IRS Gauges Burden of Low-Income Credit Program Forms
Published Date: 2/12/2026
Notice
Summary
The IRS wants your thoughts on how it collects info for the Low-Income Communities Bonus Credit Program, which helps boost investments in poorer neighborhoods. They’re checking if the paperwork is fair and not too much work, aiming to keep things clear and easy. If you have ideas or concerns, send them by April 13, 2026—this could affect how much time and money folks spend on the program.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Estimated 3‑Hour Paperwork Burden
The IRS estimates the information collection for the Low-Income Communities Bonus Credit Program will involve about 70,000 business respondents, each taking about 3 hours, for a total of 210,000 annual burden hours. This is an extension of a currently approved collection under OMB No. 1545-2308 related to TD 9979 and Rev. Proc. 2023-27.
Opportunity to Comment by April 13, 2026
Businesses and other for‑profit organizations can submit written comments about the information collection by April 13, 2026. The IRS is seeking input on burden, clarity, and ways to minimize costs including automation and estimates of capital or start‑up costs.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2025-18278 — Occupations That Customarily and Regularly Received Tips; Definition of Qualified Tips
If you earn tips at work, these new rules show which jobs count as tip-earning and explain what counts as 'qualified tips' for tax deductions. The changes apply to tips received up to December 31, 2024, helping workers and employers know exactly what tips can lower their taxes. Get ready to keep better track of your tips and maybe save some money when tax time rolls around!
2025-02251 — Administrative Requirements for an Election To Exclude Applicable Unincorporated Organizations From the Application of Subchapter K; Hearing Cancellation
If you run an unincorporated organization, new rules are coming to help you skip some tricky partnership tax laws. These changes explain how to make that election properly, so you don’t get caught in confusing tax stuff. No extra fees or deadlines yet, but keep an eye out for updates to stay ahead!
2026-09941 — Electronic Furnishing of Payee Statements Regarding Digital Asset Sales by Brokers; Hearing
The IRS is planning new rules that let brokers send digital asset sale statements electronically instead of on paper. This change affects brokers and anyone buying or selling digital assets, making tax reporting faster and easier. A public hearing is set for July 8, 2026, but only if people sign up by May 28, 2026, so don’t miss your chance to speak up!
2026-09916 — Superfund Tax on Chemical Substances; Request To Modify List of Taxable Substances; Notice of Filing for Methyl Methacrylate-ethyl Methacrylate-methacrylic Acid Copolymer in a Styrene Solution (x=75.76, y=8.46, z=1, s=168.4); Hearing
The IRS is holding a phone hearing on June 18, 2026, to decide if a special chemical called methyl methacrylate-ethyl methacrylate-methacrylic acid copolymer in a styrene solution should be added to the list of substances taxed under the Superfund program. Companies dealing with this chemical might see new tax rules if it’s added. People who want to speak at the hearing must send their topics by June 4, or the hearing will be canceled.
2026-09479 — Excepted Fertility Benefits
The government is proposing new rules to create a special category for fertility benefits that don’t have to follow all the usual health insurance rules. This change affects employers and health plans offering fertility help, making it easier and more flexible to provide these benefits. If you want to share your thoughts, you have until July 13, 2026, to comment—this could impact how much fertility care costs and how it’s covered.
2026-09395 — Agency Information Collection Activities; Comment Request on Tip Reporting Alternative Commitment (TRAC) Agreement for Use in the Cosmetology and Barber Industry
The IRS wants feedback on a new form called the Tip Reporting Alternative Commitment (TRAC) Agreement, designed to help salons and barbershops report tips more easily and fairly. This affects cosmetologists, barbers, and their employers, aiming to reduce paperwork hassle without extra costs. Comments are open until July 13, 2026, so now’s the time to speak up and shape how tip reporting works!
Previous / Next Documents
Previous: 2026-02815 — Proposed Information Collections; Comment Request (No. 98)
The Alcohol and Tobacco Tax and Trade Bureau wants your thoughts on their paperwork rules to make things easier and less time-consuming. If you’re involved in alcohol or tobacco businesses, these changes could affect how you report info. You’ve got until April 13, 2026, to share your comments—so don’t miss out on shaping the process and possibly saving time and money!
Next: 2026-02817 — Agency Information Collection Activities: Comment Request Burden Related to Form 1099-MISC
The IRS wants your thoughts on how much work it takes to fill out Form 1099-MISC, which businesses use to report payments. They’re checking if the form is clear and not too much trouble, aiming to keep things simple and fair. If you have ideas or concerns, send them by April 13, 2026—this helps save time and money for everyone involved!