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would have been payable under such

For more information, see Notices

other than an officer of the issuer as a

bond on such date if such interest were

2009-26 and 2010-35.

contact person for the IRS to call for more

determined at the applicable tax credit

information, by signing this return the

Line 23. Check “Yes” or “No.” Check

bond rate determined under section

issuer’s authorized representative

“Yes” if the requested payment is the final

54A(b)(3).

consents to the disclosure of the issuer’s

payment of interest with respect to the

return information to such person, as

For specified tax credit bonds enter the

bond issue. The final payment of interest

necessary to process the refundable

amount of the requested credit payment

is the last payment of interest prior to, or

credit payment.

as follows:

in conjunction with, the maturity or

•

Line 20c — new clean renewable

redemption of the issue. If a box is not

Paid Preparer

energy bonds, enter the lesser of 100% of

checked, credit payments may be

If an authorized officer of the issuer filled

line 19a or 70% of line 19c,

delayed.

in this return, the paid preparer block

•

Line 20d — qualified energy

Line 24. If the issuer completed Part I

should remain blank. Anyone who

conservation bonds, enter the lesser of

authorizing another entity (for example, a

prepares the return but does not charge

100% of line 19a or 70% of line 19c,

trustee bank) to receive the requested

the issuer should not sign the return.

•

Line 20e — qualified zone academy

refundable credit payment on its behalf,

Certain others who prepare the return

bonds, enter 100% of the lesser of lines

check this box.

should not sign. For example, a regular,

19a or 19c, and

Line 25. Complete lines 25a through 25c

full-time employee of the organization,

•

Line 20f — qualified school construction

if you want the amount shown on line 22

such as a clerk, secretary, etc., should

bonds, enter 100% of the lesser of lines

directly deposited into your checking or

not sign.

19a or 19c.

savings account. Otherwise, we will send

Generally, anyone who is paid to

Note. You may not have more than one

a check to the entity listed in Part I.

prepare a return must sign it and fill in the

entry on lines 20a, 20b, 20c, 20d, 20e,

other blanks in the Paid Preparer’s Use

The IRS is not responsible for a

and 20f.

Only area of the return.

lost credit payment if you enter the

If the amount shown on lines 20a, 20b,

wrong account information. Check

The paid preparer must:

CAUTION

20c, 20d, 20e, and 20f does not equal the

•

with your financial institution to get the

Sign the return in the space provided

amount of the credit payment shown on

correct ACH (Automated Clearing

for the preparer’s signature,

the debt service schedule attached to the

•

House) routing and account numbers and

Enter the preparer information, and

information return for the bonds filed

•

to make sure your direct deposit will be

Give a copy of the return to the issuer.

separately with the IRS (Form 8038-TC or

accepted.

Form 8038-B), please attach an

Privacy Act and Paperwork Reduction

If the direct deposit to your account is

explanation and write across the top,

Act Notice. We ask for the information

different from the amount you expected,

“Explanation for difference in scheduled

on this form to carry out the Internal

you will receive an explanation in the mail

credit payment.” For variable rate bonds,

Revenue laws of the United States. You

about 2 weeks after your credit payment

no explanation is required.

are required to give us the information.

is deposited.

Lines 21a and 21b. Lines 21a and 21b

We need it to ensure that you are

Line 25a. The routing number must be

are available to correct prior mistakes

complying with these laws. Section 6109

nine digits. The first two digits must be 01

with respect to credit payments related to

requires paid preparers to provide their

through 12 or 21 through 32. Otherwise,

prior filings of Form 8038-CP for the

identifying number.

the direct deposit will be rejected and a

respective issue.

You are not required to provide the

•

check will be sent instead. If the entity

If a prior credit payment amount was

information requested on a form that is

listed in Part I is not the issuer (such as a

received that was less than the correct

subject to the Paperwork Reduction Act

trustee bank), ask that entity for the

amount, then enter the amount on line

unless the form displays a valid OMB

correct routing number. (See Where the

21a that relates to the corresponding

control number. Books or records relating

Requested Payment Will Be Sent.)

increase to this payment request.

to a form or its instructions must be

•

If a prior credit payment amount was

Line 25b. Check the appropriate box for

retained as long as their contents may

received that exceeded the correct

the type of account. Do not check more

become material in the administration of

amount for that payment, then enter the

than one box. If unknown, leave blank.

any Internal Revenue law. Generally, tax

amount on line 21b that relates to the

Line 25c. The account number can be

returns and return information are

corresponding decrease to this payment

up to 17 characters (both numbers and

confidential, as required by section 6103.

request.

letters). Include hyphens but omit spaces

•

The time needed to complete and file

If there are both increase and decrease

and special symbols. Enter the number

this form will vary depending on individual

adjustments related to multiple prior

from left to right and leave any unused

circumstances. The estimated average

payments, then net the amounts and

boxes blank.

time is:

include the corresponding amount in

Signature and Consent

either line 21a or 21b as appropriate.

Recordkeeping . . . . . . . . .

6 hr., 13 min.

An officer of the issuer with authority to

If any amount is entered on either line

Learning about the law or the

bind the issuer must sign Form 8038-CP

form . . . . . . . . . . . . . . . . .

12 min.

21a or 21b, attach an explanation and

and any applicable certification. If the

Preparing, copying,

write across the top, “Explanation for

entity listed in Part I is not the issuer, the

assembling, and sending the

Adjustment - Line 21a/21b” as to how the

authority of the person signing this return

form to the IRS . . . . . . . . . .

18 min.

error occurred and what steps were taken

must include the authority to bind the

to prevent similar errors from recurring. If

If you have comments concerning the

issuer, the authority to request that the

an explanation is not attached, credit

accuracy of these time estimates or

IRS send the refundable credit payment

payment may be delayed.

suggestions for making this form simpler,

to the entity identified in Part I, and the

Line 22. Enter the amount of the credit

we would be happy to hear from you. You

authority to consent to the disclosure of

payment to be received. Combine the

can write to the Internal Revenue Service,

return information necessary to process

amount in line 20a, 20b, 20c, 20d, 20e, or

Tax Products Coordinating Committee,

the refundable credit payment to the

20f with the amount in either line 21a or

SE:W:CAR:MP:T:T:SP, 1111 Constitution

designated contact person(s) listed in

21b, as applicable.

Ave. NW, IR-6526, Washington, DC

Parts I and II on Form 8038-CP, as

Note. If an amount of the credit payment

20224. Do not send the form to this

applicable. Also print the name and title of

requested is required to be offset against

address. Instead, see Where To File on

the person signing Form 8038-CP.

other outstanding taxes or obligations,

page 2.

Note. If the issuer designates on line 5

then the credit payment to be received

of Part I or line 15 of Part II a person

could be less than the amount on line 22.

-4-

Instructions For Form 8038-Cp - Return For Credit Payments To Issuers Of Qualified Bonds - Internal Revenue Service Page 4

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