8038-GC

Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales

Agency
IRS
Revision
Rev. October 2021
Fillable fields
35
Pages
3
Official source
IRS form page
Checked
October 21, 2026
Fill 8038-GC online
Page 1 of form 8038-GC

Form 8038-GC: Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales

Form 8038-GC is the Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales, filed under Internal Revenue Code section 149(e). The instructions say issuers of tax-exempt governmental obligations use it to give the IRS the information required by section 149(e) and to monitor the requirements of sections 141 through 150.

The form says issuers of tax-exempt governmental obligations with issue prices of less than $100,000 file Form 8038-GC, and an issue price of $100,000 or more goes on Form 8038-G. An issuer can file one form per issue or one consolidated return for all small issues in a calendar year. Line 9 breaks the amount into leases and bank loans for vehicles, office equipment, real property and other items.

The filer is the issuer, which for a lease or installment sale is the lessee or purchaser. The instructions are printed on the form itself. This page hosts the October 2021 revision. You can fill out the PDF free in your browser on this page and download it without an account.

What's on Form 8038-GC

Part I: Reporting Authority

Lines 1 to 7: issuer's name and EIN, address, the officer, employee or designated contact the IRS may call, and a telephone number. Line 5 is for IRS use only.

Single issue or consolidated return

A check box at the top of Part II says whether the form covers one issue or is a consolidated return for the calendar year.

Lines 8a and 8b

The issue price of the obligations, and the issue date for a single issue or the calendar date for a consolidated return.

Line 9: what the amount covers

Leases and bank loans for vehicles, office equipment, real property and other items, amounts used to refund prior issues, loans from another tax-exempt obligation such as a bond bank, and other.

Lines 10 to 13

Boxes for the small issuer exception and the election to pay a penalty in lieu of arbitrage rebate, then the vendor's or bank's name and employer identification number.

Signature and Consent

The issuer's authorized representative signs and consents to disclosure of return information to any contact named on the form. A paid preparer area follows.

How to fill out Form 8038-GC

  1. 1

    Part I

    Enter the name of the entity issuing the obligations and its EIN. On lines 3 and 4 enter the issuer's address or that of the contact on line 6; the IRS uses it for all written communications about the return. Leave line 5 empty.

  2. 2

    Choose the return type

    Check single issue or consolidated return. Line 8b takes the issue date for a single issue, or the first day of the calendar year for a consolidated return, in MM/DD/YYYY format.

  3. 3

    Line 8a

    Enter the issue price. The instructions say that when issued for cash it is generally the price at which a substantial amount of the obligations are sold to the public.

  4. 4

    Lines 9a to 9k

    Lines 9a to 9d are for leases or installment purchases where property other than cash is exchanged, and 9e to 9h for bank loans. Lines 9d and 9h name the type of item or loan. Line 9k holds any amount not on lines 9a to 9j.

  5. 5

    Lines 10 and 11

    Check line 10 if any issue is designated under the small issuer exception, and line 11 if a construction issue made the irrevocable election to pay a penalty in lieu of arbitrage rebate. No penalty is paid with this form.

  6. 6

    Lines 12, 13 and signature

    Enter the vendor's or bank's name and EIN, attaching a schedule if there are several. The issuer's authorized representative signs and writes a name and title.

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Where it goes, deadlines and related forms

Where to file

The form says to file Form 8038-GC and any attachments with the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201.

Single issue deadline

On or before the 15th day of the 2nd calendar month after the close of the calendar quarter in which the issue is issued.

Consolidated return deadline

On or before February 15 of the calendar year following the year in which the issue is issued.

Late filing

Relief may be granted under section 3 of Rev. Proc. 2002-48 if the late filing is not due to willful neglect. Write the request at the top and attach a letter saying why the form was late. Bond, lease or installment sale documents are not submitted.

Change of address

If the address changes after the return is filed, the instructions point to Form 8822, Change of Address.

Arbitrage payments

Arbitrage rebate and any penalty in lieu of arbitrage rebate are paid with Form 8038-T, not with Form 8038-GC.

Related forms

Who files Form 8038-GC?

  • Issuers of small governmental obligations

    The entity issuing tax-exempt governmental obligations with issue prices of less than $100,000, not the entity receiving the benefit of the financing.

  • Governmental lessees and purchasers

    In a lease or installment sale, such as a police car or fire truck acquired through monthly payments, the instructions say the issuer is the lessee or purchaser.

  • Construction issues

    An issuer of a tax-exempt bond used to finance construction expenditures files a separate Form 8038-GC for each issue to give notice of an election to pay a penalty in lieu of arbitrage rebate.

  • Larger issues use Form 8038-G

    An issue price of $100,000 or more goes on Form 8038-G, and private activity bonds go on Form 8038, the instructions say.

  • Paid preparers

    A paid preparer signs the Paid Preparer Use Only area, uses a PTIN rather than a social security number, and gives a copy of the return to the issuer.

The form says issuers of tax-exempt governmental obligations with issue prices of less than $100,000 file it.

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Questions about Form 8038-GC

What is the dollar limit for Form 8038-GC?

The form says issuers of tax-exempt governmental obligations with issue prices of less than $100,000 file Form 8038-GC. An issue price of $100,000 or more goes on Form 8038-G.

Can several small issues go on one form?

Yes. The instructions say small issues not reported on a separate form go on one consolidated Form 8038-GC for the calendar year, due February 15 of the following year.

When is a separate form needed?

The instructions say a construction issue needs its own Form 8038-GC to give the IRS notice of the election to pay a penalty in lieu of arbitrage rebate.

Is a municipal lease reported here?

The instructions give acquiring a police car, a fire truck or telephone equipment through a series of monthly payments as an example of a municipal lease reported on lines 9a to 9d.

Where are the instructions for Form 8038-GC?

They are printed on the form itself, starting on page 1 and running through page 3.

Where is Form 8038-GC mailed?

The form gives Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201.