New Markets Tax Credit (NMTC) Program Allocation Application

ICR 201704-1559-001

OMB: 1559-0016

Federal Form Document

Forms and Documents
ICR Details
1559-0016 201704-1559-001
Active 201509-1559-001
TREAS/CDFIF
New Markets Tax Credit (NMTC) Program Allocation Application
Revision of a currently approved collection   No
Regular
Approved with change 03/09/2018
Retrieve Notice of Action (NOA) 06/29/2017
  Inventory as of this Action Requested Previously Approved
03/31/2021 36 Months From Approved 03/31/2018
270 0 310
71,997 0 81,722
0 0 0

The New Markets Tax Credit (NMTC) Program will provide an incentive to investors in the form of a tax credit, which is expected to stimulate investment in private capital that, and in turn, will facilitate economic and community development in low-income communities. In order to qualify for an allocation of tax credits under the NMTC Program 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 will conduct a competitive review process to evaluate applications for the receipt of NMTC allocations.

US Code: 26 USC 45D Name of Law: New market tax credit
  
None

Not associated with rulemaking

  82 FR 2443 01/09/2017
82 FR 29628 06/29/2017
Yes

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 270 310 0 -40 0 0
Annual Time Burden (Hours) 71,997 81,722 0 -9,725 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
The burden decrease is based on data collected over the last three years. Based on applicant data, the average number of applicants decreased from approximately 310 to 270. The NMTC Allocation Application presented for approval is substantially the same as the previous version. In a few cases, the CDFI Fund changed the format for supplying data. For example, a narrative in which Respondents previously provided “project investment pipeline” information is now collected via a table rather than a narrative. The CDFI Fund also eliminated some questions as a result of the start of data migration into the CDFI Fund’s new data system, the Awards Management Information System. Prior award data can now be extracted out of agency databases instead of reported by the Respondent.

$0
No
    No
    No
No
No
No
Uncollected
Rosa Martinez 2026228439 [email protected]

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
06/29/2017


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