PDF document

- 1 -

Userid: CPM Schema: instrx Leadpct: 100% Pt. size: 9 Draft Ok to Print
AH XSL/XML Fileid: … /i8038cp/202212/a/xml/cycle04/source (Init. & Date) _______

Page 1 of 10 14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

Department of the Treasury
Internal Revenue Service
Instructions for Form

8038-CP and Schedule A

(Form 8038-CP)

(Rev. December 2022)
Return for Credit Payments to Issuers of Qualified Bonds

Section references are to the Internal Revenue Code unless issue QZABs as specified tax credit bonds for bonds issued
otherwise noted. pursuant to an allocation of the 2011 or later national QZAB
limitation. The ARRA, the HIRE Act, and the Tax Relief Act are
Future Developments referred to throughout these instructions as the Acts.
For the latest information about developments related to Form
8038-CP and its instructions, such as legislation enacted after Note. Only issuers of BABs and RZEDBs issued before January
they were published, go to IRS.gov/Form8038CP. 1, 2011, and specified tax credit bonds issued before January 1,
2018, that qualify for, and have elected to receive, a refundable
What's New credit under section 6431 may file Form 8038-CP. The authority
to issue BABs and RZEDBs expired on January 1, 2011. If an
Schedule A (Form 8038-CP) was changed. The schedule issuer takes action that results in a significant modification or
now requires entering the interest payment date instead of the reissuance of BABs or RZEDBs after December 31, 2010, then
date of issue. Use the December 2022 revision of Schedule A the bonds may no longer be qualified bonds under the
with the January 2022 revision of Form 8038-CP. applicable section and the issuer may no longer be entitled to
Electronic filing is available. Electronic filing of Form request a payment using Form 8038-CP.
8038-CP is now available. The Tax Cuts and Jobs Act (P.L. 115-97) repealed the
authority to issue tax credit bonds, including specified tax credit
Reminders bonds. The repeal applies to qualified forestry conservation
bonds, NCREBs, QECBs, QZABs, and QSCBs issued after
Form 8038-CP was redesigned in January 2022. The December 31, 2017. If an issuer takes action that results in a
revised Form 8038-CP limits when an amended return can be significant modification or reissuance of specified tax credit
filed and the requirements for filing an amended return. Filers bonds after the effective date of the Tax Cuts and Jobs Act, then
are required to enter the report number for the bonds on line 10. the bonds may no longer be qualified bonds under the
Line 17c asks for identification of the type of bonds using a applicable section and the issuer may no longer be entitled to
three-digit number. Schedule A is required for new clean request a payment using Form 8038-CP.
renewable energy bonds (NCREBs), qualified energy
conservation bonds (QECBs), qualified zone academy bonds Form 8038-CP is used by issuers of BABs and RZEDBs, and
(QZABs), and qualified school construction bonds (QSCBs) and specified tax credit bonds (Direct Pay bonds) who elect to
the total from line 3 of Schedule A is entered on line 19c. receive a direct payment from the federal government equal to a
NCREBs and QECBs with multiple maturities are no longer percentage of the interest payments on these bonds. For more
reported on separate Forms 8038-CP. Line 21c asks for an information, see Notices 2009-26, 2009-16 I.R.B. 833, and
explanation of any amount reported on line 21a or 21b using a 2010-35, 2010-19 I.R.B. 660.
three-digit explanation code. Line 23b asks for an explanation of
the changes to the debt service schedule using a three-digit Note. Each type of bond must be reported on a separate Form
explanation code. Line 24b asks for an explanation of the 8038-CP.
response to line 24a using a three-digit explanation code. Other tax credit bonds, including QZABs issued pursuant to
Line 26 is used to report direct deposit information. an allocation of 2011 (or later) volume cap, qualified forestry
conservation bonds, clean renewable energy bonds, and
General Instructions Midwestern tax credit bonds are not eligible for the election by
the issuer to receive refundable credit payments under section
Effective Date of January 2022 Revision 6431(f).
Use the January 2022 revision of Form 8038-CP for all such This return is to be filed only if, as of the date filed, the
forms to be received by the IRS on or after January 1, 2022. ! issuer of the outstanding bonds for which this return is
Receipt by the IRS of a prior version of the Form 8038-CP on or CAUTION submitted has reasonably concluded that the bonds
after January 1, 2022, could result in a delay of the credit meet all applicable requirements for the payment of the
payment or otherwise affect normal processing. requested credit.
Purpose of Form
Who Must File
The American Recovery and Reinvestment Act of 2009 (ARRA)
created build America bonds (BABs) and recovery zone Issuers of BABs (Direct Pay), RZEDBs, and specified tax credit
economic development bonds (RZEDBs). The Hiring Incentives bonds must submit this return to request credit payments
to Restore Employment Act (HIRE Act) provided an option for payable under the Acts.
issuers of NCREBs, QECBs, QZABs, and QSCBs to elect to
issue such bonds as specified tax credit bonds. The Tax Relief, What To File
Unemployment Insurance Reauthorization, and Job Creation Act Issuers of BABs (Direct Pay), RZEDBs, and specified tax credit
of 2010 (the Tax Relief Act) discontinued the option to elect to bonds are required to submit the most recent revision of Form
8038-CP after the effective date of the revision to request

