Instructions for Form

Instructions for Form

8038-TC

Department of the Treasury

Internal Revenue Service

(Rev. September 2018)

Information Return for Tax Credit Bonds and Specified Tax Credit Bonds

Section references are to the Internal Revenue

Code unless otherwise noted.

Future Developments

For the latest information about

developments related to Form 8038-TC

and its instructions, such as legislation

enacted after they were published, go to

IRS.gov/Form8038TC.

What’s New

The Tax Cuts and Jobs Act (P.L. 115-97)

repealed the authority to issue tax-credit

bonds and direct-pay bonds. The repeal

applies to qualified forestry conservation

bonds, new clean renewable energy

bonds, qualified energy conservation

bonds, qualified zone academy bonds,

and qualified school construction bonds

issued after December 31, 2017. The

authority to issue recovery zone economic

development bonds and build America

bonds expired on January 1, 2011.

Reminders

Specified tax credit bonds are treated as

qualified bonds for purposes of section

6431. Issuers of certain qualified tax credit

bonds issued prior to January 1, 2018,

may elect as of the issue date of the

bonds under section 6431(f) to receive a

refundable credit in lieu of tax credits

under section 54A. Only issuers of

specified tax credit bonds that qualify for

and have elected to receive a refundable

credit under section 6431(f) may file Form

8038-CP, Return for Credit Payments to

Issuers of Qualified Bonds. If the issuer of

a specified tax credit bond makes the

election under section 6431(f), the holder

of the bond will not be eligible to receive a

tax credit under section 54A. For more

information on specified tax credit bonds,

see Notice 2010-35.

Other tax credit bonds, including

qualified forestry conservation bonds,

clean renewable energy bonds, qualified

zone academy bonds issued following an

allocation of 2011 (or later) volume cap,

and Midwestern tax credit bonds, are not

eligible for direct payments under section

6431(f).

Aug 28, 2018

General Instructions

Purpose of Form

Form 8038-TC is used by the issuers of

qualified tax credit bonds and specified

tax credit bonds listed below under Who

Must File, to provide the IRS with the

information required by section 149(e).

Who Must File—Qualified Tax

Credit Bonds

Issuers of the following bonds must file a

separate Form 8038-TC for each tax credit

bond issue issued after March 2010 and

before January 1, 2018.

Qualified forestry conservation bonds.

New clean renewable energy bonds.

Qualified energy conservation bonds.

Qualified zone academy bonds.

Qualified school construction bonds.

Clean renewable energy bonds.

All other qualified tax credit bonds

(except build America bonds which should

be reported on Form 8038-B, Information

Return for Build America Bonds and

Recovery Zone Economic Development

Bonds).

Who Must File—Specified Tax

Credit Bonds

Issuers of the following specified tax credit

bonds issued before January 1, 2018,

must file a separate Form 8038-TC for

each specified tax credit bond issue.

New clean renewable energy bonds.

Qualified energy conservation bonds.

Qualified zone academy bonds.

Qualified school construction bonds.

When To File

File Form 8038-TC on or before the 15th

day of the 2nd calendar month after the

close of the calendar quarter in which the

bond was issued. Form 8038-TC may not

be filed before the issue date and must be

completed based on the facts as of the

issue date.

For specified tax credit bonds, Form

8038-TC must be filed at least 30 days

prior to the submission of the first Form

8038-CP that is filed to request payment

with respect to an interest payment date

for that issue. Failure to complete this

form, including the attached schedules,

may result in a delay in processing this

form. All attached schedules must include

the issuer's name and EIN at the top.

Cat. No. 54164P

Late filing. An issuer may be granted an

extension of time to file Form 8038-TC

under section 3 of Rev. Proc. 2002-48,

2002-37 I.R.B. 531, if it is determined that

the failure to file timely is not due to willful

neglect. Type or print at the top of the

form, “Request for Relief under section 3

of Rev. Proc. 2002-48.” Attach to the Form

8038-TC a letter explaining why Form

8038-TC was not filed on time. Also

indicate whether the bond issue in

question is under examination by the IRS.

Do not submit copies of the trust indenture

or other bond documents.

