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Форма 8038-CP Інструкція

Інструкція по формуванню 8038-CP, повернення за кредитні платежі до емітентів кваліфікованих облігацій

Рев. Грудень 2023

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  • Форма 8038-CP - Повернення за кредитні платежі до емітентів завірених облігацій
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Department of the Treasury  
Internal Revenue Service  
Instructions for Form  
8038-CP and Schedule A  
(Form 8038-CP)  
(Rev. December 2023)  
Return for Credit Payments to Issuers of Qualified Bonds  
Section references are to the Internal Revenue Code unless  
otherwise noted.  
31, 2010, then the bonds may no longer be qualified bonds  
under the applicable section and the issuer may no longer be  
entitled to request a payment using Form 8038-CP.  
Future Developments  
The Tax Cuts and Jobs Act (P.L. 115-97) repealed the  
authority to issue tax credit bonds (including the election to  
receive a refundable credit under former section 6431), including  
specified tax credit bonds. The repeal applies to qualified  
forestry conservation bonds, NCREBs, QECBs, QZABs, and  
QSCBs issued after December 31, 2017. If an issuer takes  
action that results in a significant modification or reissuance of  
specified tax credit bonds after the effective date of the Tax Cuts  
and Jobs Act, then the bonds may no longer be qualified bonds  
under the applicable section and the issuer may no longer be  
entitled to request a payment using Form 8038-CP.  
For the latest information about developments related to Form  
8038-CP and its instructions, such as legislation enacted after  
they were published, go to IRS.gov/Form8038CP.  
What's New  
Electronic filing is available and may be required. Under  
final regulations (T.D. 9972) published in February 2023, filers  
are required to file Form 8038-CP electronically if they are  
required to file 10 or more returns of any type in a calendar year.  
The final regulations are effective for Forms 8038-CP filed after  
December 31, 2023. Additionally, any other filer of Form  
8038-CP may voluntarily file Form 8038-CP electronically. (See  
Where To File, later, for more information.)  
Form 8038-CP is used by issuers of BABs and RZEDBs, and  
specified tax credit bonds (Direct Pay bonds) that elect to  
receive a direct payment from the federal government equal to a  
percentage of the interest payments on these bonds. For more  
information, see Notices 2009-26, 2009-16 I.R.B. 833, and  
2010-35, 2010-19 I.R.B. 660.  
Variable rate bonds. There are updated instructions for  
line 17a which include two examples.  
Reminders  
General Instructions  
Note. Each type of bond must be reported on a separate Form  
8038-CP.  
Other tax credit bonds, including QZABs issued pursuant to  
an allocation of 2011 (or later) volume cap, qualified forestry  
conservation bonds, clean renewable energy bonds, and  
Midwestern tax credit bonds are not eligible for the election by  
the issuer to receive refundable credit payments under former  
section 6431(f).  
Use Correct Version of Form and Schedule A  
Use the January 2022 version of Form 8038-CP and the  
December 2022 version of Schedule A to Form 8038-CP.  
Receipt by the IRS of a prior version of the Form 8038-CP could  
result in a delay of the credit payment or otherwise affect normal  
processing.  
This return is to be filed only if, as of the date filed, the  
issuer of the outstanding bonds for which this return is  
!
Purpose of Form  
CAUTION  
submitted has reasonably concluded that the bonds  
meet all applicable requirements for the payment of the  
requested credit.  
The American Recovery and Reinvestment Act of 2009 (ARRA)  
created build America bonds (BABs) and recovery zone  
economic development bonds (RZEDBs). The Hiring Incentives  
to Restore Employment Act (HIRE Act) provided an option for  
issuers of new clean renewable energy bonds (NCREBs),  
qualified energy conservation bonds (QECBs), qualified zone  
academy bonds (QZABs), and qualified school construction  
bonds (QSCBs) to elect to issue such bonds as specified tax  
credit bonds. The Tax Relief, Unemployment Insurance  
Reauthorization, and Job Creation Act of 2010 (the Tax Relief  
Act) discontinued the option to elect to issue QZABs as  
specified tax credit bonds for bonds issued pursuant to an  
allocation of the 2011 or later national QZAB limitation. The  
ARRA, the HIRE Act, and the Tax Relief Act are referred to  
throughout these instructions as “the Acts”.  
Who Must File  
Issuers of BABs (Direct Pay), RZEDBs, and specified tax credit  
bonds must submit this return to request credit payments  
payable under “the Acts”.  
What To File  
Issuers of BABs (Direct Pay), RZEDBs, and specified tax credit  
bonds are required to submit the most recent version of Form  
8038-CP after the effective date of the version to request  
payment of a refundable credit. As of the date of publication of  
these instructions, the most recent version of Form 8038-CP is  
the January 2022 version to be used for all such forms to be  
received by the IRS on or after January 1, 2022. As of the date of  
publication of these instructions, the most recent version of  
Schedule A is the December 2022 version.  
Note. Only issuers of BABs and RZEDBs issued before January  
1, 2011, and specified tax credit bonds issued before January 1,  
2018, that qualify for, and have elected to receive, a refundable  
credit under former section 6431 may file Form 8038-CP. The  
authority to issue BABs and RZEDBs expired on January 1,  
2011. If an issuer takes action that results in a significant  
modification or reissuance of BABs or RZEDBs after December  
The payment requested on Form 8038-CP can only relate to  
the interest payable on a single bond issue. If the issue has both  
fixed rate bonds and variable rate bonds, file a separate Form  
8038-CP for each interest rate structure. If a single bond issue  
Dec 19, 2023  
Cat. No. 52942P  
constitutes both BABs (Direct Pay) and RZEDBs, file a separate  
Form 8038-CP for each type of bond.  
For the IRS mailing address to use if you're using PDSs, go to  
PDSs can’t deliver items to P.O. boxes. You must use the  
File a separate Form 8038-CP with a Schedule A for  
NCREBs, QECBs, QZABs, and QSCBs. If the information  
provided on the return relates to more than one type of bond or if  
the return is not completed in full, the credit payment could be  
delayed or normal processing could otherwise be affected. In  
order to process the refundable credit payment, the IRS will  
correspond with the designated contact person listed in Part II, at  
the address in Part II, as necessary.  
U.S. Postal Service to mail any item to an IRS P.O. box  
!
CAUTION  
address.  
Assembling Form 8038-CP, Schedule A, and  
Attachments  
Before filing Form 8038-CP, assemble the package of the core  
form, Schedule A, and attachments in the following order.  
When To File  
1. Core form with Parts I through III, Direct Deposit (if  
applicable), Signature and Consent, and Paid Preparer Use Only  
(if applicable) completed.  
2. Schedule A completed, if applicable. Schedule A must  
be submitted for all NCREBs, QECBs, QZABs, and QSCBs for  
which the issuer has elected to receive a refundable credit under  
former section 6431.  
A Form 8038-CP filed for fixed rate bonds must be filed no later  
than 45 days before the relevant interest payment date. Form  
8038-CP may not, however, be submitted earlier than 90 days  
before the relevant interest payment date. See Notice 2009-26,  
2009-16 I.R.B. 883.  
