[Federal Register Volume 81, Number 146 (Friday, July 29, 2016)]
[Notices]
[Page 50056]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17916]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice and Request for Public Comment
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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the Community Development Financial
Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is
soliciting comments concerning the New Markets Tax Credit (NMTC)
Program Allocation Tracking System (ATS).
DATES: Written comments must be received on or before September 27,
2016 to be assured of consideration.
ADDRESSES: Submit your comments via email to David Meyer,
Certification, Compliance Monitoring and Evaluation (CCME) Program
Manager, CDFI Fund, at [email protected].
FOR FURTHER INFORMATION CONTACT: David Meyer, CCME Program Manager,
CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue
NW., Washington, DC 20220 or by facsimile to (202) 653-0375 (not a toll
free number). Other information regarding the CDFI Fund and its
programs may be obtained through the CDFI Fund's Web site at https://www.mycdfi.cdfifund.gov/docs/2006/nmtc/2006ATSinstructions.pdf.
SUPPLEMENTARY INFORMATION:
Title: New Markets Tax Credit Program Allocation 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 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 allocations. Entities selected to receive an NMTC 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 allocation. The
CDFI Fund requires each allocatee to use an electronic data collection
and submission system, known as the Allocation Tracking System (ATS),
to report on the information related to its receipt of a Qualified
Equity Investment.
The CDFI Fund developed the ATS 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; and (3) provide the CDFI Fund with basic investor data which
may be aggregated and analyzed in connection with NMTC evaluation
efforts.
Current Actions: Renewal of Existing Information Collection.
Type of Review: Regular Review.
Affected Public: NMTC Program allocatees.
Estimated Number of Respondents: 658.
Estimated Annual Time per Respondent: 18 hours.
Estimated Total Annual Burden Hours: 11,844 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.
Authority: 12 U.S.C. 4701 et seq.; 26 U.S.C. 45D.
Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2016-17916 Filed 7-28-16; 8:45 am]
BILLING CODE 4810-70-P