8038-B

Information Return for Build America Bonds and Recovery Zone Economic Development Bonds

Agency
IRS
Revision
January 2010
Fillable fields
92
Pages
2
Official source
IRS form page
Checked
October 21, 2026
Fill 8038-B online
Page 1 of form 8038-B

Form 8038-B: Build America Bonds and Recovery Zone Economic Development Bonds

Form 8038-B is the Information Return for Build America Bonds and Recovery Zone Economic Development Bonds, filed under Internal Revenue Code section 149(e). The instructions say that beginning February 2010 it was used by issuers of build America bonds (Tax Credit), build America bonds (Direct Pay) and recovery zone economic development bonds to give the IRS the information required by section 149(e).

The IRS About page calls Form 8038-B historical. It says the Tax Cuts and Jobs Act repealed the authority to issue tax-credit bonds and direct-pay bonds, and that the ability to issue bonds reported on Form 8038-B expired on January 1, 2011. The instructions say governmental issuers filed a separate Form 8038-B for each issue issued after February 2010 and before January 1, 2011.

The filer is the governmental issuer of the bonds, not a bondholder or an individual taxpayer. This page hosts the January 2010 edition of the form. You can fill out the PDF free in your browser on this page and download it without an account.

What's on Form 8038-B

Part I: Reporting Authority

Lines 1 to 11: issuer's name and EIN, an optional contact person other than the issuer, address, date of issue, name of issue, CUSIP number and the officer the IRS may call. Line 4 is for IRS use only.

Part II: Type of Bonds

Boxes for build America bonds (Tax Credit), build America bonds (Direct Payment) and recovery zone economic development bonds (Direct Payment), plus the first interest payment date and payment frequency on lines 2 and 3.

Part III: Purpose of Issue

The issue price by purpose: education, health and hospital, transportation, public safety, environment, housing, utilities or other for build America bonds, and four purposes for recovery zone bonds, totaled on line 3.

Parts IV to VI: obligations, proceeds, refunded bonds

Stated redemption price, final maturity date, weighted average maturity and yield; how the proceeds are used; and the maturity and call dates of any refunded bonds.

Part VII: Miscellaneous

Volume cap, guaranteed investment contracts, loans to other governmental units, master pool obligations, hedges, the penalty in lieu of arbitrage rebate election and written compliance procedures.

Signature and Part VIII consent

The issuer's authorized representative signs, a paid preparer signs if one was used, and Part VIII asks whether the issuer of tax credit bonds consents to the IRS publishing certain issue details.

How to fill out Form 8038-B

  1. 1

    Part I

    Enter the name of the entity issuing the bonds and its EIN. Line 3 names an individual other than an officer whom the IRS may contact; if one is named, lines 5 and 6 hold that person's address and line 10 stays blank. Leave line 4 empty.

  2. 2

    Lines 7 and 9

    The date of issue is generally the date the issuer exchanges the bonds for the underwriter's funds, in MM/DD/YYYY format. Line 9 takes the CUSIP number of the latest maturity, with a schedule of every CUSIP number, or None.

  3. 3

    Part II

    Check the box for the bond type. If box 1b or 1c is checked, complete lines 2 and 3. The instructions say Direct Pay and recovery zone issuers attach a debt service schedule for fixed rate or variable rate bonds.

  4. 4

    Part III

    Enter the portion of the issue price for each purpose, including a pro rata share of items such as issuance costs or a reserve. Lines 1a to 1h, or 2a to 2d, equal the total on line 3. Attach the schedule of organizations using the proceeds.

  5. 5

    Parts IV to VII

    Carry the weighted average maturity to two decimal places and the yield to four, without rounding; leave the yield blank for a variable rate issue. Write N/A beside Part V for a lease or installment sale. Part VI is only for refunding bonds.

  6. 6

    Sign

    The issuer's authorized representative signs and prints a name and title. For build America bonds (Tax Credit), answer Part VIII and sign there as an officer of the issuer.

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Where it goes, deadlines and attachments

Where to file

The instructions say to file Form 8038-B and any attachments with the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201.

When to file

On or before the 15th day of the 2nd calendar month after the close of the calendar quarter in which the bond was issued. The form may not be filed before the issue date.

Before Form 8038-CP

For Direct Pay and recovery zone bonds, the instructions say Form 8038-B is filed at least 30 days before the first Form 8038-CP that requests a credit payment for the issue.

Late filing

An issuer may be granted an extension under Rev. Proc. 2002-48. The instructions say to type or print Request for Relief under Section 3 of Rev. Proc. 2002-48 at the top of the form.

Attachments

Every attached schedule carries the issuer's name and EIN at the top. The instructions say missing schedules may delay processing.

Amended return

Check the Amended Return box, repeat all the original information with the corrections, and attach an explanation headed Amended Return Explanation.

Related forms

Who files Form 8038-B?

  • Governmental issuers

    Issuers of build America bonds and recovery zone economic development bonds issued after February 2010 and before January 1, 2011, with a separate Form 8038-B for each issue.

  • Lessees and purchasers

    For a lease or installment sale, the instructions say the issuer named on line 1 is the lessee or the purchaser, not the entity receiving the benefit of the financing.

  • One form per bond type

    Build America bonds (Tax Credit), build America bonds (Direct Pay) and recovery zone economic development bonds each go on a separate Form 8038-B, even when they are part of one issue.

  • Issues with tax-exempt bonds too

    If an issue has both tax-exempt bonds and build America bonds, the instructions say the tax-exempt portion goes on Form 8038-G and the build America bond portion on Form 8038-B.

  • Paid preparers

    Someone paid to prepare the return generally signs the Paid Preparer Use Only area and gives a copy to the issuer. A regular full-time employee of the issuer does not sign there.

The instructions say governmental issuers of build America bonds and recovery zone economic development bonds filed it, one form for each issue.

Official sources and the blank

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Questions about Form 8038-B

Can new bonds still be reported on Form 8038-B?

The IRS About page calls Form 8038-B historical. It says the ability to issue bonds reported on this form expired on January 1, 2011, and that the Tax Cuts and Jobs Act repealed the authority to issue tax-credit and direct-pay bonds.

Who files Form 8038-B?

The governmental issuer of the bonds, with a separate form for each issue. An authorized representative of the issuer signs it.

Is Form 8038-B used to request the credit payment?

No. The instructions say issuers that elect a direct payment under section 6431 request it on Form 8038-CP. Form 8038-B gives the IRS information about the issue.

What if an issue has both tax-exempt bonds and build America bonds?

The instructions say the tax-exempt portion is reported on Form 8038-G and the build America bond portion on Form 8038-B.

Is arbitrage rebate paid with this form?

No. The instructions point to Form 8038-T for rebating arbitrage or paying a penalty in lieu of arbitrage rebate, and say not to make any penalty payment with Form 8038-B.

Where is Form 8038-B mailed?

The instructions give Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201.