For variable rate bonds, when the issuer knows the interest  
payment amount 45 days prior to the interest payment date,  
Form 8038-CP may be filed within the same timelines as fixed  
rate bonds (45 days before the relevant interest payment date  
but no earlier than 90 days before the relevant interest payment  
date). However, a separate Form 8038-CP should still be filed for  
the variable rate bonds. See also the specific instructions below  
for completing line 17a.  
3. Attachments completed as applicable. If applicable,  
include:  
a. An explanation for an amended return,  
b. An explanation for line 21c,  
c. A revised debt service schedule,  
d. An explanation for line 23b, and  
e. An explanation for line 24b.  
For variable rate bonds when the issuer doesn’t know the  
interest payment amount 45 days prior to the interest payment  
date, the issuer must aggregate all credit payments on a  
quarterly basis and file a Form 8038-CP for reimbursement in  
arrears no later than 45 days after the last interest payment date  
within the quarterly period for which the reimbursement is being  
requested. See also the specific instructions below for  
completing line 17a.  
Don't attach materials not authorized in these instructions or  
not otherwise authorized by the IRS.  
To facilitate the processing of your e-filed return, don't  
password protect or encrypt PDF attachments.  
!
CAUTION  
Password protecting or encrypting a PDF file that is  
attached to an e-filed return prevents the IRS from opening the  
attachment.  
Where To File  
Other Forms That May Be Required  
Mandatory electronic filing. A filer required to file at least 10  
returns of any type during the calendar year must file Forms  
8038-CP electronically starting in 2024. “Returns” for purposes  
of these instructions include information returns (for example,  
Forms W-2 and Forms 1099), income tax returns, employment  
tax returns (including quarterly Forms 941, Employer's  
For rebating arbitrage (or paying a penalty in lieu of arbitrage  
rebate) to the federal government, use Form 8038-T, Arbitrage  
Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate.  
No Rounding to Whole Dollars  
QUARTERLY Federal Tax Return), and excise tax returns. For  
general information about electronic filing, go to IRS.gov/Efile,  
and see Pub. 4163, Modernized e-File (MeF) Information for  
Authorized IRS e-File Providers for Business Returns.  
You must enter cents on the form. Do not round amounts to the  
nearest dollar (for example, $1.75 must be entered as $1.75, not  
$2.00; conversely, $1.25 must be entered as $1.25, not $1.00).  
Round fractional cents to the next lowest cent (for example,  
round $1.996 down and enter as $1.99). The amount paid to you  
will be based on these parameters.  
Waivers and exemptions. On a year-by-year basis, the IRS  
may waive the requirements to file Form 8038-CP electronically.  
In certain circumstances, a filer may be administratively exempt  
from the requirement to file electronically. The filer should keep  
documentation supporting their undue hardship or other  
applicable reason for not filing electronically in the filer’s records.  
For more information about mandatory electronic filing, waivers,  
and exemptions, see Regulations section 301.6011-11.  
Where the Requested Payment Will Be Sent  
The credit payment on line 22 will be sent by check to the entity  
that is to receive payment listed in Part I at the address  
designated in Part I, unless the issuer has elected to have the  
payment deposited directly, in which case the payment will be  
directly deposited to the Automated Clearing House (ACH)  
routing and account numbers listed on lines 26a and 26c.  
Paper returns. For filers submitting paper returns, send Form  
8038-CP to:  
Note. If the entity listed in Part I is not the issuer, the ACH  
routing and account numbers listed on lines 26a and 26c must  
be the account information of the entity listed in Part I. If the  
entity listed in Part I is the issuer, the account information must  
be the account information of the issuer. The issuer must enter  
the correct ACH routing and account numbers on Form 8038-CP  
to receive a direct deposit.  
Department of the Treasury  
Internal Revenue Service Center  
Ogden, UT 84201-0050  
Private delivery services (PDSs). Paper filers can use certain  
PDSs designated by the IRS to meet the “timely mailing as timely  
filing” rule for tax returns. Go to IRS.gov/PDS for the current list  
of designated services.  
The PDS can tell you how to get written proof of the mailing  
date.  
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If the amount of the credit payment requested is required  
to be offset against other outstanding taxes or  
b. Complete lines 19a–24b using the information reported  
on the original final return in addition to the new or corrected  
information. (See the applicable instructions, later.)  
c. The entry for line 25 must be “Yes.” Failure to check “Yes”  
on line 25 could result in a delay in processing or otherwise  
affect normal processing.  
5. If the direct deposit information on the original final return  
is still current, enter the same information as provided on the  
original final return. If the direct deposit information on the  
original final return isn’t correct, leave lines 26a, 26b, and 26c  
blank on the amended return and we will send any required  
payment by a check to the entity listed in Part I at the address  
listed in Part I of the amended return.  
!
CAUTION  
obligations, then the credit payment to be received could  
be less than the amount requested. For more information, see  
Notices 2009-26 and 2010-35.  
Specific Instructions  
Part I—Information on Entity That Is To Receive  
Payment  
Amended Return  
When to check the “Amended Return” box. An amended  
return can only be filed if you are filing to correct errors in Part III  
on a previously filed final return. A previously filed final return  
means:  
6. Complete the Signature and Consent part of the form  
using current information.  
Filing the amended return.  
1. Form 8038-CP previously submitted for the final interest  
If the previously filed final return was permitted to be filed on  
payment date for the bonds; and  
paper and was filed using a paper return, the amended return  
must be filed using a paper return.  
2. “Yes” is checked on:  
If the previously filed final return was permitted to be filed on  
a. Line 25 of the January 2020 or later versions of Form  
paper, but was filed electronically, the amended return may be  
filed either on paper or electronically.  
8038-CP, or  
b. Line 23 of the January 2012 or prior versions of Form  
8038-CP.  
If the issuer previously filed final return was required to be filed  
electronically, any amended return must be filed electronically.  
See Regulations section 301.6011-11.  
Entries on the amended return. The following are directions  
Attach an explanation of the reason for the amended return as  
for the entries to make on the amended return.  
a separate document labeled “Explanation for Amended Return.”  
Include the issuer name, the employer identification number  
(EIN), the relevant interest payment date for the final return, and  
the report number on the explanation. For each line being  
amended, provide the original entry, the new entry, and an  
explanation. For paper filing, attach it to the return.  
1. Check the “Amended Return” box in the heading of Part I  
of the return.  
2. Complete Part I of the amended return as follows.  
a. Enter the same information for lines 1–4 as reported on  
the original final return.  
b. Complete lines 5–6 using current information.  
3. Complete Part II of the amended return as follows.  
If a final return was not filed, any corrections to the  
amount of credit payment requested in Part III of a  
!
CAUTION  
previously filed return must be corrected by using the net  
a. Enter the same information for lines 7–9 as reported on  
adjustment line 21a or 21b. Such corrections may only be  
submitted on a subsequent Form 8038-CP filed to request a  
credit payment. Do not check the “Amended Return” box if you  
are correcting non-final prior filings of a Form 8038-CP by using  
line 21a or 21b.  
the original final return.  
b. Enter the correct three-digit original report number on  
line 10.  
i. For the January 2020 and prior versions of Form 8038-CP,  
the report number was assigned by the IRS. You were notified of  
the report number in Notice CP152A. Enter the original report  
number from Notice CP152A for the final return. If you can’t  
locate Notice CP152A for the final return on the January 2020  
and prior versions of Form 8038-CP, enter report number 499 on  
line 10 of the amended return.  
