The information collected will be used by the IRS to determine whether farmers are entitled to claim additional first year depreciation for certain plants and whether taxpayers are properly depreciating qualified Indian reservation property. Respondents to this collection of information are farmers of plants bearing fruits and nuts and taxpayers purchasing buildings and equipment for their businesses within Indian reservations.
We are requesting emergency review of this submission and seek OMB approval by January 31, 2017. The new sections 168(k)(5) and 168(j)(8) of the Code are part of the Protecting Americans from Tax Hikes Act of 2015 (the âPATH Actâ), enacted on December 18, 2015. Because Congress introduced bills making technical corrections to both new sections, we could not issue guidance until it became clear on December 9, 2016, that such bills would not be acted upon by this Congress.
US Code:
26 USC 168(k)(5)
Name of Law: Special rules for certain plants bearing fruits and nuts
US Code:
26 USC 168(j)(8)
Name of Law: Election out.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
1545-xxxx Rev Proc-2017-XX-SS.docx
Revenue Procedure 2017-XX, Sections 168(k)(5) and (j)(8) Election Procedures.