Dec 15, 2022 Cat. No. 52942P

- 2 -

Page 2 of 10 Fileid: … /i8038cp/202212/a/xml/cycle04/source 14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

payment of a refundable credit. As of the date of publication of Assembling Form 8038-CP, Schedule A, and
these instructions, the most recent revision of Form 8038-CP is
Attachments
the January 2022 version to be used for all such forms to be
received by the IRS on or after January 1, 2022. Before filing Form 8038-CP, assemble the package of the core
form, Schedule A, and attachments in the following order.
The payment requested on Form 8038-CP can only relate to 1. Core form with Parts I through III, Direct Deposit (if
the interest payable on a single bond issue. If the issue has both applicable), Signature and Consent, and Paid Preparer Use Only
fixed rate bonds and variable rate bonds, file a separate Form (if applicable) completed.
8038-CP for each interest rate structure. If a single bond issue
constitutes both BABs (Direct Pay) and RZEDBs, file a separate 2. Schedule A completed, if applicable. Schedule A must
Form 8038-CP for each type of bond. be submitted for all NCREBs, QECBs, QZABs, and QSCBs.
3. Attachments completed as applicable. If applicable,
File a separate Form 8038-CP with a Schedule A for include:
NCREBs, QECBs, QZABs, and QSCBs. If the information
provided on the return relates to more than one type of bond or if a. An explanation for an amended return,
the return is not completed in full, the credit payment could be b. An explanation for line 21c,
delayed or normal processing could otherwise be affected. In c. A revised debt service schedule,
order to process the refundable credit payment, the IRS will
correspond with the designated contact person listed in Part II, d. An explanation for line 23b, and
at the address in Part II, as necessary. e. An explanation for line 24b.
Don't attach materials not authorized in the instructions or not
When To File
otherwise authorized by the IRS.
A Form 8038-CP filed for fixed rate bonds must be filed no later
than 45 days before the relevant interest payment date. Form To facilitate the processing of your e-filed return, don't
8038-CP may not, however, be submitted earlier than 90 days ! password protect or encrypt PDF attachments.
before the relevant interest payment date. CAUTION Password protecting or encrypting a PDF file that is
attached to an e-filed return prevents the IRS from opening the
For variable rate bonds, when the issuer knows the interest attachment.
payment amount 45 days prior to the interest payment date,
Form 8038-CP may be filed within the same timelines as fixed
rate bonds (45 days before the relevant interest payment date Other Forms That May Be Required
but no earlier than 90 days before the relevant interest payment For rebating arbitrage (or paying a penalty in lieu of arbitrage
date). However, a separate Form 8038-CP should still be filed rebate) to the federal government, use Form 8038-T, Arbitrage
for the variable rate bonds. Rebate, Yield Reduction and Penalty in Lieu of Arbitrage
Rebate.
For variable rate bonds when the issuer doesn’t know the
interest payment amount 45 days prior to the interest payment No Rounding to Whole Dollars
date, the issuer must aggregate all credit payments on a
quarterly basis and file a Form 8038-CP for reimbursement in You must enter cents on the form. Do not round amounts to the
arrears no later than 45 days after the last interest payment date nearest dollar (for example, $1.75 must be entered as $1.75, not
within the quarterly period for which the reimbursement is being $2.00; conversely, $1.25 must be entered as $1.25, not $1.00).
requested. Round fractional cents to the next lowest cent (for example,
round $1.996 down and enter as $1.99). The amount paid to you
will be based on these parameters.
Where To File
Electronic filing. You can file Form 8038-CP electronically. For Where the Requested Payment Will Be Sent
general information about electronic filing, visit IRS.gov/Efile, The credit payment on line 22 will be sent by check to the entity
and see Pub. 4163, Modernized e-File (MeF) Information for that is to receive payment listed in Part I at the address
Authorized IRS e-File Providers for Business Returns. designated in Part I, unless the issuer has elected to have the
Paper returns. Send Form 8038-CP to: payment deposited directly, in which case the payment will be
directly deposited to the Automated Clearing House (ACH)
Department of the Treasury routing and account numbers listed on lines 26a and 26c.
Internal Revenue Service Center Note. If the entity listed in Part I is not the issuer, the ACH
Ogden, UT 84201-0050 routing and account numbers listed on lines 26a and 26c must
be the account information of the entity listed in Part I. If the
Private delivery services (PDSs). Paper filers can use certain entity listed in Part I is the issuer, the account information must
PDSs designated by the IRS to meet the “timely mailing as be the account information of the issuer. The issuer must enter
timely filing” rule for tax returns. Go to IRS.gov/PDS for the the correct ACH routing and account numbers on Form 8038-CP
current list of designated services. to receive a direct deposit.
The PDS can tell you how to get written proof of the mailing If the amount of the credit payment requested is required
date. ! to be offset against other outstanding taxes or
For the IRS mailing address to use if you're using PDSs, go to CAUTION obligations, then the credit payment to be received could
IRS.gov/PDSstreetAddresses. be less than the amount requested. For more information, see
Notices 2009-26 and 2010-35.
PDSs can’t deliver items to P.O. boxes. You must use
! the U.S. Postal Service to mail any item to an IRS P.O.
CAUTION box address.