Line 1. Enter the name of the entity to which the requested  
refundable credit payment is to be paid. If the payment is to be  
made to the entity that issued the bonds, enter the name of that  
issuer. For BABs and RZEDBs, the issuer's name should be the  
name listed on Form 8038-B, Information Return for Build  
America Bonds and Recovery Zone Economic Development  
Bonds, Part I, line 1. For specified tax credit bonds, the issuer's  
name should be the name listed on Form 8038-TC, Information  
Return for Tax Credit Bonds and Specified Tax Credit Bonds,  
Part I, line 1. If the issuer authorized another entity (for example,  
a trustee bank) to receive the requested refundable credit  
payment on its behalf, enter the name of that entity.  
Note. Use of report number 499 will notify the IRS that you don’t  
have the original report number. Lack of the original report  
number may affect normal processing of the amendment.  
ii. For the January 2022 and later versions of Form 8038-CP,  
you assigned the report number for entry on line 10. Enter the  
same report number you entered on the original final return.  
Note. By entering the name of an entity other than the issuer,  
the issuer consents and authorizes the IRS to send the  
requested refundable credit payment to the entity listed in Part I.  
The issuer further consents and authorizes the IRS to  
communicate directly with the entity listed in Part I and to  
disclose its return information to that entity, as necessary, to  
process the refundable credit payment.  
c. Enter the same information for lines 11–14 as reported on  
the original final return.  
d. Complete lines 15–16 using current information.  
e. Check the appropriate box on line 17a.  
f. On line 17b, enter the same issue price amount as  
reported on the original final return.  
g. On line 17c, enter the appropriate three-digit code. (See  
the instructions for Part II, line 17c, later.)  
Line 2. Enter the EIN of the entity identified on line 1. If the  
issuer is the entity listed in Part I, for BABs and RZEDBs, the  
issuer's EIN should be the EIN listed on Form 8038-B, Part I,  
line 2. If the issuer is the entity listed in Part I, for specified tax  
credit bonds, the issuer's EIN should be the EIN listed on Form  
8038-TC, Part I, line 2.  
4. Complete Part III of the amended return as follows.  
a. On line 18, enter the same interest payment date as  
reported on the original final return.  
3
be entered on Part II, line 10, on all future Forms 8038-CP filed  
with respect to the BABs. Report number 402 will be entered on  
Part II, line 10, on all future Forms 8038-CP filed with respect to  
the RZEDBs.  
In October 2010, Issuer A sold fixed rate QSCBs and variable  
rate QSCBs payable from the same taxes using the same official  
statement. The bonds are one bond issue for most purposes,  
and Issuer A properly reported the issuance of the bonds using a  
single Form 8038-TC with two debt service schedules. In  
Lines 5 and 6. If the issuer is not the entity listed in Part I, enter  
on line 5 the name and title and on line 6 the phone number of  
the designated contact person for the entity named in Part I that  
is to receive payment of the credit (such as an employee of the  
trustee bank) that the IRS may call for more information. If the  
issuer is the entity listed in Part I, enter on line 5 the name and  
title and on line 6 the phone number of the designated contact  
person (such as an officer or employee of the issuer, the legal  
representative of the issuer, or the paid preparer) whom the IRS  
may call for more information.  
January 2022, Issuer A assigned report number 403 to the fixed  
rate QSCBs and report number 404 to the variable rate QSCBs.  
Report number 403 will be entered on Part II, line 10, on all future  
Forms 8038-CP filed with respect to the fixed rate QSCBs.  
Report number 404 will be entered on Part II, line 10, on all future  
Forms 8038-CP filed with respect to the variable rate QSCBs.  
In November 2010, Issuer A sold fixed rate QECBs, fixed rate  
NCREBs, and variable rate NCREBs payable from the same  
revenues using the same official statement. In January 2022,  
Issuer A assigned report number 405 to the QECBs, report  
number 406 to the fixed rate NCREBs, and report number 407 to  
the variable rate NCREBs. Separate Forms 8038-CP will be filed  
for the QECBs, fixed rate NCREBs, and variable rate NCREBs  
using the respective report numbers on Part II, line 10.  
Note. If the issuer on line 5 authorizes the IRS to call a person  
other than an officer of the issuer for more information, by  
signing this return the issuer's authorized representative  
consents to the disclosure of the issuer's return information to  
such person, as necessary to process this return.  
Part II—Reporting Authority  
Part II should be completed in full if the issuer authorized the IRS  
to pay the requested refundable credit payment to another entity  
on its behalf (for example, a trustee bank).  
Lines 7 and 8. If the issuer's name is the same as line 1, enter  
“SAME” and skip lines 8, 9, 11, 15, and 16. If the issuer's name  
is not the same as line 1, enter the name, EIN, and complete  
address of the issuer of the bond issue in Part II. For BABs and  
RZEDBs, the issuer's name and EIN should be the name and  
EIN listed on Form 8038-B, Part I, lines 1 and 2, filed for the bond  
issue. For specified tax credit bonds, the issuer's name and EIN  
should be the name and EIN listed on Form 8038-TC, Part I,  
lines 1 and 2, filed for the bond issue.  
Failure to assign a correct three-digit report number following  
the assignment methodology in these instructions could delay  
payment of the credit or otherwise affect normal processing.  
Line 12. Enter the issue date of the bond issue. For BABs  
(Direct Pay) and RZEDBs, the issue date should be the issue  
date listed on Form 8038-B, Part I, line 7, filed for the bond issue.  
For specified tax credit bonds, the issue date should be the issue  
date listed on Form 8038-TC, Part I, line 7, filed for the bond  
issue.  
Line 10. Issuers are now required to assign permanent report  
numbers for bonds currently eligible to receive credit payments  
and consistently use the same report number when filing to  
claim the credit for the bonds. Assign a separate report number  
in the range 401–450 for each type of bond that is required to be  
treated as a separate bond issue for purposes of Form 8038-CP  
payment requests. (See General Instructions, What To File,  
earlier.) Enter the three-digit report number (report number) that  
the issuer assigned to the bonds on Part II, line 10, of the Form  
8038-CP. Separately reported bonds for purposes of Form  
8038-CP payment requests should be numbered consecutively  
starting with 401. Once a report number is used for any bonds, it  
must be used as the report number for all future filings of Form  
8038-CP returns for those bonds. The report number may not be  
used for any other Direct Pay bonds, even after bonds are  
redeemed or are no longer outstanding.  
Line 13. Enter the name of the bond issue. If the bond issue is  
not named, enter “None.” For BABs (Direct Pay) and RZEDBs,  
the name of the bond issue should be the name listed on Form  
8038-B, Part I, line 8, filed for the bond issue. For specified tax  
credit bonds, the name of the bond issue should be the name  
listed on Form 8038-TC, Part I, line 8, filed for the bond issue.  
