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Fillable Form 8038-CP (2020)

Form 8038-CP is a form used by issuers of build America bonds, recovery zone economic development bonds, and specified tax credit bonds who elect to receive a direct payment from the federal government equal to a percentage of the interest payments on these bonds.

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What is Form 8038-CP?

Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds, is a single-page form by the Internal Revenue Service (IRS). It is used by issuers of build American bonds, Recovery zone economic development bonds, and specified tax credit bonds who elect to receive a direct payment from the federal government equal to a percentage of the interest payments on the bonds from the federal government.

This return is to be filed only if, as of the date filed, the issuer of the outstanding bonds for which this return is submitted has reasonably concluded that the bonds meet all applicable requirements for the payment of the requested credit.

Where can I get a copy of Form 8038-CP?

A copy of Form 8038-CP that you can download and fill out manually is available on the Internal Revenue Service’s website. For your convenience, you may electronically fill out Form 8038-CP on PDFRun.

Who must file Form 8038-CP?

Issuers of qualified build America bonds, recovery zone economic development bonds, and specified tax credit bonds must submit this return to request credit payments payable under the Federal Government.

How to fill out Form 8038-CP?

Here is a detailed guide on how to fill out the Form 8038-CP:

Part 1 – Information on Entity That Is To Receive Payment of Credit and Communications

Amended Return

Check the box if for Amended Return.

Line 1

Enter the name of an entity that will receive payment of the credit.

Line 2

Enter Employer Identification Number (EIN).

Line 3

Enter the number and street. If mail is not delivered to a street address, use a P.O box no. Also, enter the room or suite.

Line 4

Enter the city, town, or post office, state, and ZIP code.

Line 5

Enter the name and title of the designated contact person whom the IRS may call for more information.

Line 6

Enter the telephone number of an officer or legal representative.

Part 2 – Reporting Authority

Line 7

Enter the Issuer's Name. If the same as Line 1, enter "SAME" and skip Lines 8, 9, 11, 15, and 16.

Line 8

Enter Employer Identification Number (EIN).

Line 9

Enter the number and street. If mail is not delivered to a street address, use P.O box no.

Also, enter the room or suite.

Line 10

Enter the report number. This line is for IRS use only.

Line 11

Enter the city, town, or post office, state, and ZIP code.

Line 12

Enter the date of the issue following this format: MM-DD-YYYY.

Line 13

Enter the name of the issue.

Line 14

Enter the CUSIP number.

Line 15:

Enter the name and title of the officer or other person whom the IRS may call for more information.

Line 16:

Enter the telephone number of the officer or other person to call.

Line 17a: Check the appropriate box to determine the type of bond. Select if:

  • Variable rate bond
  • Fixed-rate bond

Line 17b

Enter the issue price.

Part 3 – Payment of Credit

Line 18

Enter the interest payment date to which this payment of credit relates. Use the format: MM/DD/YYYY.

Line 19a

Enter the interest payable to bondholders on the interest payment date.

Line 19b

For specified tax credit bonds only, enter the applicable credit rate determined under sec. 54A (b)(3).

Line 19c

For specified tax credit bonds only, enter the interest that would be payable to bondholders on the interest payment date calculated using the applicable credit rate.

Line20

Enter the amount of credit payment to be received as of the interest payment date Complete only Line 20a, 20b, 20c, 20d, 20e, or 20f.

Line 20a

For build America bonds, multiply Line 19a by 35% (0.35).

Line 20

For recovery zone economic development bonds, multiply Line 19a by 45% (0.45).

Line 20c

For new clean, renewable energy bonds, enter the lesser Line 19a or 70% (0.70) of Line 19c.

Line 20d

For qualified energy conservation bonds, enter the lesser Line 19a or 70% (0.70) of Line 19c.

Line 20e

For qualified zone academy bonds, enter the lesser of Line 19a or 19c.

Line 20f

For qualified school construction bonds, enter the lesser of Line 19a or 19c.

Line 21

Enter adjustment to previous credit statement. Complete Line 21a or Line 21b only.

Line 21a

Enter the Net increase to previous payments and attach an explanation.

Line 21b

Enter the Net decrease to previous payments and attach an explanation.

Line 22

Enter the amount of payment to be received. Combine either Line 20a, 20b, 20c, 20d, 20e, or 20f, with Line 21a or line 21b.

Line 23

Mark Yes if there has been a change to the debt service schedule most recently filed with the IRS; otherwise, mark No.

Line 24

Mark Yes if you have paid or will you pay all the interest from Line 19a on or before the date from Line 18; otherwise, mark No.

Line 25

Mark Yes if this is the final interest payment date; otherwise, mark No.

Line 26

Check the box if the entity identified in Part 1 is not the issuer.

Direct Deposit

Line 27

Enter the direct deposit information

Line 27a

Enter the routing number

Line 27b

Mark the appropriate box to determine the type of direct deposit. You may select:

  • Checking
  • Savings

Line 27c: Enter the account number.

Signature and Consent

Signature of issuer

Provide a signature of the issuer.

Date

Enter the date signed.

Type or print name and title

Enter the name and title in type or print form.

Paid Preparer Use Only

Print/Type preparer's name

Enter the preparer's name in print or type form.

Preparer's Signature

Enter the signature of the preparer.

Date

Enter the date signed.

Check if self-employed

Mark the box if the preparer is self-employed.

PTIN

Enter the Preparer Tax Identification Number (PTIN).

Firm's Name

Enter the firm's name.

Firm's Address

Enter the firm's address.

Firm's EIN

Enter the firm's EIN.

Phone no.

Enter the preparer's phone number.

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