[Federal Register Volume 75, Number 39 (Monday, March 1, 2010)]
[Notices]
[Pages 9275-9276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-3900]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Proposed Collection; Comment Request
ACTION: Notice and request for comments.
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SUMMARY: The Department of 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, 44 U.S.C. 3506(c)(2)(A). Currently,
the Community Development Financial Institutions (CDFI) Fund,
Department of the Treasury, is soliciting comments concerning an
information collection required by the allocation agreement that is
entered into by the CDFI Fund and recipients of tax credit authority
allocations through New Markets Tax Credit (NMTC). The specific
information collection relates to the allocation agreement requirement
that allocatees provide notice to the CDFI Fund of the receipt of
Qualified Equity Investments as defined at 26 CFR part 1.45D-1(c). The
CDFI Fund has published separate notices seeking public comments
regarding other information collections contained in the allocation
agreement (e.g., use of Qualified Equity Investment proceeds).
DATES: Written comments should be received on or before April 30, 2010
to be assured of consideration.
ADDRESSES: Direct all comments to Charles McGee, Program Manager for
Certification, Compliance Monitoring and Evaluation, Community
Development Financial Institutions Fund, U.S. Department of the
Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005,
by e-mail to [email protected] or by facsimile to (202) 622-7754.
Please note this is not a toll-free number.
FOR FURTHER INFORMATION CONTACT: A draft of the information collection
may be obtained from the CDFI Fund's Web site at http://www.cdfifund.gov. Requests for additional information should be
directed to Charles McGee, Program Manager for Certification,
Compliance Monitoring and Evaluation, Community Development Financial
Institutions Fund, U.S. Department of the Treasury, 601 13th Street,
NW., Suite 200 South, Washington, DC 20005, or by phone to (202) 622-
8453.
SUPPLEMENTARY INFORMATION:
Title: New Markets Tax Credit (NMTC) 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 I.R.C. Sec.
45D, New Markets Tax Credit. Pursuant to I.R.C. Sec. 45D, the
Department of the Treasury, through the CDFI Fund, administers NMTC,
which provides an incentive to investors in the form of tax credits
over seven years, which 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 receiving 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, to
report on the information related to its receipt of a Qualified Equity
Investment.
The CDFI Fund has developed the allocation tracking system 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 Treasury Department'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 NMTC regulations;
and (3) provide the Treasury Department with basic investor data which
may be aggregated
[[Page 9276]]
and analyzed in connection with NMTC evaluation efforts.
Current Actions: Extension of a currently approved collection.
Type of review: Regular review.
Affected Public: Business or other for-profit institutions, not-
for-profit institutions, and State, local and Tribal entities.
Estimated Number of Respondents: 495.
Estimated Annual Time per Respondent: 12 hours.
Estimated Total Annual Burden Hours: 5,940 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. The
specific section of the allocation agreement for which comments are
sought is the reporting requirement that allocatees provide notice to
the CDFI Fund, through the CDFI Fund's allocation tracking system, of
the receipt of a Qualified Equity Investment. 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 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;
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.
Dated: February 19, 2010.
Jeffrey C. Berg,
Legal Counsel, Community Development Financial Institutions Fund.
[FR Doc. 2010-3900 Filed 2-26-10; 8:45 am]
BILLING CODE 4810-70-M