Note. If Form 8038-TC is filed late for

specified tax credit bonds, it still must be

filed 30 days prior to the submission of the

first Form 8038-CP for that issue.

Where To File

File Form 8038-TC and any attachments

with the Department of the Treasury,

Internal Revenue Service Center, Ogden,

UT 84201.

Private delivery services. You can use

certain private delivery services (PDS)

designated by the IRS to meet the “timely

mailing as timely 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.

For the IRS mailing address to use if

you're using PDS, go to IRS.gov/

PDSstreetAddresses.

PDS can’t deliver items to P.O.

boxes. You must use the U.S.

CAUTION Postal Service to mail any item to

an IRS P.O. box address.

!

Other Forms That May Be

Required

For submitting payment of arbitrage rebate

to the federal government, use Form

8038-T, Arbitrage Rebate, Yield

Reduction and Penalty in Lieu of Arbitrage

Rebate.

For issuers of specified tax credit

bonds who elect under section 6431 to

receive a direct payment of a refundable

credit from the federal government, the

payment must be requested on Form

8038-CP. Each Form 8038-CP can only

relate to the interest paid on a single bond

issue. Issuers of certain specified tax

credit bonds with multiple maturities must

file a separate Form 8038-CP for each

maturity. For more information, see

Purpose of Form in the Instructions for

Form 8038-CP.

Rounding to Whole Dollars

You can round off cents to whole dollars. If

you do round to whole dollars, you must

round all amounts. To round, drop

amounts under 50 cents and increase

amounts from 50 to 99 cents to the next

dollar (for example, $1.39 becomes $1

and $2.50 becomes $3).

If two or more amounts must be added

to figure the amount to enter on a line,

include cents when adding the amounts

and round off only the total.

Definitions

Tax credit bond. An obligation issued

under section 54, 54A, or 1400N(l) that

entitles the taxpayer holding such bond on

one or more credit allowance dates

occurring during any tax year to a credit

against the federal income tax imposed for

that tax year.

Qualified forestry conservation bond.

An obligation that is part of an issue 100%

of the available project proceeds of which

are to be used to finance one or more

qualified forestry conservation purposes

as defined in section 54B.

Qualified zone academy bond. An

obligation that is part of an issue 100% of

the available project proceeds of which

are to be used for a qualified purpose with

respect to a qualified zone academy

established by an eligible local education

agency as provided in section 54E.

Qualified school construction bond.

An obligation that is part of an issue 100%

of the available project proceeds of which

are to be used for the construction,

rehabilitation, or repair of a public school

facility, or for the acquisition of land on

which a facility is to be constructed with

the proceeds as set forth in section 54F.

Clean renewable energy bond. An

obligation that is part of an issue 95% or

more of the proceeds of which are to be

used for capital expenditures incurred by

qualified borrowers for one or more

eligible clean renewable energy projects

as defined in section 54.

New clean renewable energy bond. An

obligation that is part of an issue 100% of

the available project proceeds of which

are to be used for capital expenditures

incurred by governmental bodies, public

power providers, or cooperative electric

companies for one or more qualified

renewable energy facilities as defined in

section 54C.

Qualified energy conservation bond.

An obligation that is part of an issue 100%

of the available project proceeds of which

are to be used for one or more qualified

energy conservation purposes as defined

in section 54D.

Issue. Generally, bonds are treated as

part of the same issue if they are issued by

the same issuer, on the same date, and in

a single transaction or series of related

transactions.

Issue price. The issue price of

obligations is generally determined under

Regulations section 1.148-1(f). Thus,

when issued for cash, the issue price is

the price at which a substantial amount of

the obligations are sold to the public. To

determine the issue price of an obligation

issued for property, see sections 1273 and

1274 and the related regulations.

Sale proceeds. Sale proceeds are

determined under Regulations section

1.148-1(b) as any amount actually or

constructively received from the sale of

the issue, including amounts used to pay

underwriters' discount or compensation

and accrued interest, other than

pre-issuance accrued interest. Sale

proceeds also include, but are not limited

to, amounts derived from the sale of a

right that is associated with a bond, and

that is described in Regulations section

1.148-4(b)(4). Sale proceeds shall also

include the proceeds from the sale of

credit strips. See also Regulations section

1.148-4(h)(5) treating amounts received

upon the termination of certain hedges as

sale proceeds.