For electronic returns, do not use brackets, dollar signs, or  
commas in the name of the bond issue.  
Line 14. Enter the Committee on Uniform Securities  
Identification Procedures (CUSIP) number on the bond with the  
latest maturity. For BABs and RZEDBs, the CUSIP number  
should be the CUSIP number listed on Form 8038-B, Part I,  
line 9, filed for the bond issue. For NCREBs, QECBs, QZABs,  
and QSCBs, the CUSIP number should be the CUSIP number  
listed on Form 8038-TC, Part I, line 9, filed for the bond issue.  
Enter the nine-character CUSIP number without any spaces. If  
the bond issue was not publicly offered and there is no assigned  
CUSIP number, enter “None.The CUSIP number used for  
purposes of Form 8038-CP does not change. Continue to use  
the CUSIP number originally reported on Form 8038-B or Form  
8038-TC even if the bond maturity associated with the CUSIP  
number is no longer outstanding. Use the CUSIP number  
reported on Form 8038-B or Form 8038-TC even if you are  
required by these instructions to treat bonds with different  
interest rate structures as separate bonds and file separate  
Forms 8038-CP (for example, for fixed and variable rate bonds of  
the same bond issue).  
Issuers must file separate Forms 8038-CP for each type of  
bond and for fixed rate bonds and variable rate bonds.  
If a single bond issue constitutes both BABs (Direct Pay) and  
RZEDBs, file a separate Form 8038-CP for each type of bond  
and assign a different report number for each. If a single bond  
issue consists of more than one type of specified tax credit bond,  
assign separate report numbers for NCREBs, QECBs, QZABs,  
and QSCBs, and file a separate Form 8038-CP for each type of  
bond.  
If a single bond issue contains both fixed rate bonds and  
variable rate bonds, assign separate report numbers for each  
interest rate structure and file a separate Form 8038-CP for each  
interest rate structure.  
Example. Issuer A elected to receive a refundable credit  
under former section 6431 for its bonds.  
Leaving line 14 blank, or entering something other than a  
nine-character CUSIP number without spaces or “None,”  
In February 2010, Issuer A sold BABs and RZEDBs payable  
from the same revenues using the same official statement.  
Although the bonds are one bond issue for most purposes,  
Issuer A properly reported the issuance of the bonds using  
separate Forms 8038-B for the BABs and the RZEDBs. In  
January 2022, Issuer A assigned report number 401 to the BABs  
and report number 402 to the RZEDBs. Report number 401 will  
!
CAUTION  
could result in a delay in the credit payment or otherwise  
affect normal processing.  
Example. In May 2010, Issuer B sold fixed rate BABs with a  
final maturity date of May 1, 2040, and variable rate BABs with a  
final maturity date of May 1, 2025, payable from the same taxes  
4
using the same official statement. Issuer B elected to receive a  
refundable credit under former section 6431 for its bonds and  
filed a single Form 8038-B for the bonds. The CUSIP number for  
the fixed rate bonds maturing on May 1, 2040, was reported on  
Form 8038-B, Part I, line 9.  
In January 2022, Issuer B files separate Forms 8038-CP for  
the fixed rate BABs and the variable rate BABs and uses the  
CUSIP number for the fixed rate bonds maturing on May 1, 2040,  
on the Form 8038-CP filed for the fixed rate BABs and on the  
Form 8038-CP filed for the variable rate BABs.  
On November 1, 2022, Issuer B retires the fixed rate BABs. In  
January 2023, Issuer B files a Form 8038-CP with respect to the  
variable rate BABs. Issuer B must continue to use the CUSIP  
number originally reported on Form 8038-B (CUSIP number for  
fixed rate bonds with a maturity date of May 1, 2040) even  
though the bonds corresponding to the CUSIP number are no  
longer outstanding.  
interest payment dates for the bonds and checks the box for  
“Variable rate bond” on line 17a.  
Line 17b. For BABs and RZEDBs, enter the total issue price for  
the bond listed on Form 8038-B, Part III, line 3, filed for the bond  
issue. For specified tax credit bonds, enter the total issue price  
for the bond listed on Form 8038-TC, Part III, line 1, filed for the  
bond issue. The issue price used for purposes of Form 8038-CP  
doesn’t change. Continue to use the issue price originally  
reported on Form 8038-B or Form 8038-TC even if some of the  
bonds are no longer outstanding. Use the issue price reported  
on Form 8038-B or Form 8038-TC even if you are required by  
these instructions to file separate Forms 8038-CP for different  
interest rate structures (for example, for fixed and variable rate  
bonds of the same bond issue).  
Example. In September 2010, Issuer C sold at par  
$15,000,000 of fixed rate BABs with a final maturity date of  
September 1, 2030, and $5,000,000 of variable rate BABs with a  
final maturity date of September 1, 2025, payable from the same  
taxes using the same official statement. Issuer C elected to  
receive a refundable credit under former section 6431 for the  
bonds and filed a single Form 8038-B for the bonds. The issue  
price for the bonds was reported on Form 8038-B, Part III, line 1,  
as $20,000,000.  
Lines 15 and 16. If the issuer isn’t the entity listed in Part I,  
enter the name, title, and phone number of the officer of the  
issuer or other person whom the IRS may call for more  
information. If the issuer is the entity listed in Part I, leave lines 15  
and 16 blank.  
In January 2022, Issuer C files separate Forms 8038-CP for  
the fixed rate BABs and the variable rate BABs but uses the total  
issue price of $20,000,000 on the Form 8038-CP filed for the  
fixed rate BABs and on the Form 8038-CP filed for the variable  
rate BABs.  
Note. If the issuer authorizes, on line 15, the IRS to contact a  
person other than an officer of the issuer for more information, by  
signing this form the issuer's authorized representative consents  
to the disclosure of the issuer's return information to such  
person, as necessary to process this return.  
On March 1, 2022, Issuer C retires the fixed rate BABs. In  
January 2024, Issuer C files a Form 8038-CP with respect to the  
variable rate BABs. Issuer C must continue to use the issue price  
originally reported on Form 8038-B ($20,000,000) even though  
only $5,000,000 of variable rate BABs is still outstanding.  
Line 17a. Check the box that applies to the bonds of the issue  
for which this return is submitted. Only one box should be  
checked because payment requests for variable rate bonds and  
fixed rate bonds are required to be filed on separate returns.  
The following are additional instructions with respect to  
variable rate bonds. Always file a separate Form 8038-CP for  
variable rate bonds. However, when the issuer knows the interest  
payment amount at least 45 days prior to the interest payment  
date, Form 8038-CP may be filed within the same timelines as  
fixed rate bonds (45 days before the relevant interest payment  
date but no earlier than 90 days before the relevant interest  
payment date). See General Instructions, What To File, earlier.  
When the issuer files Form 8038-CP for variable rate bonds  
using the timelines for fixed rate bonds, the box on line 17a for  
fixed rate bond is checked.  
Example. In October 2010, Issuer F issued fixed rate BABs  
and variable rate BABs payable from the same taxes using the  
same official statement. Interest on the fixed rate bonds is paid  
on January 1 and July 1 of each year at a fixed rate of 6%.  