-2-

- 3 -

Page 3 of 10       Fileid: … /i8038cp/202212/a/xml/cycle04/source                                      14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

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

                                                                         -3-

- 4 -

Page 4 of 10 Fileid: … /i8038cp/202212/a/xml/cycle04/source 14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

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 Line 12. Enter the issue date of the bond issue. For BABs
bond issue. For specified tax credit bonds, the issuer's name (Direct Pay) and RZEDBs, the issue date should be the issue
and EIN should be the name and EIN listed on Form 8038-TC, date listed on Form 8038-B, Part I, line 7, filed for the bond
Part I, lines 1 and 2, filed for the bond issue. issue. For specified tax credit bonds, the issue date should be
Line 10. Issuers are now required to assign permanent report the issue date listed on Form 8038-TC, Part I, line 7, filed for the
numbers for bonds currently eligible to receive credit payments bond issue.
and consistently use the same report number when filing to claim Line 13. Enter the name of the bond issue. If the bond issue is
the credit for the bonds. Assign a separate report number in the not named, write “None.” For BABs (Direct Pay) and RZEDBs,
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, write “None.” The CUSIP number used for
issue consists of more than one type of specified tax credit purposes of Form 8038-CP does not change. Continue to use
bond, assign separate report numbers for NCREBs, QECBs, the CUSIP number originally reported on Form 8038-B or Form
QZABs, and QSCBs, and file a separate Form 8038-CP for each 8038-TC even if the bond maturity associated with the CUSIP
type of 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
Example. Issuer A elected to receive a refundable credit of the same bond issue).
under section 6431 for its bonds. Leaving line 14 blank, or entering something other than
In February 2010, Issuer A sold BABs and RZEDBs payable ! a nine-character CUSIP number without spaces or
from the same revenues using the same official statement. CAUTION “None,” could result in a delay in the credit payment or
Although the bonds are one bond issue for most purposes, otherwise 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 using the same official statement. Issuer B elected to receive a
be entered on Part II, line 10, on all future Forms 8038-CP filed refundable credit under section 6431 for its bonds and filed a
with respect to the BABs. Report number 402 will be entered on single Form 8038-B for the bonds. The CUSIP number for the
Part II, line 10, on all future Forms 8038-CP filed with respect to fixed rate bonds maturing on May 1, 2040, was reported on
the RZEDBs. Form 8038-B, Part I, line 9.
In October 2010, Issuer A sold fixed rate QSCBs and variable In January 2022, Issuer B files separate Forms 8038-CP for
rate QSCBs payable from the same taxes using the same official the fixed rate BABs and the variable rate BABs and uses the
statement. The bonds are one bond issue for most purposes, CUSIP number for the fixed rate bonds maturing on May 1,
and Issuer A properly reported the issuance of the bonds using a

-4-

- 5 -

Page 5 of 10 Fileid: … /i8038cp/202212/a/xml/cycle04/source 14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