Arbitrage. The issuer must comply with

the arbitrage requirements of sections 148

and 54A.

Specific Instructions

Part I—Reporting Authority

Amended return. An issuer may file an

amended return to change or add to the

information reported on a previously filed

return for the same date of issue. If you

are filing to correct errors or change a

previously filed return, check the

“Amended Return” box in the heading of

the form.

The amended return must provide all

the information reported on the original

return, in addition to the new or corrected

information. Attach an explanation of the

reason for the amended return and write

across the top, “Amended Return

Explanation.”

Line 1. Enter the name of the entity

issuing the bonds, not the name of the

entity receiving the benefit of the

financing.

Line 2. An issuer that does not have an

employer identification number (EIN)

should apply online by visiting the IRS

website at IRS.gov/EIN. The organization

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may also apply for an EIN by faxing or

mailing Form SS-4 to the IRS. Customers

outside the United States or U.S.

possessions may also apply for an EIN by

calling 267-941-1099 (toll call).

Line 3. If the issuer wishes to authorize a

person other than an officer of the issuer

(including a legal representative or paid

preparer) to communicate with the IRS

and whom the IRS may contact with

respect to this return (including in writing

or by telephone), enter the name of the

person here. The person listed in line 3

must be an individual. Do not enter the

name and title of an officer of the issuer

here (use line 10 for that purpose).

Note. By authorizing a person other than

an authorized officer of the issuer to

communicate with the IRS and whom the

IRS may contact with respect to this

return, the issuer authorizes the IRS to

communicate directly with the individual

entered in line 3 and consents to disclose

the issuer's return information to that

individual, as necessary, to process this

return.

Line 4. This line is for IRS Use Only. Do

not make any entries in the boxes.

Lines 5 and 6. If you listed in line 3 a

person other than an officer of the issuer

(including a legal representative or paid

preparer) to communicate with the IRS

and whom the IRS may contact with

respect to this return, enter the number

and street (or P.O. box if mail is not

delivered to the street address) and city,

town, or post office, state, and ZIP code of

that person. Otherwise, enter the issuer's

number and street (or P.O. box if mail is

not delivered to the street address) and

city, town, or post office, state, and ZIP

code.

Line 7. The date of issue is generally the

date on which the issuer exchanges the

bonds for the underwriter's (or other

purchaser's) funds.

Line 8. If there is no name of the issue,

please provide other identification of the

issue.

Line 9. Enter the Committee on Uniform

Securities Identification Procedures

(CUSIP) number of the latest maturity on

line 9. Attach a schedule with a complete

list of CUSIP numbers for each bond. If

some or all of the tax credits are stripped,

attach a schedule with the name of each

purchaser of the tax credit bonds or tax

credit strips, each purchaser's EIN, and

the CUSIP numbers associated with the

bonds and the stripped tax credits. If the

issue does not have a CUSIP number,

write, “None.” If the issue either has no

CUSIP number or is privately placed,

attach a schedule with each purchaser's

EIN, name, and address.

Instructions for Form 8038-TC

Line 10. Enter the name and title of the

officer of the issuer whom the IRS may call

for more information. If the issuer entered

in line 3 the name of a person other than

an officer of the issuer (including a legal

representative or paid preparer) to

communicate with the IRS and whom the

IRS may contact for this return (including

in writing or by telephone), leave line 10

blank.

Line 11. Enter the telephone number of

the person whom the IRS may contact for

more information identified in line 3 or

line 10, as applicable.

Part II—Type of Issue

Line 1. Identify the type of tax credit

bonds issued by entering the

corresponding three-digit code as follows.

101—Qualified forestry conservation

bonds.

102—New clean renewable energy

bonds.

103—Qualified energy conservation

bonds.

104—Qualified zone academy bonds.

105—Qualified school construction

bonds.

106—Clean renewable energy bonds.

108—Other.

Line 2. Enter type of bond.

Line 3. If the issuer has made an

irrevocable election to apply section

6431(f), check “Yes,” if not, check “No.” If

“No,” skip lines 4 and 5.

