rate (Form 8038-CP, Part III, line 19b). Do 1. The amount of interest payable on the interest payment
this by multiplying the column (c) amount by 0.70. date, or
Note. For QZABs and QSCBs, skip column (d). 2. The amount of interest that would be payable on the
interest payment date if calculated using the applicable credit
5. Column (e): For NCREBs and QECBs, enter the smaller rate.
of the amount in column (b) and the amount in column (d). For
QZABs and QSCBs, enter the smaller of the amount in column Example for QZABs and QSCBs. On November 9, 2010,
(b) and the amount in column (c). Issuer D sold $30,000,000 of fixed rate QSCBs, and elected to
receive a refundable credit under former section 6431. The
Line 1. Total the amounts in column (e) on page 1 of interest on the QSCBs is payable semiannually on January 15
Schedule A and enter the total. and July 15 of each year. The interest rate on $10,000,000 of
Line 2. Enter the amount from page 2 of Schedule A, line 4 (if QSCBs maturing on January 15, 2025, is 5.25%. The interest
any). See the line 4 instructions below. rate on $10,000,000 of QSCBs maturing on January 15, 2026, is
5.30%. The interest rate on $10,000,000 of QSCBs maturing on
Line 3. Add amounts from line 1 and line 2. Enter on Form January 15, 2027, is 5.35%. The applicable credit rate for
8038-CP, line 19c. qualified tax credit bonds sold on November 9, 2010, is 5.30%.
Line 4. If you use page 2, complete line 4 on page 2 before The amount of interest payable on the QSCBs on January 15,
completing lines 1, 2, and 3 of Schedule A. Add amounts in 2024, and the amount of interest that would be payable on the
column (e) on page 2 of Schedule A (if any). Enter on page 1 of QSCBs on that date using the applicable credit rate is shown in
Schedule A, line 2. the following tables.
Completion of Schedule A for QZABs and QSCBs.
Schedule A is completed the same way for both QZABs and

Interest Payable on the QSCBs on January 15, 2024

Bond Maturity Date Amount of QSCBs Outstanding Bond Interest Rate Semiannual Interest Payable on
January 15, 2024, at the Bond
Interest Rate
01/15/2025 $10,000,000 5.25% $262,500.00
01/15/2026 $10,000,000 5.30% $265,000.00
01/15/2027 $10,000,000 5.35% $267,500.00

Interest That Would Be Payable on the QSCBs Using the Applicable Credit Rate

Bond Maturity Date Amount of QSCBs Outstanding Applicable Credit Rate Semiannual Interest Using the
Applicable Credit Rate
01/15/2025 $10,000,000 5.30% $265,000.00
01/15/2026 $10,000,000 5.30% $265,000.00
01/15/2027 $10,000,000 5.30% $265,000.00

For the January 15, 2024, interest payment date for the QSCBs, Issuer D completes Schedule A as follows.

(a) (b) (c) (d) (e)
Bond Maturity Date Interest payable on Interest that would be payable For NCREBs and QECBs, For NCREBs and QECBs, enter
line 18 (Form 8038-CP, on bond maturity on line 18 multiply column (c) by 70% the smaller of column (b) or
Part III) interest (Form 8038-CP, Part III) interest (0.70) (skip this column for (d). For QZABs and QSCBs,
payment date payment date calculated using QZABs and QSCBs). enter the smaller of column (b)
the line 19b (Form 8038-CP, Part or (c).
III) applicable credit rate
01/15/2025 $262,500.00 $265,000.00 $262,500.00
01/15/2026 $265,000.00 $265,000.00 $265,000.00
01/15/2027 $267,500.00 $265,000.00 $265,000.00
Completion of Schedule A for NCREBs and QECBs. 2. 70% of the amount of interest that would be payable on
Schedule A is completed the same way for both NCREBs and the interest payment date using the applicable credit rate.
QECBs. With respect to each bond in the issue, issuers of Example for NCREBs and QECBs. On November 9, 2010,
NCREBs and QECBs filing Form 8038-CP request the lesser of: Issuer E sold $30,000,000 of fixed rate QECBs, and elected to
1. The amount of interest payable on the interest payment receive a refundable credit under former section 6431. The
date, or interest on the QECBs is payable semiannually on January 15
and July 15 of each year. The interest rate on $10,000,000 of

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QECBs maturing on January 15, 2025, is 5.25%. The interest The amount of interest payable on the QECBs on July 15, 2024,
rate on $10,000,000 of QECBs maturing on January 15, 2026, is and the amount of interest that would be payable on the QECBs
5.30%. The interest rate on $10,000,000 of QECBs maturing on on that date using the applicable credit rate is shown in the
January 15, 2027, is 5.35%. The applicable credit rate for following tables.
qualified tax credit bonds sold on November 9, 2010, is 5.30%.

Interest Payable on the QECBs on July 15, 2024

Bond Maturity Date Amount of QECBs Outstanding Bond Interest Rate Semiannual Interest Payable on
July 15, 2024, at the Bond Interest
Rate
01/15/2025 $10,000,000 5.25% $262,500.00
01/15/2026 $10,000,000 5.30% $265,000.00
01/15/2027 $10,000,000 5.35% $267,500.00

Interest That Would Be Payable on the QECBs Using the Applicable Credit Rate

Bond Maturity Date Amount of QECBs Outstanding Applicable Credit Rate Semiannual Interest Using the
Applicable Credit Rate
01/15/2025 $10,000,000 5.30% $265,000.00
01/15/2026 $10,000,000 5.30% $265,000.00
01/15/2027 $10,000,000 5.30% $265,000.00

For the July 15, 2024, interest payment date for the QECBs, Issuer E completes Schedule A as follows.

(a) (b) (c) (d) (e)
Bond Maturity Date Interest payable on Interest that would be payable on For NCREBs and QECBs, For NCREBs and QECBs,
line 18 (Form 8038-CP, bond maturity on line 18 (Form multiply column (c) by 70% enter the smaller of column
Part III) interest 8038-CP, Part III) interest (0.70) (skip this column for (b) or (d). For QZABs and
payment date payment date calculated using QZABs and QSCBs). QSCBs, enter the smaller of
the line 19b (Form 8038-CP, Part column (b) or (c).
III) applicable credit rate
01/15/2025 $262,500.00 $265,000.00 $185,500.00 $185,500.00
01/15/2026 $265,000.00 $265,000.00 $185,500.00 $185,500.00
01/15/2027 $267,500.00 $265,000.00 $185,500.00 $185,500.00
Comments and suggestions. We welcome your comments
Paperwork Reduction Act Notice. We ask for the information concerning the accuracy of these time estimates or suggestions
on this form to carry out the Internal Revenue laws of the United for making this form simpler.
States. You are required to give us the information. We need it to
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