Form 8330 (Rev. 10-2012)
Page 2
General Instructions
Section references are to the Internal Revenue Code
unless otherwise noted.
Section 25 permits issuers that have authority to
issue qualified mortgage bonds (as defined in
section 143) to elect to issue MCCs in lieu of
qualified mortgage bonds. See Temporary
Regulations section 1.25-4T(c)(2) for more details.
Future Developments
For the latest information about developments
related to Form 8330 and its instructions, such as
legislation enacted after they were published, go to
www.irs.gov/form8330.
Purpose of Form
Form 8330 is used by issuers (states and political
subdivisions) of MCCs to provide the IRS with
information required by section 25 and Temporary
Regulations section 1.25-8T(b).
Who Must File
Each issuer that elected to issue MCCs must file
Form 8330 for each qualified mortgage credit
certificate program.
When To File
File Form 8330 on a quarterly basis beginning with
the quarter in which the election was made.
The return for each MCC program is due as
follows:
For the quarter Form 8330
ending: is due by:
March 31 . . . . . . . . . April 30
June 30 . . . . . . . . . July 31
September 30 . . . . . . . October 31
December 31 . . . . . . . January 31
The IRS may grant an extension of time to file
Form 8330 if there is reasonable cause for not filing
on time.
Last Form 8330 for a program. In the quarter in
which the last qualified MCC that may be issued
under a program is in fact issued, the issuer should
check the box marked “Yes” in Part I relating to a
final return for this MCC program. Thereafter, the
issuer is not required to file any subsequent reports
with respect to that MCC program. See Qualified
mortgage credit certificate program in the definitions
below.
Reissued MCCs. Do not report a reissued MCC on
Form 8330. A reissued MCC is considered to be a
continuation of the original MCC. It is reported by
the lender of the replacement loan on Form 8329,
Lender’s Information Return for Mortgage Credit
Certificates (MCCs).
Aggregate number of Forms 8330 filed per
program. Certificates under an MCC program may
be issued for indebtedness that is incurred up to the
close of the 2nd calendar year following the calendar
year for which the issuing authority made the
election to issue MCCs in lieu of qualified mortgage
bonds. Thus, there may be as many as 12
consecutive quarterly reports to be filed by the
issuer for a particular MCC program. See section
25(e)(3)(B).
Multiple Forms 8330 filed for a quarter. More than
one Form 8330 may be filed for a particular quarter
for an issuer if the issuer had more than one MCC
program in operation during a calendar quarter. This
may occur where more than one election was made
during a calendar year, or where certificates still
remain to be issued under one MCC program, after
an election has been made creating another
program.
Where To File
File Form 8330 with the Department of the Treasury,
Internal Revenue Service Center, Ogden, UT 84201.
Penalty
Any person who is required to file Form 8330 and
who does not file that return by the due date or does
not include all the MCCs issued on a timely filed
return is subject to a penalty. The penalty is $200 for
each MCC required to be reported on Form 8330.
The maximum penalty is $2,000.
Definitions
Mortgage credit certificate. A mortgage credit
certificate is a certificate issued under a “qualified
mortgage credit certificate program” by the state or
political subdivision having the authority to issue
qualified mortgage bonds to provide financing for
the acquisition, qualified rehabilitation, or qualified
home improvement of a taxpayer’s principal
residence. For more information, see section 25(c)(1).
Qualified mortgage credit certificate program. A
qualified mortgage credit certificate program is a
program established for any calendar year by a
state or political subdivision that is authorized to
issue qualified mortgage bonds under section 143
(and for which there has been an appropriate
allocation of state volume cap for that calendar year
under section 146), but elected instead to issue
mortgage credit certificates. (See section 25(c)(2) for
additional requirements.)
Aggregate amount. The aggregate amount (the
certified indebtedness times the certificate credit
rate for each MCC, totaled for all mortgage credit
certificates issued under a single MCC program),
may not exceed 25% of the nonissued bond amount
for which the election not to issue bonds was made.
See section 25(d)(2).
Certified indebtedness amount. The certified
indebtedness amount is the amount of indebtedness
specified in the MCC and incurred by a taxpayer:
a. To acquire his or her principal residence,
b. To make qualified home improvements on that
residence, or
c. To make a qualified rehabilitation of that
residence.