Line 4. Enter the first interest payment

date. An interest payment date is the date

on which interest is payable by the

governmental issuer to the holders of the

bonds. (For variable rate issues, enter the

last interest payment date applicable to

the quarterly period for which the first

8038-CP for the issue will relate.) Enter

the date in an MM/DD/YYYY format.

Line 5. Check the box indicating the

interest payment date frequency. In

addition, issuers of specified tax credit

bonds must attach a debt service

schedule to the Form 8038-TC which

contains the information described below

for the bond issue.

1. For fixed-rate bonds, attach a

complete debt service schedule titled

“Fixed Rate Bond—Debt Service

Schedule” that provides a list of each

interest payment date, the total interest

payable on such date, the total principal

amount of bonds expected to be

outstanding on such date, the interest

rate, the refundable credit payment

expected to be requested from the IRS as

allowed under section 6431(f) on such

date, and the earliest date that the bonds

can be called.

Determining the refundable credit

payment under section 6431(f) for

Instructions for Form 8038-TC

specified tax credit bonds with a

single maturity. For QZABs or QSCBs,

the amount of refundable credit payment

with respect to an interest payment date is

equal to the lesser of the amount of

interest payable on the bond on the

interest payment date or 100% of the

amount of interest which would have been

payable under such bond on the interest

payment date if the interest were

determined at the applicable credit rate

determined under section 54A(b)(3). For

new CREBs and QECBs, the amount of

refundable credit payment with respect to

an interest payment date is equal to the

lesser of the amount of interest payable on

such bond on the interest payment date or

70% of the amount of interest which would

have been payable under such bond on

the interest payment date, if the interest

were determined at the applicable credit

rate determined under section 54A(b)(3).

Determining the refundable credit

payment under section 6431(f) for

specified tax credit bonds with

multiple maturities. The refundable

credit payment for specified tax credit

bonds with multiple maturities is

determined separately for each bond

maturity by comparing the interest payable

on each bond maturity with the interest

that would have been payable on such

bond maturity if the interest on such bond

maturity were figured using the applicable

credit rate and summing up the lesser of

the two amounts with respect to each

bond maturity. For example, if an issue

consists of two bond maturities, one with a

2-year maturity with an interest rate of 2%

and one with a 15-year maturity with an

interest rate of 6%, while the applicable

credit rate as of the sale date of the issue

is 5%, the allowable refundable credit with

respect to interest payment date 1 would

be the sum of the amount that equals 2%

of the 2-year bond maturity and the

amount that equals 5% of the 15-year

bond maturity. If the issue is an issue of

new CREBs or QECBs, the amount of

interest that would have been payable if

the interest were figured using the

applicable credit rate would be figured by

reducing the interest that would be

payable by multiplying such interest by

70% (0.70) with respect to each bond

maturity. In the example above, the

refundable credit payment with respect to

interest payment date 1 for the 2-year

maturity would be 2% and for the 15-year

maturity would be 3.5% of the outstanding

bond maturity.

2. For variable rate bonds, attach a

debt service schedule titled “Variable Rate

Bond–Debt Service Schedule” that

provides a list of each interest payment

date, the total principal amount of bonds

expected to be outstanding on such date,

and a description of how interest on the

bonds is figured. However, if the issuer

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knows the interest amount for a certain

period, for that period the issuer should

provide the refundable credit payment

expected to be requested from the IRS as

allowed under section 6431(f).

Note. If the bond issue reported on this

Form 8038-TC constitutes both fixed rate

bonds and variable bonds, a separate

schedule must be entered for each of the

bonds.

Part III—Description of

Obligations

Line 1. See Issue price under Definitions,

earlier.

Line 2. The stated redemption price at

maturity of the entire issue is the sum of

the stated redemption prices at maturity of

each bond issued as part of the issue.

Line 3. Enter the last date on which any

of the bonds will mature. If more than one

maturity, attach a schedule for each

principal payment date.

Line 4. The applicable credit rate is the

daily rate set by the IRS under section

54A(b)(3) determined as of the first day on

which there is a binding, written contract

for the sale or exchange of the bond.

