Tax Allocation Agreements

Forms and Documents

Document Name	Status
SPST-NEW Tax Allocation Agreement NPR.docx Supporting Statement A	2021-05-11

IC Document Collections

IC ID	Document Title	Status
247280	Revising an Existing Tax Allocation Agreement (Ongoing)	New
247279	Initial Setup of Tax Allocation Agreement (Implementation)	New

ICR Details

OMB Control No:	ICR Reference No: 202105-3064-001
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: FDIC	Agency Tracking No: RIN 3064-AF62
Title: Tax Allocation Agreements
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 05/11/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	3,180	0
Time Burden (Hours)	33,390	0
Cost Burden (Dollars)	0	0

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Abstract: The Federal Deposit Insurance Corporation (FDIC) is requesting OMB approval of a new information collection related to a notice of proposed rulemaking (proposed rule or proposal) that would that would prescribe requirements for tax allocation agreements that involve insured depository institutions and OCC chartered uninsured institutions (collectively, institutions). Under the proposal, institutions in a consolidated tax filing group (consolidated group ) would be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that join in the filing of a consolidated group tax return. The proposal would establish a methodology for tax payment obligations between an institution and its parent holding company within a consolidated group and would address how the institution should be compensated for the use of its tax assets (such as net operating losses and tax credits). The proposal would be adopted primarily under Section 39 of the Federal Deposit Insurance Act (FDI Act) and codified within the agencies’ safety and soundness regulations.

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Authorizing Statute(s): US Code: 12 USC 1831p-1 Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AF62	Proposed rulemaking	86 FR 24755	05/10/2021

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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: 2

IC Title	Form No.	Form Name
Initial Setup of Tax Allocation Agreement (Implementation)
Revising an Existing Tax Allocation Agreement (Ongoing)

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ICR Summary of Burden

	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	3,180	0	0	3,180	0	0
Annual Time Burden (Hours)	33,390	0	0	33,390	0	0
Annual Cost Burden (Dollars)	0	0	0	0	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 Federal Deposit Insurance Corporation (FDIC) is requesting OMB approval of a new information collection related to a notice of proposed rulemaking (proposed rule or proposal) that would that would prescribe requirements for tax allocation agreements that involve insured depository institutions and OCC chartered uninsured institutions (collectively, institutions). Under the proposal, institutions in a consolidated tax filing group (consolidated group ) would be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that join in the filing of a consolidated group tax return. The proposal would establish a methodology for tax payment obligations between an institution and its parent holding company within a consolidated group and would address how the institution should be compensated for the use of its tax assets (such as net operating losses and tax credits). The proposal would be adopted primarily under Section 39 of the Federal Deposit Insurance Act (FDI Act) and codified within the agencies’ safety and soundness regulations.

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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? No

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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: 05/11/2021

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