Interest on the variable rate bonds is paid on January 1 and July  
1 of each year at a rate based upon a set formula and the  
interest rate is reset every 5 years pursuant to the formula. Issuer  
F elected to receive a refundable credit under former section  
6431 for the bonds and filed a single Form 8038-B for the bonds.  
Line 17c. Identify the type of bonds by entering the  
corresponding three-digit code number as follows.  
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.  
A failure to provide requested information or providing  
incorrect information could delay processing of this  
!
CAUTION  
return or otherwise affect normal processing. Do not  
leave line 10, 12, 13, 14, 17a, 17b, or 17c blank.  
Part III—Payment of Credit  
Line 18. Enter the interest payment date to which the requested  
refundable credit payment relates. An interest payment date is  
the date on which interest is payable by the issuer to the holders  
of the bonds. This may include a date on which bonds are retired  
earlier than maturity if interest is to be paid on that date. (For  
variable rate bonds with the amount of interest payable not  
known at least 45 days before the interest payment date, enter  
the last interest payment date applicable to the quarterly period  
to which this return relates.) For certain variable rate bonds, the  
remarketing date or the date the interest rate is reset may not be  
the same date the interest is paid.  
On April 10, 2024, Issuer F files a separate Form 8038-CP for  
the July 1, 2024, interest payment date for the fixed rate BABs  
and checks the box for “Fixed rate bond” on line 17a. On April  
10, 2024, Issuer F knows the interest payment amount for the  
July 1, 2024, interest payment date for the variable rate BABs  
and files a separate Form 8038-CP and checks the box for  
“Fixed rate bond”on line 17a.  
Example. In November 2010, Issuer G issued variable rate  
BABs. Interest on the bonds is paid on the first day of each  
month at an interest rate based upon a set formula and the  
interest rate is reset every month pursuant to the formula. Issuer  
F elected to receive a refundable credit under former section  
6431 for the bonds and filed a single Form 8038-B for the bonds.  
Line 19a. Enter the amount of interest payable to the holders of  
the bonds on the interest payment date. The amount entered on  
line 19a can only relate to the interest payable on a single bond  
issue and the amount of interest allocable to a single type of  
bond (BAB, RZEDB, or a single type of specified tax credit bond)  
and similar interest rate structure (fixed or variable rate). (See  
General Instructions, What To File, earlier.)  
On January 10, 2024, Issuer G files a Form 8038-CP for the  
October 1, 2023, the November 1, 2023, and December 1, 2023,  
5
Note. Credit payments are not allowed for preissuance accrued  
214—Claimed interest on prior return(s) on bonds previously  
interest.  
legally defeased. (Also, list applicable interest payment date(s).)  
219—Other. Use this three-digit code if codes 211–214 do not  
Line 19b. For specified tax credit bonds only, enter the  
applicable credit rate. The applicable credit rate is the daily tax  
credit bond rate set by the Secretary under section 54A(b)(3),  
determined as of the first day on which there is a binding written  
contract for the sale or exchange of the bond. See Notice  
2009-15, which is on page 449 of Internal Revenue Bulletin  
2009-6 at IRS.gov/pub/irs-irbs/irb09-06.pdf. Enter the percent  
out to two decimal places, and do not round (for example, for  
credit rate 10.746%, enter 10.74%). The tax credit bond rate is  
published by the Bureau of Fiscal Service on its Government  
Section Internet site at TreasuryDirect.gov. The applicable credit  
rate should be the applicable credit rate listed on Form 8038-TC,  
Part III, line 4, filed for the bond issue.  
apply or if more than one three-digit code is applicable. (Also, list  
applicable explanation(s) for the correction(s) including listing  
prior interest payment date(s) affected and details of any net  
amount.)  
Note. Codes 215–218 are reserved and should not be used.  
If a three-digit explanation code number is not entered, the  
credit payment could be delayed or normal processing could  
otherwise be affected. For electronic filing, the dates or  
explanation for “Other” is entered electronically. For paper filing,  
attach to the return the requested information on a single  
explanation document and label it “Line 21c Information.Include  
the issuer name, EIN, interest payment date, and report number  
on the paper attachment.  
Line 19c. For NCREBs, QECBs, QZABs, and QSCBs,  
complete Schedule A and enter the amount from line 3 of  
Schedule A.  
Line 22. Enter the amount of the credit payment requested.  
Combine the amount on line 20a, 20b, 20c, 20d, 20e, or 20f with  
the amount on either line 21a or 21b, as applicable.  
Note. You can only have one entry on line 20 (a through f).  
Note. If an amount of the credit payment requested is required  
to be offset against other outstanding taxes or obligations, then  
the credit payment to be received could be less than the amount  
on line 22. For more information, see Notices 2009-26 and  
2010-35.  
Line 20a. For BABs, enter the amount of the requested credit  
payment relating to the interest payable on the interest payment  
date. The amount reported on line 20a must equal 35% (0.35) of  
the amount reported on line 19a.  
Line 20b. For RZEDBs, enter the amount of the requested  
credit payment relating to the interest payable on the interest  
payment date. The amount reported on line 20b must equal 45%  
(0.45) of the amount reported on line 19a.  
Line 23a. Check “Yes” or “No.Check “Yes” if the amount shown  
on line 20a, 20b, 20c, 20d, 20e, or 20f does not equal the  
amount of the credit payment shown on the debt service  
schedule attached to the information return for the bonds filed  
with the IRS (Form 8038-TC or Form 8038-B), or the latest  
revised debt service schedule subsequently filed with the IRS, or  
when the amount of qualified principal outstanding or qualified  
interest payable on future dates will vary from amounts  
Line 20c. For NCREBs, enter the smaller of line 19a or line 19c.  
Line 20d. For QECBs, enter the smaller of line 19a or line 19c.  
Line 20e. For QZABs, enter the smaller of line 19a or line 19c.  
previously reported to the IRS. For variable rate bonds, check  
Yes” if there is a change in interest payment dates, the total  
principal amount of qualified bonds expected to be outstanding  
on payment dates, or the method for determining interest on the  
bonds. Situations where you must check “Yes” for fixed and  
variable rate bonds include (a) early retirement or defeasance of  
bonds, (b) treating a portion of the bonds as nonqualified under  
Rev. Proc. 2018-26, (c) reissuance of bonds because of a  
significant modification under Regulations section 1.1001-3 or  
other guidance, or (d) the debt service schedule has otherwise  
changed or been altered so that the debt service schedule you  
most recently filed with the IRS is no longer accurate.  
Note. Issuers issuing QZABs pursuant to an allocation of 2011  
or later national QZAB limitation (volume cap) can’t make a valid  
election to issue such bonds as specified tax credit bonds and  
may not claim a refundable credit under former section 6431 by  
filing Form 8038-CP.  
Line 20f. For QSCBs, enter the smaller of line 19a or line 19c.  
Lines 21a and 21b. Either line 21a or line 21b is available to  
correct your prior mistakes on prior filings of Form 8038-CP for  
the respective bonds.  
