Userid: SD_HJDCB DTD instrx Leadpct: 0% Pt. size: 9 Draft Ok to Print
PAGER/XML Fileid: ...documents\work products\8038-TC\instructions\8038-TC 06092010.xml (Init. & date)
Page 1 of 6 Instructions for Form 8038-TC 11:48 - 9-JUN-2010
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
Department of the Treasury
Instructions for Form Internal Revenue Service
8038-TC
(June 2010)
Information Return for Tax Credit Bonds and Specified Tax Credit Bonds
Section references are to the Internal more information on specified tax credit completed based on the facts as of the
Revenue Code unless otherwise noted. bonds see Notice 2010-35. issue date.
Note. Only issuers of specified tax credit For specified tax credit bonds, Form
General Instructions bonds that qualify for and have elected to 8038-TC must be filed at least 30 days
receive a refundable credit under section prior to the submission of the first Form
What’s New 6431(f) may file Form 8038-CP. If the 8038-CP, Return for Credit Payments to
The American Recovery and issuer of a specified tax credit bond Issuers of Qualified Bonds, that is filed to
Reinvestment Act of 2009 added qualified makes the election under section 6431(f), request payment with respect to an
school construction bonds and the holder of the bond will not be eligible interest payment date for that issue.
consolidated those bonds together with to receive a tax credit under section 54A. Failure to complete this form, including
qualified forestry conservation bonds, Other tax credit bonds, including the attached schedules may result in a
qualified zone academy bonds, qualified qualified forestry conservation bonds, delay in processing this form. All attached
energy conservation bonds, and new clean renewable energy bonds, and schedules must include the issuer’s name
clean renewable energy bonds under Midwestern tax credit bonds, are not and EIN at the top.
sectionholders54Aof suchthatbonds.allows a tax credit to the undereligiblesectionto elect6431(f).to receive direct payments LateextensionfilingofAntimeissuerto filemayFormbe8038-TCgranted an
Section 301 of P.L. 111-147 (H.R. Purpose of Form under section 3 of Rev. Proc. 2002-48,
maybonds,andEmployment2847),issuersbonds,qualifiedelectthequalifiedqualifiedof newtoHiringapply(HIRE)schoolcleanenergyzoneIncentivessectionconstructionAct,renewableacademyconservationprovides6431(f)to Restorebonds,energybondsthattoFormspecified149(e).theunderwithqualifiedthe8038-TCWhoinformationtaxMusttaxcreditiscreditFileusedbondsrequired, tobondsbyprovidethelistedbyandissuersbelowsectionthe IRSof form,Formneglect.2002-37Formtheof Rev.failure“Request8038-TC8038-TCProc.TypeI.R.B.to file2002-48.”orfor531,wasatimelyprintletterReliefnotifatitexplainingisfiledisAttachtheundernotdeterminedtoponduesectiontotime.oftowhythethewillfulAlsothat3
receive a refundable credit in lieu of tax Who Must File–Qualified Tax indicate whether the bond issue in
credits under section 54A (specified tax Credit Bonds question is under examination by the IRS.
creditcredit bonds).bonds electIssuersunderof specifiedsection 6431(f)tax separateIssuers ofFormthe following8038-TCbondsfor eachmusttaxfile a indentureDo not submitor othercopiesbondofdocuments.the trust
to receive a refundable credit in lieu of tax credit bond issue issued after March Note. If Form 8038-TC is filed late for
credits under section 54A. For qualified 2010. specified tax credit bonds, it still must be
school construction bonds and qualified • Qualified forestry conservation bonds, filed 30 days prior to the submission of
zone academy bonds the amount of the • New clean renewable energy bonds, the first Form 8038-CP for that issue.
refundable credit allowed is equal to the • Qualified energy conservation bonds,
lesser of: • Qualified zone academy bonds, Where To File
1. the amount of interest payable • Qualified school construction bonds, File Form 8038-TC and any attachments
under such bond on such date, or • Clean renewable energy bonds, with Department of the Treasury, Internal
2. the amount of interest which would • Midwestern tax credit bonds, and Revenue Service Center, Ogden, UT
have been payable under such bond on • All other qualified tax credit bonds 84201.
suchdetermineddetermineddate ifatundersuchtheinterestapplicablesectionwere54A(b)(3).credit rate Bonds(exceptInformationshouldandbebuildreportedRecoveryReturnAmericaforonZonebondsBuildFormEconomicAmerica8038-B,which Privatedesignatedcertain privatedeliveryby thedeliveryservices.IRS toservicesmeetYouthecan“timelyuse
For qualified energy conservation bonds Development Bonds). mailing as timely filing/paying” rule for tax
and new clean renewable energy bonds, returns and payments. These private
the amount of the refundable credit Who Must File–Specified Tax delivery services include only the
allowed is equal to the lesser of: Credit Bonds following:
•
whichwereundersuchrate2.1.determinedbonddeterminedthe70%wouldsuchamountofonbondhavethesuchunderamountatonofbeendatetheinterestsuchsectionapplicablepayableifofdate,suchinterestpayable54A(b)(3).orinterestundercredit ••••bondcredit8038-TCIssuersQualifiedNewQualifiedQualifiedissue.bondscleanoffortheenergyzoneschooleachmustrenewablefollowingacademyspecifiedfileconstructionconservationaspecifiedseparateenergybonds,tax creditbonds.bonds,bonds,taxFormand ••InternationalOvernight,InternationalPriorityService.UnitedFederalDHL ExpressOvernight,ParcelExpressFedExPriority,First.(DHL):Service2Day,FedEx(FedEx):andDHL(UPS):FedExFedExStandardSameFedExUPSDayNext
For specified tax credit bonds with Day Air, UPS Next Day Air Saver, UPS
multiple bond maturities, the refundable When To File 2nd Day Air, UPS 2nd Day Air A.M., UPS
credit payment is determined separately File Form 8038-TC on or before the 15th Worldwide Express Plus, and UPS
with respect to each maturity. See the day of the 2nd calendar month after the Worldwide Express.
instruction for line 5, Part II. Specified tax close of the calendar quarter in which the The private delivery service can tell
credit bonds are treated as qualified bond was issued. Form 8038-TC may not you how to get written proof of the mailing
bonds for purposes of section 6431. For be filed before the issue date and must be date.
Cat. No. 54164P