New Markets Tax Credit (NMTC) Program Allocation Application

ICR 202105-1559-001

OMB: 1559-0016

Federal Form Document

ICR Details
1559-0016 202105-1559-001
Received in OIRA 201704-1559-001
TREAS/CDFIF
New Markets Tax Credit (NMTC) Program Allocation Application
Reinstatement without change of a previously approved collection   No
Regular 05/17/2021
  Requested Previously Approved
36 Months From Approved
209 0
64,614 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 markets tax credit
  
None

Not associated with rulemaking

  85 FR 85855 12/29/2020
86 FR 26779 05/17/2021
Yes

  Total Request 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 209 0 0 209 0 0
Annual Time Burden (Hours) 64,614 0 0 64,614 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
This ICR is being reinstated in order to receive approval for the CY 2021-2023 NMTC Program Applications. The estimated total burden hours for CY 2021-2023 NMTC Applications of 64,614 hours is lower than the total approved for the previous CY2018 application (71,997 hours). This primarily reflects a lower estimate of groups applying for NMTC allocations (209 v. 270) and slightly higher burden hours per Application (309 v. 267).

$2,184,965
No
    No
    No
No
No
No
No
Christopher Allison 202 653-0357 [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.
05/17/2021


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