Certificate credit rate. The certificate credit rate is
the rate specified by the issuer on the MCC.
However, the rate cannot be less than 10% nor
more than 50%. For other limitations, see
Temporary Regulations section 1.25-2T(b).
Specific Instructions
Part I. Reporting Authority
Election date. Enter the date the issuer elected to
issue MCCs in lieu of qualified mortgage bonds.
Nonissued bond amount. Enter the total amount of
qualified mortgage bonds (as defined in section
143(a)(1), and the related regulations) that the issuer
has authority to issue but elected instead to convert
into authority to issue MCCs. The amount of
qualified mortgage bonds that an issuer elected not
to issue may not exceed the issuer’s applicable limit
(as determined under section 146(d)).
Part II. Computation of the Total
Amount of Mortgage Credit
Certificates
List only the MCCs issued under the program
elected for the nonissued bond amount shown in
Part I. File a separate Form 8330 for each separate
program that is still open.
Column (a). Enter the certified indebtedness
amount for each MCC issued under the qualified
MCC program.
Column (b). Enter the certificate credit rate
associated with each MCC entered in column (a).
Column (c). For each certificate amount listed in
column (a), multiply by the certificate credit rate
associated with that certificate (column (b)) and
enter the result in column (c).
If additional space is needed, attach a separate
statement in the same format as lines 1 through 6 of
Part II of this Form 8330. Include the total amount of
the MCCs listed on the separate statements only on
line 7 of the Form 8330. You may use an unsigned
copy of a Form 8330 as the separate statement.
Line 8. Include the total amount of MCCs issued for
all prior quarters under the MCC program elected for
the nonissued bond amount shown in Part I, whether
or not issued during the current calendar year.
Line 9. Enter the aggregate, as of the end of the
quarter, of amounts for all certificates issued for the
MCC program elected for the nonissued bond
amount shown in Part I.
Line 10. If the amount on line 9 exceeds 25% of the
nonissued bond amount shown in Part I, see section
25(f) and Temporary Regulations section 1.25-5T(d)
for the appropriate calculation to reduce the
following year’s bond volume cap under section
146(d).
Part III. Revocation of Qualified
Mortgage Credit Certificates
Identify each holder of a qualified MCC that was
revoked during the calendar quarter. For more
information, see Temporary Regulations section
1.25-3T(m).
Signature
Form 8330 must be signed by an authorized
representative of the issuer.
Paid Preparer Use Only
Anyone who prepares the return but does not
charge the organization should not sign the return.
Certain others who prepare the return should not
sign. For example, a regular, full-time employee of
the issuer, such as a clerk, secretary, etc., should
not sign.
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
cannot use a social security number in the paid Paid
Preparer Use Only box. The paid preparer must use
a preparer tax identification number (PTIN). If the
paid preparer is self-employed, the preparer should
enter his or her address in the box. The paid
preparer must:
• Sign the return in the space provided for the
preparer’s signature,
• Enter the preparer information, and
• Give a copy of the return to the issuer.
Paperwork Reduction Act Notice. We ask for the
information on this form to carry out the Internal
Revenue laws of the United States. You are required
to give us the information. We need it to ensure that
you are complying with these laws.
You are not required to provide the information
requested on a form that is subject to the Paperwork
Reduction Act unless the form displays a valid OMB
control number. Books or records relating to a form
or its instructions must be retained as long as their
contents may become material in the administration
of any Internal Revenue law. Generally, tax returns
and return 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 average time is:
Recordkeeping . . . . . . 4 hr., 32 min.
Learning about the law
or the form . . . . . . . 1 hr., 23 min.
Preparing and sending
the form to the IRS . . . . . 1 hr., 31 min.
If you have comments concerning the accuracy of
these time estimates or suggestions for making this
form simpler, we would be happy to hear from you.
You can write to the Internal Revenue Service, Tax
Products Coordinating Committee,
SE:W:CAR:MP:T:M:S, 1111 Constitution Ave. NW,
IR-6526, Washington, DC 20224. Do not send the
tax form to this address. Instead, see Where To File
on this page.
