[Federal Register: May 30, 2003 (Volume 68, Number 104)]
[Notices]
[Page 32580-32581]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30my03-131]
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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, Pub. L. No. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the Community Development Financial
Institutions Fund (the Fund) of the Department of the Treasury is
soliciting comments concerning an information collection required by
the allocation agreement that will be entered into by the Fund and
allocatees of the New Markets Tax Credit (NMTC) Program. The specific
information collection relates to the section of the allocation
agreement that requires an allocatee to provide notice to the Fund of
the receipt of a Qualified Equity Investment. The Fund will publish a
separate notice seeking public comments regarding other information
collections contained in the allocation agreement (e.g., use of QEI
proceeds).
DATES: Written comments should be received on or before July 29, 2003,
to be assured of consideration.
ADDRESS: Direct all comments to Matthew Josephs, Acting Financial
Equity Manager, Community Development Financial Institutions Fund, U.S.
Department of the Treasury, 601 13th Street, NW., Suite 200 South,
Washington, DC 20005, Facsimile Number (202) 622-8911.
FOR FURTHER INFORMATION CONTACT: A draft of the information collection
may be obtained from the Fund's Web site at http://www.cdfifund.gov.
Requests for additional information should be directed to Matthew
Josephs, Acting Financial Equity Manager, 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) 622-7373.
SUPPLEMENTARY INFORMATION: Title: New Markets Tax Credit Program--
Allocation Agreement, Notice of Receipt of Qualified Equity Investment.
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. No. 106-554, December
21, 2000), amended the Internal Revenue Code (IRC) by adding IRC Sec.
45D, New Markets Tax Credit. Pursuant to IRC Sec. 45D, the Department
of the Treasury, through the Fund, administers the NMTC Program, which
will provide an incentive to investors in the form of tax credits over
seven years, which is expected to stimulate the provision of private
investment capital that, 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 Fund. Upon receipt of such applications,
the Fund will conduct 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 Fund.
The allocation agreement contains the terms and conditions, including
all reporting requirements, associated with the receipt of a NMTC
allocation. The Fund will require 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 Fund has developed the allocation tracking system to, among
other things: (1) Enhance the allocatee's ability to report to the 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 the NMTC Program regulations; and (3)
provide the Treasury Department with basic investor data which may be
aggregated and analyzed in connection with NMTC Program evaluation
efforts.
Current Actions: Selected allocatees for the NMTC Program.
Type of review: New.
Affected Public: Business or other for-profit institutions, not-
for-profit institutions and State, local and tribal entities.
Estimated Number of Respondents: 66.
Estimated Annual Time Per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 66 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 Fund, through the 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
[[Page 32581]]
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: Consolidated Appropriations Act of 2001, Pub. L. No.
106-554; 31 U.S.C. 321.
Dated: May 22, 2003.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 03-13574 Filed 5-29-03; 8:45 am]
BILLING CODE 4810-70-P