Form 8038-CP Schedule A

What is the Purpose of 8038-CP Schedule A?

Form 8038-CP Schedule A (Specified Tax Credit Bonds Credit Computation) serves the purpose of calculating the refundable credit payment allowable under section 6431(f). This schedule is required to be included with Form 8038-CP if you’re requesting credit for specified tax credit bonds.

Who must File 8038-CP Schedule A?

Form 8038-CP Schedule A must be filed for the following types of bonds.

• New Clean Renewable Energy Bonds (NCREBs)
• Qualified Energy Conservation Bonds (QECBs)
• Qualified Zone Academy Bonds (QZABs)
• Qualified School Construction Bonds (QSCBs)

What Information is Required to Complete Schedule A?

Generally, Form 8038-CP Schedule A requires the following information,

• Issuer’s name
• Employer identification number (EIN)
• Interest payment date
• Report number (from Form 8038-CP)
• Interest computation

How to Complete 8038-CP Schedule A?

To complete Form 8038-CP Schedule A accurately, follow these essential steps:

• Step 1: Basic information about the Organization

  • Issuer’s name and EIN: Enter the name of the issuer and their Employer Identification Number (EIN).
  • Interest payment date: Specify the interest payment date for which you are computing the eligible interest. This should match the date on Form 8038-CP, line 10.
  • Report number: Enter the report number as on Form 8038-CP, line 10.

• Step 2: Table of Computation

  • Column (a): Bond maturity date - Enter the maturity date of each bond.
  • Column (b): Interest payable on bond maturity from Form 8038-CP, line 18, interest payment date. This amount can be taken directly from Form 8038-CP, line 18, for each bond maturity.
  • Column (c): Interest payable on bond maturity from Form 8038-CP, line 18, interest payment date calculated using Form 8038-CP, line 19b, applicable credit rate. Compute this amount using the applicable credit rate provided on Form 8038-CP, line 19b. This calculation is specific to each bond maturity.
  • Column (d): For NCREBs and QECBs, multiply column (c) by 70% (0.70). Skip this column for QZABs and QSCBs.
  • Column (e):
  • For NCREBs and QECBs - Enter the smaller of columns (b) or (d). This represents the eligible interest amount after applying the credit rate.
  • For QZABs and QSCBs - Enter the smaller of columns (b) or (c). These bonds do not require the credit
    rate adjustment.

• Step 3: Total

  • 1. Total eligible interest: Add up all the amounts listed in column (e) of Schedule A. This total represents the eligible interest amounts calculated for each bond maturity.
  • 2. Amount from page 2, line 4 (if any): If some additional calculations are made on page 2, enter the
    amount here.
  • 3. Calculate the final total: Add the total eligible interest from line 1 and line 2. Enter the final total on line 19c of Form 8038-CP.

For more information on how to complete 8038-CP, click here.

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