Agency Information Collection Activities; Submission for OMB Review; Comment Request; New Markets Tax Credit Program Community Development Entity (CDE) Certification Application

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Published

July 3, 2023

Issuing agencies

Treasury Department

Abstract

The Department of the Treasury will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on this request.

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<title>Federal Register, Volume 88 Issue 126 (Monday, July 3, 2023)</title>
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[Federal Register Volume 88, Number 126 (Monday, July 3, 2023)]
[Notices]
[Pages 42817-42818]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-14090]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; New Markets Tax Credit Program Community 
Development Entity (CDE) Certification Application

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice of information collection; request for comment.

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SUMMARY: The Department of the Treasury will submit the following 
information collection request to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on this request.

DATES: Comments should be received on or before August 2, 2023 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Spencer W. Clark by emailing <a href="/cdn-cgi/l/email-protection#0353514243777166627076717a2d646c75"><span class="__cf_email__" data-cfemail="acfcfeedecd8dec9cddfd9ded582cbc3da">[email&#160;protected]</span></a>, calling 
(202) 927-5331, or viewing the entire information collection request at 
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.

SUPPLEMENTARY INFORMATION:

Community Development Financial Institutions Fund (CDFI Fund)

    Title: New Markets Tax Credit Program Community Development Entity 
(CDE) Certification Application.

[[Page 42818]]

    OMB Control Number: 1559-0014.
    Type of Review: Reinstatement of a previously approved collection.
    Description: Title I, subtitle C, section 121 of the Community 
Renewal Tax Relief Act of 2000 (the Act), as enacted in the 
Consolidated Appropriations Act, 2001 (Pub. L. 106-554, December 21, 
2000), amended the Internal Revenue Code (IRC) by adding IRC 45D and 
created the NMTC Program. 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, expected to 
stimulate the provision of private investment capital that, in turn, 
will facilitate economic and community development in low-income 
communities. In order to qualify for an allocation of tax credits 
through the NMTC Program, an entity must be certified as a qualified 
CDE and submit an allocation application to the CDFI Fund. Nonprofit 
entities and for-profit entities may be certified as CDEs by the CDFI 
Fund. In order to be certified as a CDE, an entity must be a domestic 
corporation or partnership, that: (1) has a primary mission of serving 
or providing investment capital for low-income communities or low-
income persons; and (2) maintains accountability to residents of low-
income communities through their representation on any governing or 
advisory board of the entity.
    Form: NMTC CDE Certification Application.
    Affected Public: CDEs and entities seeking CDE certification, 
including business or other for-profit institutions, nonprofit 
entities, and State, local and Tribal entities.
    Estimated Number of Respondents: 300.
    Frequency of Response: Once.
    Estimated Total Number of Annual Responses: 300.
    Estimated Time per Response: 4 hours.
    Estimated Total Annual Burden Hours: 1,200.
    Authority: 44 U.S.C. 3501 et seq.

Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2023-14090 Filed 6-30-23; 8:45 am]
BILLING CODE 4810-70-P


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