[Federal Register Volume 65, Number 130 (Thursday, July 6, 2000)]
[Notices]
[Pages 41747-41748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-16970]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8830

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 8830, Enhanced Oil Recovery Credit.

DATES: Written comments should be received on or before September 5, 
2000 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5242, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Enhanced Oil Recovery Credit.
    OMB Number: 1545-1282.
    Form Number: 8830.
    Abstract: Internal Revenue Code section 43 allows taxpayers to 
elect a tax credit of 15% of the qualified oil recovery costs paid or 
incurred during the year. The credit is phased out as the reference 
price of crude oil for the prior year exceeds $28 per barrel. Form 8830 
is used by taxpayers to compute the credit.
    Current Actions: The order of Part II, Tax Liability Limit, was 
revised for this form. Section 501 of Public Law 106-170 extended the 
provision that allows individuals to offset the regular tax liability 
in full for personal credits. Previously filers were allowed to claim 
credits to the extent that the regular tax liability exceeded the 
tentative minimum tax. For tax years beginning in 2000 and 2001, 
personal nonrefundable credits may offset both the regular tax and the 
minimum tax. Also, the computation was changed in Part II to reflect 
and to conform to changes that were made to the tax computation on Form 
1040. A new line 7 was added to show the sum of the regular tax before 
credits and the alternative minimum tax.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 3,623.
    Estimated Time Per Response: 9 hours, 2 minutes.
    Estimated Total Annual Burden Hours: 32,752.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number.

[[Page 41748]]

Books or records relating to a collection of information must be 
retained as long as their contents may become material in the 
administration of any internal revenue law. Generally, tax returns and 
tax return information are confidential, as required by 26 U.S.C. 6103.

Request for Comments

    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval. All comments will 
become a matter of public record. Comments are invited on: (a) Whether 
the collection of information is necessary for the proper performance 
of the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information to be collected; (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and (e) estimates 
of capital or start-up costs and costs of operation, maintenance, and 
purchase of services to provide information.

    Approved: June 28, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-16970 Filed 7-5-00; 8:45 am]
BILLING CODE 4830-01-P