SECTION 8. PAPERWORK

REDUCTION ACT

.01 The Paperwork Reduction Act of 1995 (44 U.S.C. 3501 - 3520) (PRA) requires that a Federal agency obtain the approval of the Office of Management and Budget (OMB) before collecting information from the public, whether such collection of information is mandatory, voluntary, or required to obtain or retain a benefit. A Federal 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 control number.

.02 Section 4.01(4)(a) of this revenue procedure provides that, where there are multiple manufacturers in an item of specified property’s chain of production, the manufacturers may agree that a certain manufacturer will enter into an agreement with the IRS. This provision includes a recordkeeping requirement that the manufacturer entering into the agreement must retain a copy of the agreement in the manufacturer’s books and records. This recordkeeping requirement is expected to be a usual and customary business practice that would impose no additional bur

Bulletin No. 2024–46 1119 November 12, 2024