Notice2022-25781
Notice of Information Collection and Request for Public Comment
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 28, 2022
Issuing agencies
Treasury DepartmentCommunity Development Financial Institutions Fund
Abstract
The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit Program (NMTC Program) Allocation and Qualified Equity Investment Tracking System (AQEI).
Full Text
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<title>Federal Register, Volume 87 Issue 227 (Monday, November 28, 2022)</title>
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[Federal Register Volume 87, Number 227 (Monday, November 28, 2022)]
[Notices]
[Page 73070]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25781]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Information Collection and Request for Public Comment
ACTION: Notice and request for public comment.
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SUMMARY: The U.S. Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995. Currently, the Community
Development Financial Institutions Fund (CDFI Fund), U.S. Department of
the Treasury, is soliciting comments concerning the New Markets Tax
Credit Program (NMTC Program) Allocation and Qualified Equity
Investment Tracking System (AQEI).
DATES: Written comments must be received on or before January 27, 2023
to be assured of consideration.
ADDRESSES: Submit your comments via email to Heather Hunt, Program
Manager for the Office of Compliance Monitoring and Evaluation (OCME),
CDFI Fund at <a href="/cdn-cgi/l/email-protection#6f2c2c222a2f0c0b0906411b1d0a0e1c41080019"><span class="__cf_email__" data-cfemail="bbf8f8f6fefbd8dfddd295cfc9dedac895dcd4cd">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Heather Hunt, OCME Program Manager, CDFI Fund,
U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW,
Washington, DC 20220, (202) 653-0423 (not a toll-free number). Other
information regarding the CDFI Fund and its programs may be obtained on
the CDFI Fund website at <a href="https://www.cdfifund.gov">https://www.cdfifund.gov</a>.
SUPPLEMENTARY INFORMATION:
Title: Allocation and Qualified Equity Investment Tracking System.
OMB Number: 1559-0024.
Abstract: Title I, subtitle C, section 121 of the Community Renewal
Tax Relief Act of 2000 (the Act), as enacted by section 1(a)(7) of the
Consolidated Appropriations Act, 2001 (Pub. L. 106-554, December 21,
2000), amended the Internal Revenue Code (IRC) by adding IRC sec. 45D,
New Markets Tax Credit. Pursuant to IRC sec. 45D, the Department of the
Treasury, through the CDFI Fund, administers the NMTC Program, which
provides an incentive to investors in the form of tax credits over
seven years and stimulates the provision of private investment capital
that, in turn, facilitates economic and community development in low-
income communities. In order to qualify for an allocation of NMTC
Program authority, an entity must be certified as a qualified Community
Development Entity and submit an allocation application to the CDFI
Fund. Upon receipt of such applications, the CDFI Fund conducts a
competitive review process to evaluate applications for the receipt of
NMTC Program allocations. Entities selected to receive an NMTC Program
allocation must enter into an Allocation Agreement with the CDFI Fund.
The Allocation Agreement contains the terms and conditions, including
all reporting requirements, associated with the receipt of a NMTC
Program allocation. The CDFI Fund requires each Allocatee to use an
electronic data collection and submission system, known as the
Allocation and Qualified Equity Investment Tracking System (AQEI), to
report on the information related to its receipt of a Qualified Equity
Investment. The CDFI Fund developed the AQEI to, among other things:
(1) enhance the Allocatee's ability to report to the CDFI Fund timely
information regarding the issuance of its Qualified Equity Investments;
(2) enhance the CDFI Fund's ability to monitor the issuance of
Qualified Equity Investments to ensure that no Allocatee exceeds its
allocation authority and to ensure that Qualified Equity Investments
are issued within the timeframes required by the Allocation Agreement
and IRC Sec. 45D; (3) provide the CDFI Fund with basic investor data
that can be aggregated and analyzed in connection with NMTC Program
evaluation efforts; and (4) provide the CDFI Fund with information
about the status of Qualified Active Low-Income Community Businesses
and Qualified Low-Income Community Investments at the end to the tax
credit compliance period.
Current Actions: Renewal of Existing Information Collection.
Type of Review: Regular.
Affected Public: NMTC Program Allocatees.
Estimated Number of Respondents: 104.
Frequency of Responses: Annually.
Estimated Total Number of Annual Responses: 104.
Estimated Annual Time per Respondent: 20 hours.
Estimated Total Annual Burden Hours: 2,080 hours.
Requests for Comments: Comments submitted in response to this
notice will be summarized and/or included in the request for OMB
approval. All comments will become a matter of public record. Comments
are invited on: (a) whether the collection of information is necessary
for the proper performance of the functions of the agency, including
whether the information has practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of technology;
and (e) estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services required to provide information.
An agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless the collections of
information displays a valid OMB control number. Current reporting
requirements are on the CDFI Fund website at <a href="https://www.cdfifund.gov/">https://www.cdfifund.gov/</a>.
Current versions of the AQEI and QEI Closeout Report guidance is
available at <a href="https://www.cdfifund.gov/amis-reporting">https://www.cdfifund.gov/amis-reporting</a>.
Authority: 12 U.S.C. 4701 et seq.; 26 U.S.C. 45D, 44 U.S.C. 3501 et
seq.).
Jodie L. Harris,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2022-25781 Filed 11-25-22; 8:45 am]
BILLING CODE 4810-70-P
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