If a prior credit payment amount was received that was less  
than the correct amount, then enter the amount on line 21a that  
relates to the corresponding increase to this payment request.  
Line 23b. If you checked “Yes” on line 23a, enter one applicable  
three-digit explanation code number and provide the revised  
debt service schedule. If a three-digit explanation code number  
is not entered, the credit payment could be delayed or normal  
processing could otherwise be affected. Where indicated,  
provide the applicable dates in MM/DD/YYYY format and the  
applicable amounts.  
If a prior credit payment amount was received that exceeded  
the correct amount for that payment, then enter the amount on  
line 21b that relates to the corresponding decrease to this  
payment request.  
If there are both increase and decrease adjustments related to  
multiple prior payments, then net the amounts and include the  
corresponding amount on either line 21a (for net increases) or  
21b (for net decreases), as appropriate.  
Note. If the changes result from the issuer’s nonqualified use of  
bond proceeds and taking a remedial action under section 6 of  
Rev. Proc. 2018-26, the issuer must enter the three-digit  
explanation code 235 on the Form 8038-CP filed for the first  
interest payment date after the nonqualified use of the bond  
proceeds occurs. The issuer must also (a) provide the date of  
the nonqualified use and the amount of nonqualified use, and (b)  
attach a revised debt service schedule reflecting the exclusion of  
amounts allocable to the nonqualified bonds beginning with the  
date of the nonqualified use.  
If any amount is entered on either line 21a or 21b, complete  
line 21c.  
Line 21c. Enter the applicable three-digit explanation code  
number and provide the applicable interest payment dates in  
MM/DD/YYYY format.  
211—Erroneous entry on prior return(s) (for example,  
typographical error or input error or incorrect debt service  
schedule date used. (Also, list applicable interest payment  
date(s).)  
231—Retirement of all or part of the bonds. (Also, provide the  
date and amount redeemed/retired.)  
232—Correction of mistake in most recently filed debt service  
212—Math error on prior return(s). (Also, list applicable  
interest payment date(s).)  
schedule.  
213—Claimed interest on prior return(s) on bonds previously  
redeemed. (Also, list applicable interest payment date(s).)  
6
233—Closing Agreement with IRS. (Also, provide the date of  
Line 24b. If you checked “No” on line 24a, enter the three-digit  
code number concerning the circumstances surrounding the  
nonpayment or expected nonpayment. If a three-digit  
explanation code is not entered, the credit payment could be  
delayed or normal processing could otherwise be affected.  
Provide any applicable dates in MM/DD/YYYY format and the  
applicable amounts where requested and provide an explanation  
if “249—Other” applies.  
agreement.)  
234—Legal defeasance of bonds. (Also, provide the date and  
amount legally defeased.)  
235—Remedial action under Rev. Proc. 2018-26. (Also,  
provide the date of nonqualified use and amount of nonqualified  
bonds.)  
239—Other. Use this three-digit code if codes 231–235 do not  
apply or if more than one three-digit code is applicable. (Also,  
provide an explanation including relevant dates and principal  
amounts.)  
241—Insolvent, no receivership or bankruptcy proceedings.  
242—Insolvency, receivership or bankruptcy proceedings in  
progress.  
Note. Codes 236–238 are reserved and should not be used.  
243—Insolvency, receivership or bankruptcy proceedings  
For electronic filing, the dates and amounts to be provided,  
and the explanation for “239—Other” are entered electronically.  
For paper filing, attach to the return the requested information  
and label it “Line 23b Information.Also include the issuer name,  
EIN, interest payment date, and report number on the paper  
attachment.  
discharged debt. (Also, provide the date, the amount  
discharged, and any change in interest rates.)  
244—Insufficient payment sources due to sequestration—no  
receivership proceedings.  
245—Insufficient payment resources for reasons other than  
sequestration—no receivership proceedings.  
249—Other. (Also, provide an explanation.)  
Requirements for revised debt service schedule. The debt  
service schedule must contain the information described below  
for the bonds.  
Note. Codes 246–248 are reserved and should not be used.  
For electronic filing, any dates, amounts or explanation for  
“Other” is entered electronically. For paper filing, attach to the  
return the requested information and label it “Line 24b  
Information.Also include the issuer name, EIN, interest payment  
date, and report number on the paper attachment.  
1. Name of issuer.  
2. EIN of issuer.  
3. Report number (see instructions for line 10).  
4. Name of issue.  
5. Date of issue.  
Line 25. Check “Yes” or “No.If a box is not checked, credit  
payments may be delayed.  
Check “Yes” if the requested payment is for the final interest  
payment date for the bonds. The final payment of interest for the  
bonds is the last payment of interest prior to, or in conjunction  
with, the final maturity, redemption, or significant modification of  
the bond issue.  
Check “No” if future Forms 8038-CP are expected to be filed  
with respect to future interest payment dates on the bonds  
(same bond issue, same type of bond, and same interest rate  
structure (fixed rate or variable rate)).  
6. CUSIP number (see instructions for line 14).  
7. Issue price (see instructions for line 17b).  
8. For fixed rate bonds, a revised debt service schedule  
through final maturity that provides a list of each interest  
payment date, the total interest payable on such date, the total  
principal amount of qualified bonds expected to be outstanding  
on such date, the interest rate(s), the refundable credit payment  
expected to be requested from the IRS as allowed under former  
section 6431(f) on such date, and the earliest date that the  
qualified bonds can be called.  
9. For variable rate bonds, a revised debt service schedule  
through final maturity that provides a list of each interest  
payment date, the total principal amount of qualified bonds  
expected to be outstanding on such date, and a description of  
how interest on the qualified bonds is figured. However, if the  
issuer knows the interest amount for a certain period, for that  
period the issuer should provide the refundable credit payment  
expected to be requested from the IRS as allowed under former  
section 6431(f).  
Reminder: Each type of bond requires a distinct report  
number and each interest rate structure requires a distinct report  
number. See the instructions for line 10, earlier.  
Line 26. Complete lines 26a through 26c if you want the amount  
shown on line 22 directly deposited into a checking or savings  
account. Otherwise, we will send a check to the entity listed in  
Part I.  
The IRS is not responsible for a lost credit payment if  
you enter the wrong account information. Check with  
!
CAUTION  
your financial institution to get the correct ACH routing  
10. The revised debt service schedule described in (8) or (9)  
above must be provided as a separate document labeled  
“Revised Debt Service Schedule.” For electronic filing, the  
revised debt service schedule must be a separate PDF  
document submitted with the return. For paper filing, attach it to  
the return.  
and account numbers and to make sure your direct deposit will  
be accepted. Other wire instructions or routing or account  
numbers other than ACH routing or account numbers are not  
acceptable substitutes for ACH routing and account numbers on  
Form 8038-CP.  
If the amount of the direct deposit to the designated account is  
different from the amount you expected, you will receive an  
explanation in the mail about 2 weeks after your credit payment  
is deposited.  
Line 24a. Check “Yes” if, as of the filing of this form, you paid or  
reasonably expect to pay all of the interest to bondholders  
reported on line 19a on or before the interest payment date  
reported on line 18. If you paid or reasonably expect to pay all of  
the interest on the next business day because the interest  
payment date falls on a weekend or holiday, you should check  
Yes.”  
