Tax Exempt Bonds Update from IRS

The IRS has released an updated Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues. Form 8038 has been revised to include exempt facility bonds for qualified broadband projects (line 11k) and qualified carbon dioxide capture facilities (line 11o), which were authorized to be financed with private activity bonds by the Infrastructure Investment and Jobs Act, Pub. L. 117-58, 135 Stat. 429 (2021).

Tax Exempt Bonds Forms & Publications are available on IRS.gov.

Reminder: Use revised form 8038-CP to claim direct pay credits

Issuers of direct pay tax credit bonds should use the January 2022 version of Form 8038-CP for all future credit payment claims. Using a prior version of Form 8038-CP may cause processing delays.

Below are links to the revised form and instructions:

• Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds.
• Form 8038-CP Instructions (PDF)

Schedule A (PDF), Specific Tax Credit Bonds Interest Limit