2040, on the Form 8038-CP filed for the fixed rate BABs and on A failure to provide requested information or providing
the Form 8038-CP filed for the variable rate BABs. ! incorrect information could delay processing of this
On November 1, 2022, Issuer B retires the fixed rate BABs. In CAUTION return or otherwise affect normal processing. Do not
January 2023, Issuer B files a Form 8038-CP with respect to the leave line 10, 12, 13, 14, 17a, 17b, or 17c blank.
variable rate BABs. Issuer B must continue to use the CUSIP
number originally reported on Form 8038-B (CUSIP number for Part III—Payment of Credit
fixed rate bonds with a maturity date of May 1, 2040) even
though the bonds corresponding to the CUSIP number are no Line 18. Enter the interest payment date to which the requested
longer outstanding. refundable credit payment relates. An interest payment date is
the date on which interest is payable by the issuer to the holders
Lines 15 and 16. If the issuer isn’t the entity listed in Part I, of the bonds. This may include a date on which bonds are retired
enter the name, title, and phone number of the officer of the earlier than maturity if interest is to be paid on that date. (For
issuer or other person whom the IRS may call for more variable rate bonds with the amount of interest payable not
information. If the issuer is the entity listed in Part I, leave lines known at least 45 days before the interest payment date, enter
15 and 16 blank. the last interest payment date applicable to the quarterly period
to which this return relates.) For certain variable rate bonds, the
Note. If the issuer authorizes, on line 15, the IRS to contact a remarketing date or the date the interest rate is reset may not be
person other than an officer of the issuer for more information, by the same date the interest is paid.
signing this form the issuer's authorized representative consents
to the disclosure of the issuer's return information to such Line 19a. Enter the amount of interest payable to the holders of
person, as necessary to process this return. the bonds on the interest payment date. The amount entered on
line 19a can only relate to the interest payable on a single bond
Line 17a. Check the box that applies to the bonds of the issue issue and the amount of interest allocable to a single type of
for which this return is submitted. Only one box should be bond (BAB, RZEDB, or a single type of specified tax credit bond)
checked because payment requests for variable rate bonds and and similar interest rate structure (fixed or variable rate). (See
fixed rate bonds are required to be filed on separate returns. General Instructions, What To File, earlier.)
Line 17b. For BABs and RZEDBs, enter the total issue price for
the bond listed on Form 8038-B, Part III, line 3, filed for the bond Note. Credit payments are not allowed for preissuance accrued
issue. For specified tax credit bonds, enter the total issue price interest.
for the bond listed on Form 8038-TC, Part III, line 1, filed for the Line 19b. For specified tax credit bonds only, enter the
bond issue. The issue price used for purposes of Form 8038-CP applicable credit rate. The applicable credit rate is the daily tax
doesn’t change. Continue to use the issue price originally credit bond rate set by the Secretary under section 54A(b)(3),
reported on Form 8038-B or Form 8038-TC even if some of the determined as of the first day on which there is a binding written
bonds are no longer outstanding. Use the issue price reported contract for the sale or exchange of the bond. See Notice
on Form 8038-B or Form 8038-TC even if you are required by 2009-15, which is on page 449 of Internal Revenue Bulletin
these instructions to file separate Forms 8038-CP for different 2009-6 at IRS.gov/pub/irs-irbs/irb09-06.pdf. Enter the percent
interest rate structures (for example, for fixed and variable rate out to two decimal places, and do not round (for example, for
bonds of the same bond issue). credit rate 10.746%, write 10.74%). The tax credit bond rate is
Example. Issuer C elected to receive a refundable credit published by the Bureau of Fiscal Service on its Government
under section 6431 for its bonds. Section Internet site at TreasuryDirect.gov. The applicable credit
In September 2010, Issuer C sold at par $15,000,000 of fixed rate should be the applicable credit rate listed on Form 8038-TC,
rate BABs with a final maturity date of September 1, 2030, and Part III, line 4, filed for the bond issue.
$5,000,000 of variable rate BABs with a final maturity date of Line 19c. For NCREBs, QECBs, QZABs, and QSCBs,
September 1, 2025, payable from the same taxes using the complete Schedule A and enter the amount from line 3 of
same official statement. Issuer C elected to receive a refundable Schedule A.
credit under section 6431 for the bonds and filed a single Form
8038-B for the bonds. The issue price for the bonds was Note. You can only have one entry on line 20 (a through f).
reported on Form 8038-B, Part III, line 1, as $20,000,000.
Line 20a. For BABs, enter the amount of the requested credit
In January 2022, Issuer C files separate Forms 8038-CP for payment relating to the interest payable on the interest payment
the fixed rate BABs and the variable rate BABs but uses the total date. The amount reported on line 20a must equal 35% (0.35) of
issue price of $20,000,000 on the Form 8038-CP filed for the the amount reported on line 19a.
fixed rate BABs and on the Form 8038-CP filed for the variable
rate BABs. Line 20b. For RZEDBs, enter the amount of the requested
On March 1, 2022, Issuer C retires the fixed rate BABs. In credit payment relating to the interest payable on the interest
January 2023, Issuer C files a Form 8038-CP with respect to the payment date. The amount reported on line 20b must equal 45%
variable rate BABs. Issuer C must continue to use the issue price (0.45) of the amount reported on line 19a.
originally reported on Form 8038-B ($20,000,000) even though Line 20c. For NCREBs, enter the smaller of line 19a or line 19c.
only $5,000,000 of variable rate BABs is still outstanding.
Line 20d. For QECBs, enter the smaller of line 19a or line 19c.
Line 17c. Identify the type of bonds by entering the
corresponding three-digit code number as follows. Line 20e. For QZABs, enter the smaller of line 19a or line 19c.
• 102—New clean renewable energy bonds. Note. Issuers issuing QZABs pursuant to an allocation of 2011
• 103—Qualified energy conservation bonds. or later national zone academy bond limitation (volume cap)
• 104—Qualified zone academy bonds. can’t make a valid election to issue such bonds as specified tax
• 105—Qualified school construction bonds. credit bonds and may not claim a refundable credit under
• 109—Build America bonds. section 6431 by filing Form 8038-CP.
• 110—Recovery zone economic development bonds.
Line 20f. For QSCBs enter the smaller of line 19a or line 19c.

-5-

- 6 -

Page 6 of 10 Fileid: … /i8038cp/202212/a/xml/cycle04/source 14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