Carry the percent out to two decimal

places, do not round (for example,

10.74%). Such a rate is posted by the

Bureau of the Fiscal Service on its Internet

site for State and Local Government

Series securities at TreasuryDirect.gov.

See Notice 2009-15, which is on page 449

of Internal Revenue Bulletin 2009-6 at

IRS.gov/pub/irs-irbs/irb09-06.pdf.

Line 5. Enter the maximum term set by

the IRS under section 54A(d)(5)

applicable during each calendar month in

which the tax credit bonds are sold. Carry

the year out to two decimal places, do not

round. Enter zeros in the last two positions

(for example, 10.00). The maximum term

is posted by the Bureau of the Fiscal

Service on its Internet site for State and

Local Government Series securities at

TreasuryDirect.gov.

Line 6. Enter the applicable maximum

permitted yield for the sinking fund

expected to be used to repay the issue

under section 54A(d)(4)(C). Carry the

percent out to four decimal places, do not

round. Enter zeros in the last two positions

(for example, 10.7400%). The permitted

sinking fund yield is set by the IRS

consistent with the maximum term

determined under section 54A(d)(5) and is

posted by the Bureau of the Fiscal Service

on its Internet site for State and Local

Government Series securities at

TreasuryDirect.gov.

Line 7. For specified tax credit bonds,

enter the interest rate on the bonds and

carry the interest rate out to four decimal

places. For specified tax credit bonds with

more than one maturity, enter the interest

rate of the latest maturity. If the issue is a

variable rate issue, leave blank.

Line 8. For specified tax credit bonds, if

the issue is a variable rate issue, check

the box on line 8a. Enter the frequency

that rates are reset on line 8b.

Part IV—Proceeds of Issue

Line 1. See Sale proceeds under

Definitions, earlier.

Note. If the bond is stripped at issuance,

line 1 must include sale proceeds of the

principal and sale proceeds of the credit

strips.

Line 2. Enter the amount of the proceeds

that will be used to pay bond issuance

costs, including underwriter's fees, fees

for trustees, and bond counsel.

Note. Bond issuance costs for tax credit

bonds issued under section 54A are

limited to 2% of sale proceeds.

Line 3. Estimate expected investment

proceeds on the sale proceeds of the

issue, including proceeds received by the

issuer from the sale of tax credits that

have been stripped from the bonds.

Line 4. For all tax credit bonds issued

under section 54A, expected available

project proceeds shall be figured by

subtracting line 2 from line 1 and adding

line 3.

For clean renewable energy bonds

(Code 106) read line 4 by substituting

“proceeds” for “available project

proceeds,” add lines 1 and 3, and enter

that amount on line 4. Do not subtract

line 2, bond issuance cost.

Line 5. For IRS use only. Do not make an

entry in line 5.

Line 6. Enter any amount of proceeds not

otherwise itemized in lines 1–4 and

describe the purpose for which the

proceeds are to be used.

Line 7. Total proceeds equal the sum of

lines 4 through 6.

Note. For qualified tax credit bonds

issued under section 54A, lines 4 and 7,

available project proceeds and total

proceeds, respectively, should equal the

same amount.

Part V—Description of Use of

Proceeds for Qualified Purpose

Expenditures

Lines 1a through 12. Enter the dollar

amount of proceeds allocated to each

qualified purpose expenditure on the

corresponding line.

Line 13. Enter the dollar amount of

proceeds allocated to each qualified

purpose expenditure not otherwise

itemized in lines 1a through 12 and

describe the use of proceeds.

Line 14. Enter total qualified purpose

expenditures equal to the sum of amounts

entered in lines 1a through 13.

Line 15. To determine the percentage of

total proceeds to be used for qualified

purpose expenditures, divide line 14 in

Part V by line 7 in Part IV, then multiply the

result by 100.

Line 16. Determine the proceeds of the

issue used to reimburse the issuer for

amounts paid for a qualified purpose prior

to the issuance of the bonds. See

Regulations section 1.150-2.

Line 17. Subject to certain exceptions

under Regulations section 1.150-2(f), an

issuer must adopt an official intent, as

described in Regulations section

1.150-2(e), to reimburse itself for

preissuance expenditures within 60 days

after payment of the original expenditure.

