Proposed Collection; Comment Request

DEPARTMENT OF THE TREASURY

[1.42-2]

Proposed Collection; Comment Request

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 an

existing final regulation, PS-62-87, Low-Income Housing Credit for

Federally-assisted Buildings. (Regulation Sec. 1.42-2).

DATES: Written comments should be received on or before May 7, 1996 to

be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal

Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,

DC 20224.

[[Page 9530]]

FOR FURTHER INFORMATION CONTACT: Requests for additional information or

copies of the information collection should be directed to Carol

Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111

Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Low-Income Housing Credit for Federally-assisted Buildings.

OMB Number: 1545-1005.

Regulation Project Number: PS-62-87 Final.

Abstract: The rule requires the taxpayer (low-income building

owner) to seek a waiver in writing from the IRS concerning low-income

buildings acquired during a special 10-year period in order to avert a

claim against a Federal mortgage insurance fund.

Current Actions: There is no change to this existing regulation.

Type of Review: Extension of OMB approval.

Affected Public: Businesses or other for-profit institutions,

individuals or households, non-profit institutions, Federal Government,

and state, local and tribal government.

Estimated Number of Respondents: 1,000.

Estimated Time Per Respondent: 3 hours.

Estimated Total Annual Burden Hours: 3,000 hours.

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; and

(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.

Approved: February 28, 1996.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 96-5458 Filed 3-7-96; 8:45 am]

BILLING CODE 4830-01-U