[Federal Register Volume 86, Number 93 (Monday, May 17, 2021)]
[Notices]
[Page 26779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10317]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; New Markets Tax Credit (NMTC) Program 
Application

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection request to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on this request.

DATES: Comments should be received on or before June 16, 2021 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Spencer W. Clark by emailing [email protected], calling 
(202) 927-5331, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Community Development Financial Institutions Fund (CDFI Fund)

    Title: New Markets Tax Credit (NMTC) Program Application.
    OMB Control Number: 1559-0016.
    Type of Review: Reinstatement of a previously approved collection.
    Description: The Department of the Treasury, through the Community 
Development Financial Institutions (CDFI) Fund, Internal Revenue 
Service, and Office of Tax Policy, administers the NMTC Program. In 
order to claim the NMTC, taxpayers make Qualified Equity Investments 
(QEIs) in Community Development Entities (CDEs) and substantially all 
of the QEI proceeds must, in turn, be used by the CDE to provide 
investments in businesses in low-income communities and other purposes 
authorized under the statute.
    The CDFI Fund collects data from prospective NMTC Program 
applicants once per allocation round by means of an online NMTC Program 
Allocation Application (hereby, the Application or Applications). As 
required by the Paperwork Reduction Act (PRA), the CDFI Fund invited 
the general public and other federal agencies to comment on the 
proposed and/or continuing information collection for the calendar year 
(CY) 2021-2023 allocation rounds. In response to the request for 
comment, the CDFI Fund received 214 unique comments from 43 
organizations. The NMTC Program Application was updated based upon the 
CDFI Fund's review and adjudication of the public comments.
    Most changes were made to provide more clarity to intended users. 
The information collected will be used to select awardees, based on a 
merit-based selection process. The requested information is required by 
the NMTC Program Authorization (26 CFR 1.45D-1) and respective Notice 
of Allocation Availability.
    Form: NMTC Allocation Application.
    Affected Public: Businesses or other for-profits, Not-for-profit 
Institutions; State, Local or Tribal Governments.
    Estimated Number of Respondents: 209.
    Frequency of Response: Annual, On occasion.
    Estimated Total Number of Annual Responses: 209.
    Estimated Time per Response: Varies from 294 to 312 hours on 
average.
    Estimated Total Annual Burden Hours: 64,614.

    Authority: 44 U.S.C. 3501 et seq.

    Dated: May 12, 2021.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2021-10317 Filed 5-14-21; 8:45 am]
BILLING CODE 4810-70-P