Enter the date the official intent was

adopted.

Part VI—Allocation of National,

State, Tribal, or Local Bond

Limitation Amount

Line 1a. Enter the amount of volume cap

allocated to the issue by bond type. Attach

a copy of the national (for example, from

the Department of the Treasury or IRS),

state, tribal, or local allocations with

respect to the issue. Check the tribal box if

the allocation is provided by the

Department of Interior. Failure to attach

the appropriate allocation certification will

result in a delay in processing this form.

The appropriate officials must certify that

the issue has been designated as one or

more types of qualified tax credit bonds.

On the blank line below line 1a, enter the

year of allocation and, if applicable, the

amount of carryforward allocation.

Lines 1b through 1d. Check the

corresponding box indicating whether the

allocation is national, local, state, or tribal.

Line 2. If the allocation is from a state,

enter the state abbreviation.

Part VII—Miscellaneous

Line 1a. Check the box if there is a

reserve fund described in section 54A(d)

(4)(C) (sinking fund) that is expected to

repay the issue at maturity.

Line 1b. A reserve may be funded in

unequal periodic installments so long as it

is funded no sooner than in equal periodic

installments. Check the box if the reserve

fund is funded no sooner than in equal

periodic payments.

Line 1c. Check the box if either the

reserve fund is expected to result in an

amount greater than the amount

-4-

necessary to repay the issue or if the yield

on the reserve fund is greater than the

permitted sinking fund yield (entered in

Part III, line 6).

Line 1d. For purposes of monitoring the

arbitrage requirements of section 148,

such monitoring shall include the arbitrage

requirements of section 54A. If the issuer

has established the written procedures,

check the box.

Line 2. The issuer must certify that

applicable state and local law

requirements governing conflicts of

interest are satisfied with respect to the

bond issue. See section 54A(d)(6). If

these requirements are met, check the

box in line 2.

Line 3. If some or all of the tax credits are

stripped, check the box.

Note. Submit the information required

under Part I, line 9.

Line 4. If an issuer fails to spend 100% of

the available project proceeds of the issue

by the close of the 3-year expenditure

period (including any extensions granted),

the issuer must redeem all of the

nonqualified bonds within 90 days after

the end of such expenditure period. See

section 54A(d)(2)(B). If the issuer has

established written procedures to meet

this requirement, check the box.

Line 5. “Other” is reserved for future tax

credit bonds.

Signature and Consent

An authorized representative of the issuer

must sign Form 8038-TC and any

applicable certification. Also print the

name and title of the person signing Form

8038-TC. The authorized representative of

the issuer signing this form must have the

authority to consent to the disclosure of

the issuer's return information, as

necessary to process this return, to the

person(s) that have been designated in

Form 8038-TC.

Note. If line 3 authorizes the IRS to

communicate (including in writing and by

telephone) with a person other than an

officer of the issuer, by signing this form,

the issuer's authorized representative

consents to the disclosure of the issuer's

return information, as necessary to

process this return, to such person.

Paid Preparer

If an authorized representative of the

issuer filled in this return, the paid

preparer's space should remain blank.

Anyone who prepares the return but does

not charge the organization should not

sign the return. Certain others who

prepare the return should not sign. For

example, a regular, full-time employee of

Instructions for Form 8038-TC

the issuer, such as a clerk, secretary, etc.,

should not sign.

loan guarantee under the Rural

Electrification Act, check “Yes.”

Generally, anyone who is paid to

prepare a return must sign it and fill in the

other blanks in the Paid Preparer Use Only

area of the return. The paid preparer must:

Sign the return in the space provided

for the preparer's signature,

Enter the preparer information, and

Give a copy of the return to the issuer.

Line 6. Notice 2009-33 provides that,

except in limited circumstances involving

reimbursements to which section 54A(d)

(2)(D) applies, costs of acquiring existing

facilities generally will be treated as

nonqualified costs. If any of the available

project proceeds have been used to

acquire existing facilities, check “Yes.”