Lines 21a and 21b. Either line 21a or line 21b is available to Rev. Proc. 2018-26, (iii) reissuance of bonds because of a
correct your prior mistakes on prior filings of Form 8038-CP for significant modification under Regulations section 1.1001-3 or
the respective bonds. other guidance, or (iv) the debt service schedule has otherwise
• If a prior credit payment amount was received that was less changed or been altered so that the debt service schedule you
than the correct amount, then enter the amount on line 21a that most recently filed with the IRS is no longer accurate.
relates to the corresponding increase to this payment request. Line 23b. If you checked “Yes” on line 23a, enter one
• If a prior credit payment amount was received that exceeded applicable three-digit explanation code number and provide the
the correct amount for that payment, then enter the amount on revised debt service schedule. If a three-digit explanation code
line 21b that relates to the corresponding decrease to this number is not entered, the credit payment could be delayed or
payment request. normal processing could otherwise be affected. Where
• If there are both increase and decrease adjustments related indicated, provide the applicable dates in MM/DD/YYYY format
to multiple prior payments, then net the amounts and include the and the applicable amounts.
corresponding amount on either line 21a (for net increases) or
21b (for net decreases), as appropriate. Note. If the changes result from the issuer’s nonqualified use of
If any amount is entered on either line 21a or 21b, complete bond proceeds and taking a remedial action under section 6 of
line 21c. Rev. Proc. 2018-26, the issuer must enter the three-digit
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 (i) provide the date of the
MM/DD/YYYY format. nonqualified use and the amount of nonqualified use, and (ii)
• 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).) • 233—Closing Agreement with IRS. (Also, provide the date of
• 214—Claimed interest on prior return(s) on bonds previously agreement.)
legally defeased. (Also, list applicable interest payment date(s).) • 234—Legal defeasance of bonds. (Also, provide the date and
• 219—Other. Use this three-digit code if codes 211–214 do not amount legally defeased.)
apply or if more than one three-digit code is applicable. (Also, list • 235—Remedial action under Rev. Proc. 2018-26. (Also,
applicable explanation(s) for the correction(s) including listing provide the date of nonqualified use and amount of nonqualified
prior interest payment date(s) affected and details of any net bonds.)
amount.) • 239—Other. Use this three-digit code if codes 231–235 do not
Note. Codes 215–218 are reserved and should not be used. apply or if more than one three-digit code is applicable. (Also,
If a three-digit explanation code number is not entered, the provide an explanation including relevant dates and principal
credit payment could be delayed or normal processing could amounts.)
otherwise be affected. For electronic filing, the dates or Note. Codes 236–238 are reserved and should not be used.
explanation for “Other” is entered electronically. For paper filing, For electronic filing, the dates and amounts to be provided,
attach to the return the requested information on a single and the explanation for “239—Other” are entered electronically.
explanation document and label it “Line 21c Information.” For paper filing, attach to the return the requested information
Include the issuer name, EIN, interest payment date, and report and label it “Line 23b Information.” Also include the issuer name,
number on the paper attachment. EIN, interest payment date, and report number on the paper
Line 22. Enter the amount of the credit payment requested. attachment.
Combine the amount on line 20a, 20b, 20c, 20d, 20e, or 20f with Requirements for revised debt service schedule. The debt
the amount in either line 21a or 21b, as applicable. service schedule must contain the information described below
for the bonds.
Note. If an amount of the credit payment requested is required
to be offset against other outstanding taxes or obligations, then 1. Name of issuer.
the credit payment to be received could be less than the amount 2. EIN of issuer.
on line 22. For more information, see Notices 2009-26 and 3. Report number (see instructions for line 10).
2010-35.
4. Name of issue.
Line 23a. Check “Yes” or “No.” Check “Yes” if the amount 5. Date of issue.
shown on line 20a, 20b, 20c, 20d, 20e, or 20f does not equal the
amount of the credit payment shown on the debt service 6. CUSIP number (see instructions for line 14).
schedule attached to the information return for the bonds filed 7. Issue price (see instructions for line 17b).
with the IRS (Form 8038-TC or Form 8038-B), or the latest 8. For fixed rate bonds, a revised debt service schedule
revised debt service schedule subsequently filed with the IRS, or through final maturity that provides a list of each interest
when the amount of qualified principal outstanding or qualified payment date, the total interest payable on such date, the total
interest payable on future dates will vary from amounts principal amount of qualified bonds expected to be outstanding
previously reported to the IRS. For variable rate bonds, check on such date, the interest rate(s), the refundable credit payment
“Yes” if there is a change in interest payment dates, the total expected to be requested from the IRS as allowed under section
principal amount of qualified bonds expected to be outstanding 6431(f) on such date, and the earliest date that the qualified
on payment dates, or the method for determining interest on the bonds can be called.
bonds. Situations where you must check “Yes” for fixed and
variable rate bonds include: (i) early retirement or defeasance of 9. For variable rate bonds, a revised debt service schedule
bonds, (ii) treating a portion of the bonds as nonqualified under through final maturity that provides a list of each interest
payment date, the total principal amount of qualified bonds

