Notice2024-03707
Agency Information Collection Activities; Proposed Collection; Comment Request; New Markets Tax Credit Program (NMTC Program) Allocation Application
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
February 23, 2024
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 (PRA). 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 Application, for the calendar year (CY) 2024-2026 funding rounds (hereafter, the Application or Applications). The CDFI Fund is required by law to make the Application publicly available for comment prior to submission for a new PRA number.
Full Text
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<title>Federal Register, Volume 89 Issue 37 (Friday, February 23, 2024)</title>
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[Federal Register Volume 89, Number 37 (Friday, February 23, 2024)]
[Notices]
[Pages 13801-13802]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-03707]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Agency Information Collection Activities; Proposed Collection;
Comment Request; New Markets Tax Credit Program (NMTC Program)
Allocation Application
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 (PRA). 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 Application, for the calendar
year (CY) 2024-2026 funding rounds (hereafter, the Application or
Applications). The CDFI Fund is required by law to make the Application
publicly available for comment prior to submission for a new PRA
number.
DATES: Written comments must be received on or before April 23, 2024 to
be assured of consideration.
ADDRESSES: Direct all comments to Christopher Allison, NMTC Program
Manager, CDFI Fund, at <a href="/cdn-cgi/l/email-protection#204e4d544360434446490e54524541530e474f56"><span class="__cf_email__" data-cfemail="335d5e4750735057555a1d47415652401d545c45">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Christopher Allison, NMTC Program Manager, CDFI
Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW,
Washington, DC 20220, or by email to <a href="/cdn-cgi/l/email-protection#6b05061f082b080f0d02451f190e0a18450c041d"><span class="__cf_email__" data-cfemail="5b35362f381b383f3d32752f293e3a28753c342d">[email protected]</span></a> or contact by
telephone at 202-653-0421.
SUPPLEMENTARY INFORMATION:
Title: NMTC Program Allocation Application.
OMB Number: 1559-0016.
Abstract: Title I, subtitle C, section 121 of the Community Renewal
Tax Relief Act of 2000 (the Act) amended the Internal Revenue Code
(IRC) by adding IRC Sec. 45D and created the NMTC Program. The
Department of the Treasury, through the CDFI Fund, Internal Revenue
Service, and Office of Tax Policy, administers the NMTC Program. In
order to claim the NMTC, taxpayers make Qualified Equity Investments
(QEIs) in Community
[[Page 13802]]
Development Entities (CDEs) and substantially all of the QEI proceeds
must, in turn, be used by the CDE to provide investments in businesses
and real estate developments in low-income communities and other
purposes authorized under the statute.
The tax credit provided to the investor totals 39 percent of the
amount of the investment and is claimed over a seven-year period. In
each of the first three years, the investor receives a credit equal to
five percent of the total amount paid for the stock or capital interest
at the time of purchase. For the final four years, the value of the
credit is six percent annually. Investors may not redeem their
investments in CDEs prior to the conclusion of the seven-year period
without forfeiting any credit amounts they have received.
The CDFI Fund is responsible for certifying organizations as CDEs
and administering the competitive allocation of tax credit authority to
CDEs, which it does through annual allocation rounds. As part of the
award selection process, CDEs will be required to prepare and submit an
Allocation Application, which consists of five sections: Business
Strategy; Community Outcomes; Organization Capacity; Capitalization
Strategy; and Previous Allocations and Awards.
Current Actions: Extension with significant changes from currently
approved collection.
Type of Review: Regular.
Affected Public: CDEs applying for NMTC Allocations.
Estimated Number of Respondents: 201.
Estimated Annual Time per Respondent: 307.
Estimated Total Annual Burden Hours: 61,876 hours.
Requests for Comments: Comments submitted in response to this
notice will be summarized and/or included in the request for Office of
Management and Budget approval. All comments will become a matter of
public record and may be published at <a href="http://www.reginfo.gov">www.reginfo.gov</a>. The CDFI Fund is
seeking input on the NMTC Application. The Application may be obtained
on the NMTC Program web page of the CDFI Fund's website at <a href="https://www.cdfifund.gov/requests-for-comments">https://www.cdfifund.gov/requests-for-comments</a>. Revisions to the NMTC
Allocation Application will be highlighted in yellow.
Comments concerning the Application 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 shall
have 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 to be collected; (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of technology; (e) estimates of
capital or start-up costs and costs of operation, maintenance, and
purchase of services required to provide information; and (f) whether
any additional questions or factors should be considered as part of the
NMTC Application and/or review process with regards to the Business
Strategy section.
(Authority: 26 U.S.C. 45D; 26 CFR 1.45D-1)
Marcia Sigal,
Acting Director, Community Development Financial Institutions Fund.
[FR Doc. 2024-03707 Filed 2-22-24; 8:45 am]
BILLING CODE 4810-70-P
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