IRS Form 8038-G – Issuers of tax-exempt governmental bonds must file IRS Form 8038-G to report bond issuances and maintain compliance with federal tax rules. This form helps preserve the tax-exempt status of interest paid to bondholders under Internal Revenue Code (IRC) Section 103 while satisfying information reporting requirements under Section 149(e).
This comprehensive guide, based on official IRS sources (current as of the Rev. October 2021 form and instructions, with the About page last reviewed January 23, 2026), covers everything you need: who must file, deadlines, step-by-step completion instructions, key differences from related forms, and compliance tips. Use the latest official documents to ensure accuracy.
What Is IRS Form 8038-G?
Form 8038-G, titled Information Return for Tax-Exempt Governmental Bonds, is an information return filed by issuers of tax-exempt governmental obligations (commonly called governmental bonds or public purpose bonds).
It provides the IRS with essential details about the bond issue to:
- Fulfill IRC Section 149(e) reporting requirements.
- Enable IRS monitoring of compliance with IRC Sections 141–150 (private activity bond tests, arbitrage rules, rebate, etc.).
Key definition: A tax-exempt governmental bond is a tax-exempt bond (interest excluded from gross income under Section 103) that is not a private activity bond. Examples include bonds financing schools, roads, hospitals, public safety facilities, utilities, and environmental projects.
Caution: If the issue price is less than $100,000, use Form 8038-GC (Consolidated Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales) instead.
The current version is Form 8038-G (Rev. October 2021). Download it here: https://www.irs.gov/pub/irs-pdf/f8038g.pdf.
Instructions: https://www.irs.gov/pub/irs-pdf/i8038g.pdf.
Official About page: irs.gov/forms-pubs/about-form-8038-g.
Who Must File IRS Form 8038-G?
Issuers (state or local governments or their agencies) must file a separate Form 8038-G for each bond issue issued after December 31, 1986, if the issue price is $100,000 or more.
- “Issuer” is the entity that issues the bonds (not the conduit borrower or beneficiary, except in certain lease/installment sale cases).
- Bonds include traditional bonds, notes, commercial paper, installment purchase agreements, and financing leases.
- File even for refunding issues or special types like TANs/RANs/BANs.
Do not file if it is a private activity bond (use Form 8038) or a small issue under $100,000 (use Form 8038-GC).
When and Where to File Form 8038-G?
Due date: On or before the 15th day of the 2nd calendar month after the close of the calendar quarter in which the bonds are issued.
Examples:
- Issued January–March → Due May 15
- Issued April–June → Due August 15
- Issued July–September → Due November 15
- Issued October–December → Due February 15 (next year)
You cannot file before the issue date. Complete the form using facts known as of the issue date.
Where to file:
Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201
Private delivery services (PDS) approved by the IRS may be used—check IRS.gov/PDS for details and street addresses.
Amended returns: Check the “Amended Return” box and attach a detailed explanation.
Late filing relief: If you miss the deadline for reasons other than willful neglect, request relief under Rev. Proc. 2002-48. Type “Request for Relief under section 3 of Rev. Proc. 2002-48” at the top of the form and attach a letter explaining the delay (and note if the issue is under IRS examination).
Step-by-Step Guide to Completing Form 8038-G
The two-page form has six parts. Always attach required schedules (e.g., for multiple users of proceeds in Part II).
Part I – Reporting Authority
- Line 1: Issuer’s legal name.
- Line 2: Issuer’s EIN (apply via IRS.gov if needed).
- Lines 3a/3b & 4/6: Optional contact person (non-issuer individual) and address for IRS communications.
- Line 7: Issue date (MM/DD/YYYY).
- Line 8: Name of issue.
- Line 9: CUSIP number of the latest maturing bond (or “None”).
- Line 10: Issuer’s contact person (officer/employee) for questions.
Part II – Type of Issue
Enter the issue price for the applicable category (attach schedule if proceeds benefit multiple entities):
- 11 Education
- 12 Health and hospital
- 13 Transportation
- 14 Public safety
- 15 Environment (including sewage)
- 16 Housing
- 17 Utilities
- 18 Other (describe)
Check boxes for:
- TANs/RANs (19a) or BANs (19b) — only one.
- Lease or installment sale (20).
Part III – Description of Bonds (for the entire issue)
- 21(a) Final maturity date
- 21(b) Issue price
- 21(c) Stated redemption price at maturity (N/A for leases/sales)
- 21(d) Weighted average maturity (in years)
- 21(e) Yield (to 4 decimal places; “VR” for variable rate)
Part IV – Uses of Proceeds (including underwriters’ discount)
- 22 Accrued interest
- 23 Issue price (from 21b)
- 24 Issuance costs
- 25 Credit enhancement
- 26 Reserve or replacement fund
- 27 Refunding prior tax-exempt bonds (complete Part V)
- 28 Refunding prior taxable bonds (complete Part V)
- 29 Total of 24–28
- 30 Non-refunding proceeds (23 minus 29)
Part V – Description of Refunded Bonds (only if refunding)
Details on remaining maturities and call dates of refunded bonds.
Part VI – Miscellaneous
- 35 State volume cap allocation (if applicable).
- 36 GIC investments (amount, maturity, provider).
- 37–38 Pooled financings/loans.
- 39–45 Various compliance elections and procedures (hedges, remedial actions, reimbursement, arbitrage monitoring, etc.).
Signature: An authorized issuer representative must sign and date. Print name/title. Signing consents to IRS disclosure to the contact in Line 3a (if used).
Rounding: Round to whole dollars (standard IRS rules).
Related Forms and Key Differences
| Form | Use Case | Issue Price Threshold | Key Difference |
|---|---|---|---|
| 8038-G | Governmental bonds | ≥ $100,000 | Detailed reporting for larger public-purpose issues |
| 8038-GC | Small governmental bonds, leases, installment sales | < $100,000 | Consolidated/simplified |
| 8038 | Private activity bonds | Any (post-1986) | Different tests and categories |
| 8038-T | Arbitrage rebate/penalty | As needed | Separate filing for rebate payments |
For full compliance guidance, see IRS Publication 4079, Tax-Exempt Governmental Bonds Compliance Guide (irs.gov/pub/irs-pdf/p4079.pdf).
Penalties and Compliance Tips
Timely and accurate filing is critical. Failure to file or provide complete information can trigger IRS scrutiny, audits, or requests for additional documentation. While the Form 8038-G instructions do not list a fixed dollar penalty like some information returns, non-compliance may jeopardize the tax-exempt status of the bonds and expose issuers to other consequences.
Best practices:
- Gather all data (CUSIP, yields, proceeds allocations, hedge docs, etc.) before the issue date.
- Maintain post-issuance compliance procedures (written policies for arbitrage, private business use, remedial actions—check Lines 43–44).
- Consult bond counsel and a tax professional.
- Retain records for the life of the bonds plus 3 years.
- Use the latest IRS versions—check irs.gov/F8038G regularly.
Download Official Resources
- Form 8038-G (Rev. Oct 2021): Direct PDF
- Instructions: Direct PDF
- About page & prior revisions: irs.gov/forms-pubs/about-form-8038-g
- Tax-Exempt Bonds homepage: irs.gov/tax-exempt-bonds
Note: This article is for informational purposes only and is not a substitute for professional tax or legal advice. Always refer to the official IRS instructions and consult qualified counsel for your specific bond issue.
Filing Form 8038-G correctly helps ensure your governmental bonds remain tax-exempt, supporting vital public projects while meeting federal requirements. For the most current information, visit IRS.gov directly.