Check “No” if, as of the filing of this form, you did not pay or  
do not reasonably expect to pay all of the interest to bondholders  
reported on line 19a on or before the date reported on line 18,  
representing the interest payment date to which this payment of  
credit relates.  
Line 26a. The ACH routing number must be nine digits. The first  
two digits must be 01 through 12 or 21 through 32. Otherwise,  
the direct deposit will be rejected and a check will be sent  
instead. If the entity listed in Part I is not the issuer (such as a  
trustee bank), ask that entity for the correct routing number. (See  
Where the Requested Payment Will Be Sent, earlier.)  
Line 26b. Check the appropriate box for the type of account. Do  
not check more than one box. If unknown, leave blank.  
7
Make sure to attach a revised debt service schedule when  
Line 26c. The ACH account number can be up to 17 characters  
(both numbers and letters). Include hyphens but omit spaces  
and special symbols. Enter the number from left to right and  
leave any unused boxes blank.  
you checked “Yes” on line 23a.  
Phone help.  
For questions regarding this form, please call the Tax-Exempt  
Bonds Customer Service at 877-829-5500.  
Signature and Consent  
Instructions for Schedule A  
An officer of the issuer with authority to bind the issuer must sign  
Form 8038-CP and any applicable certification. If the entity listed  
in Part I is not the issuer, the authority of the person signing this  
return must include the authority to bind the issuer, the authority  
to request that the IRS send the refundable credit payment to the  
entity identified in Part I, and the authority to consent to the  
disclosure of return information necessary to process the  
refundable credit payment to the designated contact person(s)  
listed in Parts I and II on Form 8038-CP, as applicable. Also print  
the name and title of the person signing Form 8038-CP.  
When Is Schedule A Required?  
Schedule A is used to compute the amount of the refundable  
credit payment allowed under former section 6431(f) and must  
be completed for all specified tax credit bonds (NCREBs,  
QECBs, QZABs, and QSCBs). Computation of the credit  
payment is done on a bond-by-bond basis (usually, this means a  
separate computation for each maturity in a bond issue, but  
bonds with the same maturity but different terms such as interest  
rate are also considered separate bonds). Schedule A  
eliminates the need for issuers of NCREBs and QECBs to file  
separate Forms 8038-CP for each maturity of bonds on each  
interest payment date.  
Note. If the issuer designates on line 5 of Part I or line 15 of Part  
II a person other than an officer of the issuer as a contact person  
for the IRS to call for more information, by signing this return the  
issuer's authorized representative consents to the disclosure of  
the issuer's return information to such person, as necessary to  
process the refundable credit payment.  
For NCREBs and QECBs, the amount of the refundable credit  
payment is the lesser of 100% of the amount of interest payable  
under the bond on such interest payment date or 70% (0.70) of  
the amount of interest which would have been payable under  
such bond on such date if such interest were determined at the  
applicable credit rate determined under section 54A(b)(3).  
Paid Preparer  
For QZABs and QSCBs, the amount of the refundable credit  
payment is the lesser of 100% of the amount of interest payable  
under the bond on such interest payment date or 100% of the  
amount of interest which would have been payable under such  
bond on such date if such interest were determined at the  
applicable tax credit bond rate determined under section 54A(b)  
(3).  
If an authorized officer of the issuer filled in this return, the paid  
preparer block should remain blank. Anyone who prepares the  
return but does not charge the issuer should not sign the return.  
Certain others who prepare the return should not sign. For  
example, a regular, full-time employee of the organization, such  
as a clerk, secretary, etc., should not sign.  
Specific Instructions  
Generally, anyone who is paid to prepare a return must sign it  
and fill in the other blanks in the Paid Preparer Use Only area of  
the return. A paid preparer can’t use a social security number in  
the preparer tax identification number (PTIN) box. The paid  
preparer must use a PTIN. If the paid preparer is self-employed,  
the preparer should enter his or her address in the box.  
Enter the following from Form 8038-CP.  
Issuer name—From Part II, line 7.  
EIN—From Part II, line 8.  
Report number—From Part II, line 10.  
Interest payment date (MM/DD/YYYY)—From Part III, line 18.  
The Schedule A table is used to compute the amount of the  
The paid preparer must:  
permitted credit for an interest payment date. Complete the table  
as follows for the interest payment date entered on Part III,  
line 18, of Form 8038-CP to compute the sum to be entered on  
line 1.  
Sign the return in the space provided for the preparer's  
signature, and  
Give a copy of the return to the issuer.  
General Information  
If you use page 2 to list maturities, complete line 4 on  
page 2 before completing lines 2 and 3.  
!
How to get faster payments.  
CAUTION  
File early.  
1. Column (a): List the maturity date (MM/DD/YYYY) for  
each separate maturity of the bonds. (A maturity is comprised of  
bonds of the same type, principal maturity date, and interest  
rate.)  
1. The IRS accepts Form 8038-CP 45 days before the return  
due date (but no more than 90 days before the interest payment  
date for fixed rate bonds).  
2. Filing electronic or paper returns on the due date doesn’t  
permit sufficient time to make a timely payment if there are  
mistakes on the return or correspondence is needed to verify  
information.  
Note. If there are insufficient lines on page 1 of Schedule A for  
all the maturities, list the remaining maturities on page 2 of  
Schedule A.  
2. Column (b): Enter the amount of interest payable on the  
bonds maturing on the date listed in column (a) on the interest  
payment date entered on Part III, line 18, of Form 8038-CP.  
3. Column (c): Enter the amount of interest that would be  
payable on the bonds maturing on the date listed in column (a)  
on the interest payment date entered on Part III, line 18, of Form  
8038-CP if calculated using the applicable credit rate (Form  
8038-CP, Part III, line 19b).  
File an electronic return.  
Make sure the correct version of a paper return is used  
(January 2022).  
Ensure that contact persons listed on lines 5 and 15 are  
familiar with the information on the return and can answer  
questions from the IRS.  
Use direct deposit (line 26).  
Make sure to enter a valid report number on line 10. See  
instructions for line 10.  
4. Column (d): For NCREBs and QECBs, enter 70% of the  
Avoid common mistakes.  
amount of interest that would be payable on the bonds maturing  
8
on the date listed in column (a) on the interest payment date  
entered on Part III, line 18, of Form 8038-CP if calculated using  
the applicable credit rate (Form 8038-CP, Part III, line 19b). Do  
this by multiplying the column (c) amount by 0.70.  
QSCBs. With respect to each bond in the bond issue, issuers of  
QZABs and QSCBs filing Form 8038-CP request the lesser of:  
1. The amount of interest payable on the interest payment  
date, or  
2. The amount of interest that would be payable on the  
interest payment date if calculated using the applicable credit  
rate.  
Note. For QZABs and QSCBs, skip column (d).  
5. Column (e): For NCREBs and QECBs, enter the smaller  
of the amount in column (b) and the amount in column (d). For  
QZABs and QSCBs, enter the smaller of the amount in column  
(b) and the amount in column (c).  
