Instructions For Form 1097-Btc - Bond Tax Credit

2017

Department of the Treasury

Internal Revenue Service

Instructions for Form

1097-BTC

Bond Tax Credit

Section references are to the Internal Revenue Code

Note. Issuers that have elected to issue build America

unless otherwise noted.

bonds (Direct Pay) under section 54AA(g) or specified tax

credit bonds under section 6431(f) to receive a refundable

Future Developments

credit under section 6431(a) in lieu of tax credits under

section 54A should not file Form 1097-BTC.

For the latest information about developments related to

Form 1097-BTC and its instructions, such as legislation

Definitions

enacted after they were published, go to

form1097btc.

Tax credit bond. Generally, a tax credit bond is an

Reminder

obligation issued under sections 54, 54A, 54AA, 1397E,

or 1400N(l) that entitles the taxpayer holding such bond

In addition to these specific instructions, you should also

on one or more credit allowance dates occurring during

use the 2017 General Instructions for Certain Information

any tax year to a credit against the federal income tax

Returns. Those general instructions include information

imposed for that tax year.

about the following topics.

Qualified tax credit bond. Qualified tax credit bonds

Who must file (nominee/middleman).

under section 54A include new clean renewable energy

When and where to file.

bonds under section 54C, qualified energy conservation

Electronic reporting requirements.

bonds under section 54D, qualified zone academy bonds

Corrected and voided returns.

under section 54E, and qualified school construction

Statements to recipients.

bonds under section 54F.

Taxpayer identification numbers.

Backup withholding.

New clean renewable energy bond. An obligation that

Penalties.

is part of an issue, 100% of the available project proceeds

Other general topics.

of which are to be used for capital expenditures incurred

by governmental bodies, public power providers, or

You can get the general instructions at

General

cooperative electric companies for one or more qualified

Instructions for Certain Information Returns

renewable energy facilities, as defined in section 54C.

form1097btc.

The annual credit allowed is 70% of the annual credit

amount determined by applying 54A(b).

Specific Instructions

Qualified energy conservation bond. An obligation

Issuers of certain tax credit bonds (or their agents) and

that is part of an issue, 100% of the available project

recipients of Form 1097-BTC from the bond issuer or

proceeds of which are to be used for one or more qualified

agent, such as mutual funds or partnerships, who are

energy conservation purposes, as defined in section 54D.

further distributing the credit must file Form 1097-BTC for

The annual credit allowed is 70% of the annual credit

each tax credit distributed from the following tax credit

amount determined by applying 54A(b).

bonds.

Qualified zone academy bond. An obligation that is

New clean renewable energy bonds.

part of an issue, 100% of the available project proceeds of

Qualified energy conservation bonds.

which are to be used for a qualified purpose for a qualified

Qualified zone academy bonds.

zone academy established by an eligible local education

Qualified school construction bonds.

agency, as provided in section 54E; or an obligation that is

Clean renewable energy bonds.

part of an issue, 95% or more of the proceeds of which

Build America bonds (Tax Credit).

are to be so used and issued before October 4, 2008, as

Filings of Form 1097-BTC with respect to a bond, by

provided by section 1397E.

the issuer or the issuer's agent, must be made on a

Qualified school construction bond. An obligation that

separate Form 1097-BTC for each bond.

is part of an issue, 100% of the available project proceeds

For tax credit bonds issued with two or more maturities,

of which are to be used for the construction, rehabilitation,

each maturity must be reported separately on the Form

or repair of a public school facility or for the acquisition of

1097-BTC issued by the bond issuer or its agent.

land on which such a facility is to be constructed with the

proceeds, as provided in section 54F.

Recipients of Form 1097-BTC from the bond issuer or

Clean renewable energy bond. An obligation that is

agent, such as brokers, nominees, mutual funds, or

part of an issue, 95% or more of the proceeds of which

partnerships, who are further distributing the credit must

are used for capital expenditures incurred by qualified

file only one Form 1097-BTC per recipient or account,

aggregating credit from all applicable bonds.

Sep 22, 2016

Cat. No. 54657F

Instructions For Form 1097-Btc - Bond Tax Credit - 2017

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