[Federal Register Volume 85, Number 122 (Wednesday, June 24, 2020)]
[Notices]
[Pages 38024-38025]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13649]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Burden Related to the Enhanced 
Oil Recovery Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments 
concerning the burden associated with a qualified enhanced oil recovery 
project.

DATES: Written comments should be received on or before August 24, 2020 
to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to Ronald J. Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through 
the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Enhanced Oil Recovery Project.
    OMB Number: 1545-1292.
    Regulation Project Number: TD 8448.
    Abstract: For purpose of section 43 of the Code, this document 
provides final regulations relating to the enhanced oil recovery credit 
for certain costs that are paid or incurred in connection with a 
qualified enhanced oil recovery project. Changes to the applicable law 
were made by the Omnibus Budget Reconciliation Act of 1990. These final 
regulations provide the public with guidance in determining the costs 
that are subject to the credit, the circumstances under which the 
credit is available, and the procedures whereby a project is certified 
as a qualified enhanced oil recovery project.
    Current Actions: As of September 20, 2019, Form 8830 has been made 
a historical product since the enhanced oil recovery claimed on this 
form is completely phased out. This will decrease the number of 
responses by 1,550 and annual burden by 11,067 hours. This request is 
being submitted for renewal purposes.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, not-for-profit institutions, farms, and Federal, state, 
local or tribal governments.
    Estimated Number of Respondents: 20.
    Estimated Time per Respondent: 73 hours.
    Estimated Total Annual Burden Hours: 1,460.
    The following paragraph applies to all 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

[[Page 38025]]

retained if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: June 18, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-13649 Filed 6-23-20; 8:45 am]
BILLING CODE 4830-01-P