Form 8038-CP Instructions

Part I - Information on Entity That Is To Receive Payment

This part requires details regarding the organization that is supposed to receive the credit amount for the interest payment from the IRS. This can be a separate entity or as same as the reporting authority (issuer of the bond).

• Line 1: Name of Entity

  Enter the legal name of the entity receiving the payment. If it’s the same as the issuer, enter the entity’s name, which should be as same as the name listed on Form 8038-B (for BABs and RZEDBs) or Form 8038-TC (for specified tax credit bonds).

• Line 2: Employer Identification Number (EIN)

  Provide the EIN of the entity to which the credit payment will be made. This should also match Form
  8038-B or 8038-TC.

• Line 3&4: Mailing Address

  Enter the complete mailing address, including street address, city, state, ZIP code, and room/suite, where the payment should be sent.

• Line 5&6: Contact Information

  If this entity is not the issuer, provide the contact name, phone number, and email address of a contact person for the entity.

Part II - Reporting Authority

This part requires information regarding the reporting authority, i.e., the entity that issued the bond (issuer). If it’s the same as the entity you reported in Part I, you aren’t required to complete the whole part.

• Lines 7: Issuer’s Name

  Enter the legal name of the issuing entity. If the issuer and reporting authority are the same, enter ‘SAME’ on line 7 and leave lines 8, 9, 11, 15, and 16 blank.

• Line 8: Employer Identification Number (EIN)

  Enter the EIN of the entity.

• Line 9 & 11: Mailing Address

  Provide the complete mailing address of the reporting authority, including street address, city, state, ZIP code, room/suite, and report number.

• Line 10: Report Number

  The report number is a unique identification number that issuers must assign to the bonds for which they are requesting credit payments. The IRS requires that this report number be between 401 and 450. There should be a separate report number for each type of
  bond issue.

• Line 12 & 13: Name and Date of the Bond

  Here, enter the name and date of issuance of the bond.

• Line 14: CUSIP Number

  Input the bond's Committee on Uniform Securities Identification Procedures (CUSIP) number. This can be found on either Form 8038-TC or Form 8038-B, based on the
  bond type.

• Line 15 & 16: Details of The Contact Person

  Enter the name, title, and telephone number of the designated contact person of the reporting authority whom the IRS may contact for
  more information.

• Line 17: Details of the Bond Issued

  • a. Check the box with the appropriate type of bond issued.
  • b. Enter the issue price
  • c. Enter the corresponding code number of the bond.
  • 102 - New clean renewable energy bonds
  • 103 - Qualified energy conservation bonds
  • 104 - Qualified zone academy bonds
  • 105 - Qualified school construction bonds
  • 109 - Build America bonds.
  • 110 - Recovery zone economic development bonds

Part III - Payment of Credit

This part obtains details regarding the
credit payment.

• Line 18: Date of Interest Payment

  Specify the interest payment date for the bond associated with the requested
  credit payment.

• Line 19: Details of Payable Interest and Specified Tax Credit Bonds

  • a. Enter the amount of interest payable on the specified date
  • b. Enter the credit rate determined under sec.54A(b)(3) (For specified tax
    credit bonds)
  • c. Enter the amount from line 3 of Schedule A (For specified tax
    credit bonds)

• Line 20: Amount of Credit Allowed for the Interest Payment Date

  In these designated fields, you are required to input the credit amount permitted for the interest payment date. Ensure that you make an entry on the appropriate line applicable to your bond from the below.

  • a. Build America Bonds issuers - Enter the 35% of the interest payable
  • b. Recovery zone economic development bonds - Enter the 45% of the
    interest payable
  • c. New clean renewable energy bonds - Enter the amount entered on 19a or 19c (whichever is smaller)
  • d. Qualified energy conservation bonds - Enter the amount entered on 19a or 19c (whichever is smaller)
  • e. Qualified zone academy bonds - Enter the amount entered on 19a or 19c (whichever is smaller)
  • f. Qualified school construction bonds - Enter the amount entered on 19a or 19c (whichever is smaller)

• Line 21: Adjustment to Previous Credit Payments

  Here, you can mention the adjustments to the credit payments made priorly.

  • a. Enter the Net increase to previous payments
  • b. Enter the Net decrease to previous payments
  • c. Enter the explanation code for the above

• Line 22: Amount of Credit Payment Requested

  Use the amount entered on line 20 with line 21a or 21b to calculate the amount of credit payment requested.

• Line 23: Modification to Debt Service Schedule

  • a. Indicate any revisions made to the latest submitted debt service schedule by checking the boxes.
  • b. Provide the corresponding explanation code along with the updated debt service schedule if you’ve chosen “yes”.

• Line 24: Interest Payment Compliance Inquiry

  • a. Confirm whether all interest listed on line 19a has been paid or will be paid before the interest payment date.
  • b. If you’ve chosen “no”, provide the explanation code.

• Line 25: Final Interest Payment Date Confirmation

  Indicate 'Yes' if this return relates to the final interest payment date for the
  respective bonds.

Direct Deposit

If you prefer to have this refundable credit deposited directly into your checking or savings account, please furnish the necessary details of that account in this section.

Signature and Consent

Upon completion of the required information, provide your signature and consent in
this section.

Paid Preparer

If this return is prepared by a third-party preparer, their information should be provided in this section.

Are there any additional requirements to file Form 8038-CP?

Yes. You need to attach Schedule A, Specified Tax Credit Bonds Credit Computation, along with your Form 8038-CP if you are claiming a credit under section 6431 for the specified tax credit bonds such as,

• New clean renewable energy bonds (NCREBs)
• Qualified energy conservation bonds (QECBs)
• Qualified zone academy bonds (QZABs)
• Qualified school construction bonds (QSCBs)

Steps to file Form 8038-CP with TaxExemptBonds

• Step -1: Enter the Bond Information
• Step -2: Complete Form 8038-CP
• Step -3: Review and Transmit Form 8038-CP