8038-CP

Return for Credit Payments to Issuers of Qualified Bonds

Agency
IRS
Revision
Rev. January 2022
Fillable fields
59
Pages
1
Official source
IRS form page
Checked
October 21, 2026
Fill 8038-CP online
Page 1 of form 8038-CP

Form 8038-CP: Return for Credit Payments to Issuers of Qualified Bonds

Form 8038-CP is the return bond issuers file to request a direct payment from the federal government. The IRS says issuers of build America bonds, recovery zone economic development bonds and specified tax credit bonds submit it to request a payment equal to a percentage of the interest payments on these bonds.

The instructions say only issuers of build America bonds and recovery zone economic development bonds issued before January 1, 2011, and specified tax credit bonds issued before January 1, 2018, that elected to receive a refundable credit under former section 6431 may file it. Each payment request relates to one interest payment date on a single bond issue, and each type of bond is reported on a separate Form 8038-CP. Specified tax credit bonds also need Schedule A (Form 8038-CP).

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What's on Form 8038-CP

Part I: entity to receive payment

Lines 1 to 6: name, EIN and address of the entity that is to receive the credit, and a contact person and telephone number. A box marks an amended return.

Part II: reporting authority

Lines 7 to 17: the issuer's name, EIN and address, report number, date of issue, name of issue, CUSIP number, contact person, rate type, issue price and bond type code.

Part III, lines 18 to 20

The interest payment date, the interest payable to bondholders, and the credit allowed. Line 20a multiplies line 19a by 35% for build America bonds and line 20b by 45% for recovery zone bonds.

Part III, lines 21 to 25

Adjustments to previous payments, the credit payment requested on line 22, and Yes or No questions on the debt service schedule, interest paid and the final interest payment date.

Line 26: direct deposit

Routing number, account type and account number if the payment is to be deposited directly.

Signature and Consent

The issuer's signature, date and printed name and title, followed by the Paid Preparer Use Only area.

How to fill out Form 8038-CP

  1. 1

    Part I

    Enter the name and EIN of the entity that is to receive the payment. The instructions say they should match Form 8038-B or Form 8038-TC, Part I, when the issuer is that entity.

  2. 2

    Part II, lines 7 to 14

    Enter SAME on line 7 if the issuer is the line 1 entity. On line 10 enter the report number the issuer assigned, in the range 401 to 450, and on line 14 the nine-character CUSIP number or None.

  3. 3

    Lines 17a to 17c

    Check one rate box, enter the issue price from Form 8038-B or Form 8038-TC, and enter the bond type code, for example 109 for build America bonds or 110 for recovery zone bonds.

  4. 4

    Lines 18 to 22

    Enter the interest payment date and interest payable, complete only one of lines 20a to 20f, use line 21a or 21b to correct prior payments, and combine them on line 22. The instructions say to enter cents.

  5. 5

    Lines 23 to 25

    Answer the Yes or No questions. A Yes on line 23a or a No on line 24a needs an explanation code, and line 23b also needs a revised debt service schedule.

  6. 6

    Direct deposit and signature

    Complete line 26 for direct deposit, or leave it blank for a check to the Part I entity. An officer with authority to bind the issuer signs and prints a name and title.

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When and where to file, and the payment

Fixed rate bonds

The instructions say to file no later than 45 days before the relevant interest payment date and not earlier than 90 days before it.

Variable rate bonds

When the interest amount is not known 45 days ahead, the instructions say to aggregate payments quarterly and file in arrears no later than 45 days after the last interest payment date in the quarter.

Electronic filing

The instructions say a filer required to file at least 10 returns of any type during the calendar year files Form 8038-CP electronically starting in 2024. Others may file electronically voluntarily.

Paper returns

Paper returns go to Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0050, as the instructions list.

Where the payment goes

The line 22 payment is sent by check to the Part I entity, or deposited to the account on lines 26a and 26c. The instructions say an offset against other taxes or obligations can reduce it.

Correct version

The instructions say to use the January 2022 version of Form 8038-CP and the December 2022 version of Schedule A.

Related forms

Who files Form 8038-CP?

  • Issuers of build America bonds

    Issuers of build America bonds (Direct Pay) issued before January 1, 2011, that elected a refundable credit under former section 6431.

  • Recovery zone economic development bonds

    Issuers of recovery zone economic development bonds issued before January 1, 2011, with the same election.

  • Specified tax credit bonds

    Issuers of new clean renewable energy bonds, qualified energy conservation bonds, qualified zone academy bonds and qualified school construction bonds issued before January 1, 2018, that made the election.

  • Entities receiving payment for an issuer

    An issuer can name another entity, such as a trustee bank, to receive the payment in Part I. Part II then identifies the issuer.

  • Paid preparers

    Someone paid to prepare the return signs the Paid Preparer Use Only area with a PTIN and gives the issuer a copy.

The issuer of the bonds files it, and an officer of the issuer with authority to bind the issuer signs it. It is not a form for individual bondholders.

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Questions about Form 8038-CP

What is Form 8038-CP used for?

The IRS says issuers of build America bonds, recovery zone economic development bonds and specified tax credit bonds submit it to request a direct payment equal to a percentage of the interest payments on these bonds.

Can any bond issuer file it?

The instructions say only issuers of build America bonds and recovery zone bonds issued before January 1, 2011, and specified tax credit bonds issued before January 1, 2018, that elected a refundable credit under former section 6431 may file it.

When is Schedule A needed?

The instructions say Schedule A is submitted for all new clean renewable energy bonds, qualified energy conservation bonds, qualified zone academy bonds and qualified school construction bonds. Line 19c takes the amount from Schedule A, line 3.

Can one Form 8038-CP cover several bond types?

No. The instructions say each type of bond, and fixed rate and variable rate bonds of the same issue, are reported on separate Forms 8038-CP with separate report numbers.

What is the report number on line 10?

The instructions say issuers assign a permanent three-digit report number in the range 401 to 450 to each separately reported bond and keep using it on every future Form 8038-CP for those bonds.

When is an amended return filed?

The instructions say an amended return can only be filed to correct errors in Part III on a previously filed final return. Other corrections use line 21a or 21b on a later return.