SECTION 6. PAPERWORK

REDUCTION ACT

The collection of information contained in this revenue procedure has been

reviewed and approved by the Office of Management and budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545–2120. 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.

The reporting requirement is contained in section 4 of this revenue procedure. The information is required so that taxpayers may elect to terminate surety bonds or TDA accounts furnished or established under former § 42(j)(6).

The likely respondents are taxpayers who have currently in effect a surety bond or TDA to avoid or defer recapture of low-income housing tax credits arising from a disposition of a building (or interest therein) on or before July 30, 2008. The estimated total annual reporting burden is 7,800 hours. The estimated annual burden per respondent is 1 hour, depending on the individual circumstances. The estimated total number of respondents is 7,800. 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.

October 27, 2008 1007 2008–43 I.R.B.