Example for QZABs and QSCBs. On November 9, 2010,  
Issuer D sold $30,000,000 of fixed rate QSCBs, and elected to  
receive a refundable credit under former section 6431. The  
interest on the QSCBs is payable semiannually on January 15  
and July 15 of each year. The interest rate on $10,000,000 of  
QSCBs maturing on January 15, 2025, is 5.25%. The interest  
rate on $10,000,000 of QSCBs maturing on January 15, 2026, is  
5.30%. The interest rate on $10,000,000 of QSCBs maturing on  
January 15, 2027, is 5.35%. The applicable credit rate for  
qualified tax credit bonds sold on November 9, 2010, is 5.30%.  
The amount of interest payable on the QSCBs on January 15,  
2024, and the amount of interest that would be payable on the  
QSCBs on that date using the applicable credit rate is shown in  
the following tables.  
Line 1. Total the amounts in column (e) on page 1 of  
Schedule A and enter the total.  
Line 2. Enter the amount from page 2 of Schedule A, line 4 (if  
any). See the line 4 instructions below.  
Line 3. Add amounts from line 1 and line 2. Enter on Form  
8038-CP, line 19c.  
Line 4. If you use page 2, complete line 4 on page 2 before  
completing lines 1, 2, and 3 of Schedule A. Add amounts in  
column (e) on page 2 of Schedule A (if any). Enter on page 1 of  
Schedule A, line 2.  
Completion of Schedule A for QZABs and QSCBs.  
Schedule A is completed the same way for both QZABs and  
Interest Payable on the QSCBs on January 15, 2024  
Bond Maturity Date  
Amount of QSCBs Outstanding  
Bond Interest Rate  
Semiannual Interest Payable on  
January 15, 2024, at the Bond  
Interest Rate  
01/15/2025  
01/15/2026  
01/15/2027  
$10,000,000  
5.25%  
$262,500.00  
$265,000.00  
$267,500.00  
$10,000,000  
$10,000,000  
5.30%  
5.35%  
Interest That Would Be Payable on the QSCBs Using the Applicable Credit Rate  
Bond Maturity Date  
Amount of QSCBs Outstanding  
Applicable Credit Rate  
Semiannual Interest Using the  
Applicable Credit Rate  
01/15/2025  
01/15/2026  
01/15/2027  
$10,000,000  
$10,000,000  
$10,000,000  
5.30%  
5.30%  
5.30%  
$265,000.00  
$265,000.00  
$265,000.00  
For the January 15, 2024, interest payment date for the QSCBs, Issuer D completes Schedule A as follows.  
(a)  
(b)  
(c)  
(d)  
(e)  
Bond Maturity Date  
Interest payable on  
line 18 (Form 8038-CP,  
Part III) interest  
Interest that would be payable  
on bond maturity on line 18  
(Form 8038-CP, Part III) interest  
payment date calculated using  
the line 19b (Form 8038-CP, Part  
III) applicable credit rate  
For NCREBs and QECBs,  
multiply column (c) by 70%  
(0.70) (skip this column for  
QZABs and QSCBs).  
For NCREBs and QECBs, enter  
the smaller of column (b) or  
(d). For QZABs and QSCBs,  
enter the smaller of column (b)  
or (c).  
payment date  
01/15/2025  
01/15/2026  
01/15/2027  
$262,500.00  
$265,000.00  
$267,500.00  
$265,000.00  
$265,000.00  
$265,000.00  
$262,500.00  
$265,000.00  
$265,000.00  
2. 70% of the amount of interest that would be payable on  
the interest payment date using the applicable credit rate.  
Completion of Schedule A for NCREBs and QECBs.  
Schedule A is completed the same way for both NCREBs and  
QECBs. With respect to each bond in the issue, issuers of  
NCREBs and QECBs filing Form 8038-CP request the lesser of:  
Example for NCREBs and QECBs. On November 9, 2010,  
Issuer E sold $30,000,000 of fixed rate QECBs, and elected to  
receive a refundable credit under former section 6431. The  
interest on the QECBs is payable semiannually on January 15  
and July 15 of each year. The interest rate on $10,000,000 of  
1. The amount of interest payable on the interest payment  
date, or  
9
QECBs maturing on January 15, 2025, is 5.25%. The interest  
rate on $10,000,000 of QECBs maturing on January 15, 2026, is  
5.30%. The interest rate on $10,000,000 of QECBs maturing on  
January 15, 2027, is 5.35%. The applicable credit rate for  
qualified tax credit bonds sold on November 9, 2010, is 5.30%.  
The amount of interest payable on the QECBs on July 15, 2024,  
and the amount of interest that would be payable on the QECBs  
on that date using the applicable credit rate is shown in the  
following tables.  
Interest Payable on the QECBs on July 15, 2024  
Bond Maturity Date  
Amount of QECBs Outstanding  
Bond Interest Rate  
Semiannual Interest Payable on  
July 15, 2024, at the Bond Interest  
Rate  
01/15/2025  
01/15/2026  
01/15/2027  
$10,000,000  
5.25%  
$262,500.00  
$265,000.00  
$267,500.00  
$10,000,000  
$10,000,000  
5.30%  
5.35%  
Interest That Would Be Payable on the QECBs Using the Applicable Credit Rate  
Bond Maturity Date  
Amount of QECBs Outstanding  
Applicable Credit Rate  
Semiannual Interest Using the  
Applicable Credit Rate  
01/15/2025  
01/15/2026  
01/15/2027  
$10,000,000  
$10,000,000  
$10,000,000  
5.30%  
5.30%  
5.30%  
$265,000.00  
$265,000.00  
$265,000.00  
For the July 15, 2024, interest payment date for the QECBs, Issuer E completes Schedule A as follows.  
(a)  
(b)  
(c)  
(d)  
(e)  
Bond Maturity Date  
Interest payable on  
line 18 (Form 8038-CP,  
Part III) interest  
Interest that would be payable on  
bond maturity on line 18 (Form  
8038-CP, Part III) interest  
payment date calculated using  
the line 19b (Form 8038-CP, Part  
III) applicable credit rate  
For NCREBs and QECBs,  
multiply column (c) by 70%  
(0.70) (skip this column for  
QZABs and QSCBs).  
For NCREBs and QECBs,  
enter the smaller of column  
(b) or (d). For QZABs and  
QSCBs, enter the smaller of  
column (b) or (c).  
payment date  
01/15/2025  
01/15/2026  
01/15/2027  
$262,500.00  
$265,000.00  
$267,500.00  
$265,000.00  
$265,000.00  
$265,000.00  
$185,500.00  
$185,500.00  
$185,500.00  
$185,500.00  
$185,500.00  
$185,500.00  
Comments and suggestions. We welcome your comments  
concerning the accuracy of these time estimates or suggestions  
for making this form simpler.  
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information are confidential, as required by section 6103.  
The time needed to complete and file this form will vary  
depending on individual circumstances. The estimated burden  
for tax-exempt organizations filing this form is approved under  
OMB control number 1545-0047 and is included in the estimates  
shown in the instructions for their information return.  
Do not send Form 8038-CP to this address. Instead, see  
Where To File, earlier.  
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