Opportunity Zone Nomination Tool

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 02-16-2018 Opportunity Zone Nomination Tool	Form and Instruction	New	Available
Supporting Statement - Opportunity Zone Nomination Tool (20180215).docx	Supporting Statement A	Uploaded 2018-02-15	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
230145	Opportunity Zone Nomination Tool	Form and Instruction	New

ICR Details

OMB Control No: 1559-0049	ICR Reference No: 201802-1559-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: Opportunity Zone Nomination Tool
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 02/22/2018
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/26/2018
	Date Received in OIRA: 02/16/2018
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2018	6 Months From Approved
Responses	56	0	0
Time Burden (Hours)	56	0	0
Cost Burden (Dollars)	3,242	0	0

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Abstract: The Tax Cuts and Jobs Act of 2017 (Pub. L. 115-97) created a tax incentive for investors who reinvest eligible gains into qualified Opportunity Funds that in turn deploy these resources into qualified low-income communities, known as Opportunity Zones. In order to take advantage of this incentive, State Chief Executive Officers must nominate qualifying low-income communities for designation as qualified Opportunity Zones no later than March 21, 2018 (or April 20, 2018, if a 30-day extension is requested). The Secretary of the Treasury is required to certify such nominations and designate the qualified Opportunity Zones within 30 days of receipt of the nomination (or within 60 days if a 30-day extension of the consideration period is requested). The CDFI Fund, which will administer the designation of qualified Opportunity Zones on behalf of the Internal Revenue Service, created the Opportunity Zone Nomination Tool in response to this statutory requirement.

Emergency Justfication: It is critical that the CDFI Fund receive Emergency PRA approval for the Opportunity Zone Nomination Tool. State Chief Executive Officers are required to designate qualified Opportunity Zones no later than March 21, 2018 (or April 20, 2018, if a 30-day extension is requested). Therefore, the CDFI Fund needs to be able to provide the Opportunity Zone Nomination Tool as soon as possible in order to meet the statutory requirement included in the Tax Cuts and Jobs Act of 2017 (Pub. L. 115-97). If State Chief Executive Officers fail to provide Opportunity Zone Nomination Tools by the statutory deadline then low-income communities that are eligible for designation as qualified Opportunity Zones will not receive these benefits. There will not be additional opportunities for new nominations after this deadline.

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Authorizing Statute(s): PL: Pub.L. 115 - 97 13823 Name of Law: Tax Cuts and Jobs Act of 2017
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Opportunity Zone Nomination Tool	02-16-2018	Opportunity Zone Nomination Tool

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ICR Summary of Burden

table that charts list of burden

	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	56	0	0	56	0	0
Annual Time Burden (Hours)	56	0	0	56	0	0
Annual Cost Burden (Dollars)	3,242	0	0	3,242	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Tax Cuts and Jobs Act of 2017 (the Act, Pub. L. 115-97) requires the Chief Executive Officer of a State until March 21, 2018 to nominate certain low-income communities for designation as qualified Opportunity Zones. This information collection was developed in response to this Act to effectively and efficiently collect the information on these nominated communities.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/16/2018

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