-6-

- 7 -

Page 7 of 10 Fileid: … /i8038cp/202212/a/xml/cycle04/source 14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

expected to be outstanding on such date, and a description of savings account. Otherwise, we will send a check to the entity
how interest on the qualified bonds is figured. However, if the listed in Part I.
issuer knows the interest amount for a certain period, for that
The IRS is not responsible for a lost credit payment if
period the issuer should provide the refundable credit payment
you enter the wrong account information. Check with
expected to be requested from the IRS as allowed under section CAUTION!
your financial institution to get the correct ACH routing
6431(f).
and account numbers and to make sure your direct deposit will
10. The revised debt service schedule described in (8) or (9) be accepted. Other wire instructions or routing or account
above must be provided as a separate document labeled numbers other than ACH routing or account numbers are not
“Revised Debt Service Schedule.” For electronic filing, the acceptable substitutes for ACH routing and account numbers on
revised debt service schedule must be a separate PDF Form 8038-CP.
document submitted with the return. For paper filing, attach it to
the return. If the amount of the direct deposit to the designated account is
different from the amount you expected, you will receive an
Line 24a. Check “Yes” if, as of the filing of this form, you paid or
explanation in the mail about 2 weeks after your credit payment
reasonably expect to pay all of the interest to bondholders
is deposited.
reported on line 19a on or before the interest payment date
reported on line 18. If you paid or reasonably expect to pay all of Line 26a. The ACH routing number must be nine digits. The
the interest on the next business day because the interest first two digits must be 01 through 12 or 21 through 32.
payment date falls on a weekend or holiday, you should check Otherwise, the direct deposit will be rejected and a check will be
“Yes.” sent instead. If the entity listed in Part I is not the issuer (such as
Check “No” if, as of the filing of this form, you did not pay or a trustee bank), ask that entity for the correct routing number.
do not reasonably expect to pay all of the interest to bondholders (See Where the Requested Payment Will Be Sent, earlier.)
reported on line 19a on or before the date reported on line 18, Line 26b. Check the appropriate box for the type of account. Do
representing the interest payment date to which this payment of not check more than one box. If unknown, leave blank.
credit relates.
Line 26c. The ACH account number can be up to 17 characters
Line 24b. If you checked “No” on line 24a, enter the three-digit (both numbers and letters). Include hyphens but omit spaces
code number concerning the circumstances surrounding the and special symbols. Enter the number from left to right and
nonpayment or expected nonpayment. If a three-digit leave any unused boxes blank.
explanation code is not entered, the credit payment could be
delayed or normal processing could otherwise be affected.
Provide any applicable dates in MM/DD/YYYY format and the Signature and Consent
applicable amounts where requested and provide an
explanation if “249—Other” applies. An officer of the issuer with authority to bind the issuer must sign
• 241—Insolvent, no receivership or bankruptcy proceedings. Form 8038-CP and any applicable certification. If the entity listed
• 242—Insolvency, receivership or bankruptcy proceedings in in Part I is not the issuer, the authority of the person signing this
progress. return must include the authority to bind the issuer, the authority
• 243—Insolvency, receivership or bankruptcy proceedings to request that the IRS send the refundable credit payment to the
discharged debt.(Also, provide the date, the amount discharged, entity identified in Part I, and the authority to consent to the
and any change in interest rates.) disclosure of return information necessary to process the
• 244—Insufficient payment sources due to sequestration—no refundable credit payment to the designated contact person(s)
receivership proceedings. listed in Parts I and II on Form 8038-CP, as applicable. Also print
• 245—Insufficient payment resources for reasons other than the name and title of the person signing Form 8038-CP.
sequestration—no receivership proceedings.
• 249—Other. (Also, provide an explanation.) Note. If the issuer designates on line 5 of Part I or line 15 of Part
Note. Codes 246–248 are reserved and should not be used. II a person other than an officer of the issuer as a contact person
for the IRS to call for more information, by signing this return the
For electronic filing, any dates, amounts or explanation for issuer's authorized representative consents to the disclosure of
“Other” is entered electronically. For paper filing, attach to the the issuer's return information to such person, as necessary to
return the requested information and label it “Line 24b process the refundable credit payment.
Information.” Also include the issuer name, EIN, interest
payment date, and report number on the paper attachment.
Paid Preparer
Line 25. Check “Yes” or “No.” If a box is not checked, credit
payments may be delayed. If an authorized officer of the issuer filled in this return, the paid
Check “Yes” if the requested payment is for the final interest preparer block should remain blank. Anyone who prepares the
payment date for the bonds. The final payment of interest for the return but does not charge the issuer should not sign the return.
bonds is the last payment of interest prior to, or in conjunction Certain others who prepare the return should not sign. For
with, the final maturity, redemption, or significant modification of example, a regular, full-time employee of the organization, such
the bond issue. as a clerk, secretary, etc., should not sign.
Check “No” if future Forms 8038-CP are expected to be filed
with respect to future interest payment dates on the bonds Generally, anyone who is paid to prepare a return must sign it
(same bond issue, same type of bond, and same interest rate and fill in the other blanks in the Paid Preparer Use Only area of
structure (fixed rate or variable rate)). the return. A paid preparer can’t use a social security number in
the preparer tax identification number (PTIN) box. The paid
Reminder: Each type of bond requires a distinct report preparer must use a PTIN. If the paid preparer is self-employed,
number and each interest rate structure requires a distinct report the preparer should enter his or her address in the box.
number. See the instructions for line 10, earlier.
Line 26. Complete lines 26a through 26c if you want the The paid preparer must:
amount shown on line 22 directly deposited into a checking or • Sign the return in the space provided for the preparer's
signature, and

-7-

- 8 -

Page 8 of 10 Fileid: … /i8038cp/202212/a/xml/cycle04/source 14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

• Give a copy of the return to the issuer. If you use page 2 to list maturities, complete line 4 on
page 2 before completing lines 2 and 3.
General Information CAUTION!