Part VIII—Consent to

Disclosure of Certain

Information From This Return

Line 1. If the issuer consents to the IRS's

publication, through a website or other

publication, of its name and address,

employer identification number, name and

description of bond issue, date of

issuance, CUSIP number, issue price,

final maturity date, stated redemption

price at maturity, applicable credit rate and

maximum term to assist in the proper

reporting of interest, tax credits, or other

benefits under section 6049, check the

box next to “Yes.”

Note. Part VIII does not apply to issuers

of tax credit bonds that have elected direct

payment refundable credits under section

6431(f).

Schedule A. New Clean

Renewable Energy Bonds

(New CREBs) Under

Sections 54A and 54C

Part I—Issuer Questions

Line 1. A public power provider is a state

utility with a service obligation as such

terms are defined in section 217 of the

Federal Power Act. If the issuer is a public

power provider, check “Yes.”

Line 2. A cooperative electric company is

a mutual or cooperative electric company

described in section 501(c)(12) or section

1381(a)(2)(C). If the issuer is a

cooperative electric company, check

“Yes.”

Line 3. A governmental body is any state

or Indian tribal government, or any political

subdivision thereof. If the issuer is a

governmental body, check “Yes.”

Line 4. A clean renewable energy bond

lender is a lender which is a cooperative

owned by, or has outstanding loans to,

100 or more cooperative electric

companies and was in existence on

February 1, 2002, and shall include any

affiliated entity which is controlled by such

lender. If the issuer is a clean renewable

energy bond lender, check “Yes.”

Line 5. If the issuer is a not-for-profit

electric utility which has received a loan or

Instructions for Form 8038-TC

Line 7. Notice 2009-33 provides that

refinancing costs (as contrasted with costs

of enhancements, repair, or rehabilitation

of existing facilities) generally will be

treated as nonqualified costs. If any of the

available project proceeds have been

used to refinance existing facilities, check

“Yes.”

Line 8. Notice 2015-12 provides that an

allocation of new CREB volume cap

limitation is valid for 180 days after the

date of the letter issuing the allocation (the

“volume cap allocation date”). If the issue

date of the issue is on or before 180 days

after the volume cap allocation date,

check “Yes.”

Line 9. A new CREB must be designated

as such by a qualified issuer. If these

bonds have been designated as new

CREBs, check “Yes.” See section 54C(a)

for more information.

Part II

For IRS use only. Do not make an entry in

line 1.

Part III—List of Qualified

Renewable Energy Facilities

Line 1. A “Qualified Renewable Energy

Facility” means a qualified facility as

determined under section 45(d) (without

regard to paragraphs (8) and (10) and to

any placed-in-service date) owned by a

public power provider, a governmental

body, or a cooperative electric company.

List the type of qualified renewable energy

facility to be financed by the bonds, the

location of the facility, the owner(s) of the

facility, the owner's EIN, and the amount

of available project proceeds to be used

for that facility. (If more than one facility,

attach a schedule.)

Schedule B. Qualified

Energy Conservation

Bonds (QECBs) Under

Sections 54A and 54D

Part I—Issuer and Project

Questions

Line 1. A QECB must be designated as

such by the issuing state or local

government. See section 54D(a). If these

bonds have been designated as QECBs,

check “Yes.”

-5-

Line 2. Section 54D(e)(2)(B) provides

that the amount allocated to a large local

government may, if unused, be

reallocated by such local government to

the state in which such local government

is located. If the bonds are issued based

on an allocation that has been reallocated

from a large local government to a state,

check “Yes.”

Line 3. A large local government means

any municipality or county if such

municipality or county has a population of

100,000 or more. If the issuer is a large

local government, check “Yes.”

Line 6. If the issuer issued the bonds

based on a volume cap allocation

received by another authorized entity (that

allocated volume cap to the issue), check

“Yes.” If not, check “No.” If “Yes” is

checked, provide the name of such

authorized entity. If more than one

authorized entity allocated volume cap to

the bond issue, attach a schedule listing

the names of, and amount of bonds for,

each such authorized entity. If the box on

line 6 is checked “Yes,” failure to insert the

name of the other authorized entity that

allocated volume cap to the issue may

result in a delay in processing the return.

Part II

For IRS use only. Do not make an entry in

line 1.

