Instructions for Form 8038-B, Information Return for Build America Bonds and Recovery Zone Economic Development Bonds

• Legal Form Number: 8038-B
• Year: 2010
• Issuer: Treasury Department
• Section: Treasury Department

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Instructions for Form 8038-B

(Rev. September 2018)

Information Return for Build America Bonds and Recovery Zone Economic

Development Bonds

Department of the Treasury

Internal Revenue Service

Section references are to the Internal Revenue

Code unless otherwise noted.

Future Developments

For the latest information about

developments related to Form 8038-B and

its instructions, such as legislation

enacted after they were published, go to

IRS.gov/Form8038B.

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repealed the authority to issue tax-credit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.

The American Recovery and

Reinvestment Act of 2009 created three

types of build America bonds. Section

54AA added both Tax Credit and Direct

Pay build America bonds. Section

1400U-2 added recovery zone economic

development bonds, a form of direct pay

build America bonds. Notice 2009-26

required that subject to updated IRS

information reporting forms or procedures,

all three types of build America bonds

were to be reported on Form 8038-G,

Information Return for Tax-Exempt

Governmental Bonds.

General Instructions

Purpose of Form

Beginning February 2010, Form 8038-B is

to be used by issuers of build America

bonds (Tax Credit), build America bonds

(Direct Pay), and recovery zone economic

development bonds to provide the IRS

with the information required by section

149(e).

Who Must File

Governmental issuers of build America

bonds and recovery zone economic

development bonds must file a separate

Form 8038-B for each issue of build

America bonds and recovery zone

economic development bonds issued after

February 2010 and before January 1,

2011.

Note. Build America bonds (Tax Credit),

build America bonds (Direct Pay), and

recovery zone economic development

bonds must each be reported on a

separate Form 8038-B. This instruction

applies regardless of whether the single

issue consists of variable rate, fixed rate,

or both variable rate and fixed rate bonds.

When To File

File Form 8038-B 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-B may not

be filed before the issue date and must be

completed based on the facts as of the

issue date.

For build America bonds (Direct Pay)

and for recovery zone economic

development bonds, Form 8038-B must

be filed at least 30 days prior to the

submission of the first Form 8038-CP,

Return for Credit Payments to Issuers of

Qualified Bonds, that is filed to request

payment with respect to an interest

payment date for that issue.

Failure to complete the 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.

Late filing. An issuer may be granted an

extension of time to file Form 8038-B

under Rev. Proc. 2002-48, 2002-37 I.R.B.

531. Type or print at the top of the form,

“Request for Relief under Section 3 of

Rev. Proc. 2002-48.” See Rev. Proc.

2002-48 for complete information on

requirements for an extension of time to

file Form 8038-B.

Note. If Form 8038-B is filed late, 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-B 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.

Postal Service to mail any item to

an IRS P.O. box address.

Other Forms That May Be

Required

For issuers who elect under section 6431

to receive a direct payment from the

federal government equal to a percentage

of the interest payment, issuers must

request the payment on Form 8038-CP.

Each Form 8038-CP can only relate to the

interest paid on a single bond issue.

For rebating arbitrage (or paying a

penalty in lieu of arbitrage rebate) to the

federal government, use Form 8038-T,

Arbitrage Rebate, Yield Reduction and

Penalty in Lieu of Arbitrage Rebate.

If the bond issue consists of both

tax-exempt bonds and build America

bonds, the issuer must report the

tax-exempt portion on Form 8038-G and

the build America bond portion on Form

8038-B.

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

Build America bond (Tax Credit). This

is an issue of taxable state or local

governmental bonds (excluding private

activity bonds under section 141) as

defined in section 54AA(d) that provides a

tax credit to the holder of the bond.

Build America bond (Direct Pay). This

is an issue of taxable state or local

governmental bonds (excluding private

activity bonds under section 141) as

defined in section 54AA(g), the issuer of

CAUTION

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Aug 30, 2018 Cat. No. 54165A