How to get faster payments. 1. Column (a): List the maturity date (MM/DD/YYYY) for
• File early. each separate maturity of the bonds. (A maturity is comprised of
1. The IRS accepts Form 8038-CP 45 days before the return bonds of the same type, principal maturity date, and interest
due date (but no more than 90 days before the interest payment rate.)
date for fixed rate bonds).
Note. If there are insufficient lines on page 1 of Schedule A for
2. Filing electronic or paper returns on the due date doesn’t all the maturities, list the remaining maturities on page 2 of
permit sufficient time to make a timely payment if there are Schedule A.
mistakes on the return or correspondence is needed to verify
information. 2. Column (b): Enter the amount of interest payable on the
• File an electronic return. bonds maturing on the date listed in column (a) on the interest
• Make sure the correct version of a paper return is used payment date entered on Part III, line 18, of Form 8038-CP.
(January 2022). 3. Column (c): Enter the amount of interest that would be
• Ensure that contact persons listed on lines 5 and 15 are payable on the bonds maturing on the date listed in column (a)
familiar with the information on the return and can answer on the interest payment date entered on Part III, line 18, of Form
questions from the IRS. 8038-CP if calculated using the applicable credit rate (Form
• Use direct deposit (line 26). 8038-CP, Part III, line 19b).
• Make sure to enter a valid report number on line 10. See 4. Column (d): For NCREBs and QECBs, enter 70% of the
instructions for line 10. amount of interest that would be payable on the bonds maturing
Avoid common mistakes. on the date listed in column (a) on the interest payment date
• Make sure to attach a revised debt service schedule when entered on Part III, line 18, of Form 8038-CP if calculated using
you checked “Yes” on line 23a. the applicable credit rate (Form 8038-CP, Part III, line 19b). Do
this by multiplying the column (c) amount by 0.70.
Instructions for Schedule A
Note. For QZABs and QSCBs, skip column (d).
When Is Schedule A Required? 5. Column (e): For NCREBs and QECBs, enter the smaller
Schedule A is used to compute the amount of the refundable of the amount in column (b) and the amount in column (d). For
credit payment allowed under section 6431(f) and must be QZABs and QSCBs, enter the smaller of the amount in column
completed for all specified tax credit bonds (NCREBs, QECBs, (b) and the amount in column (c).
QZABs, and QSCBs). Computation of the credit payment is
done on a bond-by-bond basis (usually, this means a separate Line 1. Total the amounts in column (e) on page 1 of
computation for each maturity in a bond issue, but bonds with Schedule A and enter the total.
the same maturity but different terms such as interest rate are Line 2. Enter the amount from page 2 of Schedule A, line 4 (if
also considered separate bonds). Schedule A eliminates the any). See the line 4 instructions below.
need for issuers of NCREBs and QECBs to file separate Forms
8038-CP for each maturity of bonds on each interest payment Line 3. Add amounts from line 1 and line 2. Enter on Form
date. 8038-CP, line 19c.
Line 4. If you use page 2, complete line 4 on page 2 before
For NCREBs and QECBs, the amount of the refundable completing lines 1, 2, and 3 of Schedule A. Add amounts in
credit payment is the lesser of 100% of the amount of interest column (e) on page 2 of Schedule A (if any). Enter on page 1 of
payable under the bond on such interest payment date or 70% Schedule A, line 2.
(0.70) of the amount of interest which would have been payable
under such bond on such date if such interest were determined Completion of Schedule A for QZABs and QSCBs.
at the applicable credit rate determined under section 54A(b)(3). Schedule A is completed the same way for both QZABs and
QSCBs. With respect to each bond in the bond issue, issuers of
For QZABs and QSCBs, the amount of the refundable credit QZABs and QSCBs filing Form 8038-CP request the lesser of:
payment is the lesser of 100% of the amount of interest payable 1. The amount of interest payable on the interest payment
under the bond on such interest payment date or 100% of the date, or
amount of interest which would have been payable under such 2. The amount of interest that would be payable on the
bond on such date if such interest were determined at the interest payment date using the applicable credit rate.
applicable tax credit bond rate determined under section 54A(b)
(3). Example for QZABs and QSCBs. On November 9, 2010,
Issuer D sold $30,000,000 of fixed rate QSCBs, and elected to
Specific Instructions receive a refundable credit under section 6431. The interest on
Enter the following from Form 8038-CP. the QSCBs is payable semiannually on January 15 and July 15
• Issuer name—From Part II, line 7. of each year. The interest rate on $10,000,000 of QSCBs
• EIN—From Part II, line 8. maturing on January 15, 2024, is 5.25%. The interest rate on
• Report number—From Part II, line 10. $10,000,000 of QSCBs maturing on January 15, 2025, is 5.30%.
• Interest payment date (MM/DD/YYYY)—From Part III, line 18. The interest rate on $10,000,000 of QSCBs maturing on January
15, 2026, is 5.35%. The applicable credit rate for qualified tax
The Schedule A table is used to compute the amount of the credit bonds sold on November 9, 2010, is 5.30%. The amount
permitted credit for an interest payment date. Complete the table of interest payable on the QSCBs on January 15, 2023, and the
as follows for the interest payment date entered on Part III, amount of interest that would be payable on the QSCBs on that
line 18, of Form 8038-CP to compute the sum to be entered on date using the applicable credit rate, is shown in the following
line 1. tables:

-8-

- 9 -

Page 9 of 10         Fileid: … /i8038cp/202212/a/xml/cycle04/source                            14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

                    Interest Payable on the QSCBs on January 15, 2023

Bond Maturity Date  Amount of QSCBs Outstanding                        Bond Interest Rate          Semiannual Interest Payable on 
                                                                                                          January 15, 2023, at the Bond 
                                                                                                          Interest Rate
         01/15/2024              $10,000,000                                 5.25%                        $262,500.00
         01/15/2025              $10,000,000                                 5.30%                        $265,000.00
         01/15/2026              $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
         01/15/2024              $10,000,000                                 5.30%                        $265,000.00
         01/15/2025              $10,000,000                                 5.30%                        $265,000.00
         01/15/2026              $10,000,000                                 5.30%                        $265,000.00

For the January 15, 2023, 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
01/15/2024          $262,500.00              $265,000.00                                                  $262,500.00
01/15/2025          $265,000.00              $265,000.00                                                  $265,000.00
01/15/2026          $267,500.00              $265,000.00                                                  $265,000.00
Completion of Schedule A for NCREBs and QECBs.                     the QECBs is payable semiannually on January 15 and July 15 
Schedule A is completed the same way for both NCREBs and           of each year. The interest rate on $10,000,000 of QECBs 
QECBs. With respect to each bond in the issue, issuers of          maturing on January 15, 2024, is 5.25%. The interest rate on 
NCREBs and QECBs filing Form 8038-CP request the lesser of:        $10,000,000 of QECBs maturing on January 15, 2025, is 5.30%. 
                                                                   The interest rate on $10,000,000 of QECBs maturing on January 
1. The amount of interest payable on the interest payment          15, 2026, is 5.35%. The applicable credit rate for qualified tax 
date, or                                                           credit bonds sold on November 9, 2010, is 5.30%. The amount 
2. 70% of the amount of interest that would be payable on          of interest payable on the QECBs on July 15, 2023, and the 
the interest payment date using the applicable credit rate.        amount of interest that would be payable on the QECBs on that 
Example for NCREBs and QECBs. On November 9, 2010,                 date using the applicable credit rate, is shown in the following 
Issuer E sold $30,000,000 of fixed rate QECBs, and elected to      tables:
receive a refundable credit under section 6431. The interest on 

                        Interest Payable on the QECBs on July 15, 2023

Bond Maturity Date  Amount of QECBs Outstanding                        Bond Interest Rate          Semiannual Interest Payable on 
                                                                                               July 15, 2023, at the Bond Interest 
                                                                                                          Rate
         01/15/2024              $10,000,000                                 5.25%                        $262,500.00
         01/15/2025              $10,000,000                                 5.30%                        $265,000.00
         01/15/2026              $10,000,000                                 5.35%                        $267,500.00

                                                                -9-

- 10 -

Page 10 of 10       Fileid: … /i8038cp/202212/a/xml/cycle04/source                                14:31 - 15-Dec-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

           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 
01/15/2024                            $10,000,000                               5.30%                        $265,000.00
01/15/2025                            $10,000,000                               5.30%                        $265,000.00
01/15/2026                            $10,000,000                               5.30%                        $265,000.00

For the July 15, 2023, 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
01/15/2024         $262,500.00                          $265,000.00                   $185,500.00            $185,500.00
01/15/2025         $265,000.00                          $265,000.00                   $185,500.00            $185,500.00
01/15/2026         $267,500.00                          $265,000.00                   $185,500.00            $185,500.00
                                                                         If you have comments concerning the accuracy of these time 
Paperwork Reduction Act Notice. We ask for the information             estimates or suggestions for making this form simpler, we would 
on this form to carry out the Internal Revenue laws of the United      be happy to hear from you. You can send us comments through 
States. You are required to give us the information. We need it to     IRS.gov/FormComments.
ensure that you are complying with these laws.
You are not required to provide the information requested on             Or you can write to:
a form that is subject to the Paperwork Reduction Act unless the 
form displays a valid OMB control number. Books or records                Internal Revenue Service
relating to a form or its instructions must be retained as long as        Tax Forms and Publications Division
their contents may become material in the administration of any           1111 Constitution Ave. NW, IR-6526
Internal Revenue law. Generally, tax returns and return                   Washington, DC 20224
information are confidential, as required by section 6103.
                                                                         Do not send Form 8038-CP to this address. Instead, see 
The time needed to complete and file this form will vary               Where To File, earlier.
depending on individual circumstances. The estimated burden 
for tax-exempt organizations filing this form is approved under 
OMB control number 1545-0047 and is included in the estimates 
shown in the instructions for their information return.

                                                                   -10-

PDF file checksum: 519258898

(Plugin #1/9.12/13.0)