Proposed Collection; Comment Request for Form 8693.

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment Request for Form 8693.

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 8693, Low-Income Housing Credit Disposition Bond.

DATES: Written comments should be received on or before October 18,

1999 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 Faye Bruce,

(202) 622-6665, Internal Revenue Service, Room 5244, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Low-Income Housing Credit Disposition Bond.

OMB Number: 1545-1029.

Form Number: 8693.

Abstract: Section 42(j)(6) of the Internal Revenue Code states that

when a taxpayer disposes of a building (or an interest therein) on

which the low-income housing credit has been claimed, the taxpayer may

post a bond in lieu of paying the recapture tax if the building

continues to be operated as a qualified low-income building for the

remainder of the compliance period. Form 8693 is used to post a bond

under Code section 42(j)(6) to avoid recapture of the low-income

housing credit.

Current Actions: There are no changes being made to Form 8693 at

this time.

Type of Review: Extension of a currently approved collection.

Affected Public: Businesses or other for-profit organizations and

individuals.

Estimated Number of Respondents: 1,000.

Estimated Time Per Respondent: 1 hr., 7 min.

Estimated Total Annual Burden Hours: 1,120.

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. 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: August 4, 1999.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 99-21215 Filed 8-16-99; 8:45 am]

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