[Federal Register Volume 82, Number 231 (Monday, December 4, 2017)]
[Notices]
[Pages 57328-57329]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-26002]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning New Markets Tax 
Credit.

DATES: Written comments should be received on or before February 2, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Martha R. Brinson, at 
(202) 317-5753 or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: New Markets Tax Credit.
    OMB Number: 1545-1765.
    Regulation Project Number: T.D. 9171.
    Abstract: The regulations provide guidance for taxpayers claiming 
the new markets tax credit under section 45D of the Internal Revenue 
Code. The reporting requirements in the regulations require a qualified 
community development entity (CDE) to provide written notice to: (1) 
Any taxpayer who acquires an equity investment in the CDE at its 
original issue that the equity investment is a qualified equity 
investment entitling the

[[Page 57329]]

taxpayer to claim the new markets tax credits; and (2) each holder of a 
qualified equity investment, including all prior holders of that 
investment that a recapture event has occurred. CDE's must comply with 
such reporting requirements to the Secretary as the Secretary may 
prescribe.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private sector: Business or other for-profit 
organizations.
    Estimated Number of Respondents: 816.
    Estimated Time per Response: 15 mins.
    Estimated Total Burden Hours: 210.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request 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. 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 of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: November 28, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-26002 Filed 12-1-17; 8:45 am]
BILLING CODE 4830-01-P