Part III—List of Conservation

Purposes, Location of the

Facilities, Amount of Proceeds

Used for the Purpose, Private

Activity User, and Private

User's EIN

Line 1. Eligible issuers of QECBs include

states, political subdivisions, as defined

for purposes of section 103, and entities

empowered to issue bonds on behalf of

any such entity under rules similar to those

for determining whether a bond issued on

behalf of a state or political subdivision

constitutes an obligation of that state or

political subdivision for purposes of

section 103 and Regulations section

1.103-1(b). Further, eligible issuers

include otherwise eligible issuers in

conduit financing issues (as defined in

Regulations section 1.150-1(b)).

List each type of qualified conservation

purpose described under section 54D(f) to

be financed by the bonds, the location of

the facility (if applicable), and the amount

of available project proceeds to be used

for each qualified conservation purpose. If

the bonds are private activity bonds,

provide the name and EIN of the private

user(s). (If more than one purpose, facility,

owner, or user, attach a schedule.)

Schedule C. Qualified

Zone Academy Bonds

(QZABs) Under Sections

54A and 54E

Part I—Academy and Issuer

Information

Line 1. If the school is located in a

designated empowerment zone, check

“Yes.”

Line 2. If the school is located in a

designated enterprise community, check

“Yes.”

Line 5. If for any calendar year the

allocation for a state exceeds the amount

of bonds issued for such year, the

limitation may be carried over but only to

the first 2 years following the year in which

the unused limitation arose. Limitation

amounts are used on a first-in, first-out

basis. If the bonds or any portion of the

bonds are issued under a carryover

limitation, check “Yes,” and enter the year

in which the limitation arose.

Line 7. For a bond to be a “qualified zone

academy bond,” the issuer must certify

that it has written commitments from

private entities to make qualified

contributions having a present value (as of

the date of issuance of the issue) of not

less than 10% of the proceeds of the

issue. If the eligible local education

agency that established the qualified zone

academy has received such written

commitments, check “Yes.”

Line 9. A QZAB must be designated as

such by the issuing state or local

government within the jurisdiction where

the school is located. If these bonds have

been designated as QZABs, check “Yes.”

See section 54E(a)(3) for more

information.

Line 10. Write in the name of the local

education agency. Failure to provide the

name of the eligible education agency

may result in a delay in processing the

return.

Part II—Description of the

Private Business Contribution

Lines 1 through 4. Qualified private

business contributions under section

54E(d)(4) are (a) equipment for use in the

qualified zone academy (including

state-of-the-art technology and vocational

equipment); (b) technical assistance in

developing curriculum or in training

teachers to promote appropriate

market-driven technology in the

classroom; (c) services of employees as

volunteer mentors; (d) internships, field

trips, or other educational opportunities

outside the academy for students; or (e)

any other property or service specified by

the eligible local education agency. List

the value of the dollar amount of each

private contribution on the corresponding

line.

Line 5. For items not listed in lines 1

through 4, enter the value of the amount

contributed on line 5 and provide a

description of such contribution.

Part III—Private Business

Contributor

Lines 1 through 5. Enter the name and

EIN of the donor of the private business

contribution. (If more than five donors,

attach a schedule.)

Schedule D. Qualified

School Construction

Bonds (QSCBs) Under

Sections 54A and 54F

Part I—Use of Proceeds

Line 1. An Indian school is a school

funded by the Bureau of Indian Affairs.

Line 3. A QSCB must be designated as

such by the issuing state or local

government. See section 54F(a). If these

bonds have been designated as QSCBs,

check “Yes.”

Part II

For IRS use only. Do not make an entry in

line 1.

Part III—Issuer Information

Line 1. If the issuer is not the local

education agency in the jurisdiction of

which the public school facility is located,

enter the name of such local education

agency. If the issuer is issuing bonds for

more than one local education agency,

attach a schedule listing the names of,

and amount of bonds for, each local

education agency.

-6-

Line 2. If the issuer issued the bonds

based on a volume cap allocation

received by another authorized entity (that

allocated volume cap to the issue),

provide the name of such authorized

entity. If more than one authorized entity

allocated volume cap to the bond issue,

attach a schedule listing the names of,

and amount of bonds for, each authorized

entity.

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