Mortgage Credit Certificates provide
qualified holders of the certificates with a credit against income
tax liability. In general, an Issuer elects to establish a mortgage
credit certificate program in lieu of issuing qualified mortgage
revenue bonds. Section 25 of the Code permits states and political
subdivisions to elect to issue Mortgage Credit Certificates in lieu
of qualified mortgage revenue bonds. Form 8329 is used by lending
institutions and Form 8330 is used by state and local governments
to report on mortgage credit certificates (MCCs) authorized under
IRC Section 25. IRS matches the information supplied by lenders and
issuers to ensure that the credit is computed properly.
US Code:
26 USC
25 Name of Law: Interest on certain home mortgages
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.