Proposed Data Collection; Comment Request: New Markets Tax Credit (NMTC) Program-Allocation Application, 52393-52394 [2010-21181]

Download as PDF Federal Register / Vol. 75, No. 164 / Wednesday, August 25, 2010 / Notices 52393 NEW SPECIAL PERMITS—Continued Application No. Docket No. 15095–N ....... ........................ Wright Air Service, Inc. Fairbanks, AK. 49 CFR 173.302(f)(3) and (f)(4) and 173.304(f)(3) and (f)(4). 15096–N ....... ........................ NK CO., LTD Saha-Gu, Busan. 49 CFR 180.209(a), 180.205(c)(f)(g) and (i) and 173.302a(b)(2), (3), (4) and (5). BILLING CODE 4909–60–M DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Proposed Data Collection; Comment Request: New Markets Tax Credit (NMTC) Program—Allocation Application Notice and request for comments. ACTION: The U.S. Department of the 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, 44 U.S.C. 3506(c)(2)(A). Currently, the Community Development Financial Institutions (CDFI) Fund, Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit (NMTC) Program—Allocation Application (hereafter, the Application). DATES: Written comments must be received on or before October 25, 2010 to be assured of consideration. srobinson on DSKHWCL6B1PROD with NOTICES SUMMARY: 17:48 Aug 24, 2010 Jkt 220001 Nature of special permits thereof To authorize the transportation in commerce of cylinders containing oxidizing gases without a rigid outer packaging capable of passing the Flame Penetration and Resistance Test and the Thermal Resistance Test when no other practical means of transportation exist (modes 4, 5). To authorize the transportation in commerce of certain DOT 3A, AAA, 3AX, 3AAX and 3T cylinders that have been retested every ten (10) years instead of every five (5) years by acoustic emission and ultrasonic examination (AE/IJE) in place of the internal visual inspection and the hydrostatic retest required by § 180.205 (modes 1, 2, 3, 4, 5). Direct all comments to Rosa Martinez, Acting NMTC Program Manager, Community Development Financial Institutions Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005, by e-mail to cdfihelp@cdfi.treas.gov, or by facsimile to (202) 622–7754. Please note this is not a toll free number. FOR FURTHER INFORMATION CONTACT: The Application and the NMTC Program Notice of Allocation Availability (NOAA) for the FY 2010 allocation round (75 FR 4077, April 8, 2010) may be obtained from the NMTC Program page of the CDFI Fund’s Web site at http://www.cdfifund.gov. Requests for additional information should be directed to Rosa Martinez, Acting NMTC Program Manager, Community Development Financial Institutions Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005, by e-mail to cdfihelp@cdfi.treas.gov, or by facsimile to (202) 622–7754. Please note this is not a toll free number. SUPPLEMENTARY INFORMATION: Title: New Markets Tax Credit (NMTC) Program—Allocation Application. OMB Number: 1559–0016. Abstract: Title I, subtitle C, section 121 of the Community Renewal Tax Relief Act of 2000 (the Act), as enacted ADDRESSES: [FR Doc. 2010–21017 Filed 8–24–10; 8:45 am] VerDate Mar<15>2010 Regulation(s) affected Applicant PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 in the Consolidated Appropriations Act, 2001 (Pub. L. 106–554, December 21, 2000), amended the Internal Revenue Code (IRC) by adding IRC § 45D and created the NMTC Program. The Department of the Treasury, through the CDFI Fund, administers the NMTC Program, which provides an incentive to investors in the form of tax credits over seven years that stimulates private investment capital that, in turn, facilitates economic and community development in low-income communities. In order to receive the tax credit, taxpayers make Qualified Equity Investments (QEIs) in Community Development Entities (CDEs): substantially all of the QEI proceeds must in turn be used by the CDE to provide investments in businesses and real estate developments in low-income communities. The tax credit provided to the investor totals 39 percent of the amount of the investment and is claimed over a seven-year period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of purchase. For the final four years, the value of the credit is six percent annually. Investors may not redeem their investments in CDEs prior to the conclusion of the seven-year period without forfeiting any credit amounts they have received. E:\FR\FM\25AUN1.SGM 25AUN1 srobinson on DSKHWCL6B1PROD with NOTICES 52394 Federal Register / Vol. 75, No. 164 / Wednesday, August 25, 2010 / Notices The CDFI Fund is responsible for certifying organizations as CDEs, and administering the competitive allocation of tax credit authority to CDEs, which it does through annual allocation rounds. As part of the award selection process, all CDEs are required to prepare and submit the Application, which includes four key sections (Business Strategy; Community Impact; Management Capacity; and Capitalization Strategy). During the first phase of the review process, each Application is rated and scored independently by three different readers. In scoring each Application, reviewers rate each of the four evaluation sections as follows: Weak (0–5 points); Limited (6–10 points); Average (11–15 points); Good (16–20 points); and Excellent (21–25 points). Applications can be awarded up to ten additional ‘‘priority’’ points for demonstrating a track record of serving disadvantaged business and communities and/or for committing to make investments in projects owned by unrelated parties. If one or more of the three readers provides an anomalous score, and it is determined that such an anomaly would affect the outcome of the final awardee pool, then a fourth reviewer will score the Application, and the anomalous score would likely be dropped. Once all of the scores have been finalized, including anomaly score adjustments, those Applications that meet minimum aggregate scoring thresholds in each of the four major review sections (as well as a minimum overall scoring threshold) are eligible to be considered for an allocation. They are reviewed by an internal CDFI Fund panel, with a Lead Panelist making an award recommendation to a Panel Manager, and the Panel Manager making an award recommendation to the Selecting Official. If the Selecting Official’s award recommendation varies significantly from the recommendation of the Panel Manager, then a Reviewing Official makes the final award determination. Awards are made, in descending order of the final rank score, until the available allocation authority for a given round is fully expended. Current Actions: Revision of a currently approved collection. Type of review: Regular review. Affected public: CDEs seeking NMTC Program allocation authority. Estimated Number of Respondents: 249. Estimated Annual Time per Respondent: 249 hours. Estimated Total Annual Burden Hours: 62,155 hours. VerDate Mar<15>2010 17:48 Aug 24, 2010 Jkt 220001 Requests for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget approval. All comments will become a matter of public record and may be published on the Fund Web site at http://www.cdfifund.gov. 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 technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services required to provide information. Authority: 26 U.S.C. 45D; 26 CFR 1.45D–1. Dated: August 20, 2010. Donna J. Gambrell, Director, Community Development Financial Institutions Fund. [FR Doc. 2010–21181 Filed 8–24–10; 8:45 am] BILLING CODE 4810–70–P DEPARTMENT OF THE TREASURY Bureau of Engraving and Printing Privacy Act of 1974, as Amended Bureau of Engraving and Printing, Treasury. ACTION: Notice of proposed Privacy Act systems of records. AGENCY: The Treasury Department, Bureau of Engraving and Printing, gives notice of a proposed addition to their systems of records which are subject to the Privacy Act of 1974, as amended, 5 U.S.C. 552a). DATES: Comments must be received no later than September 24, 2010. This new system of records will be effective October 4, 2010, unless comments are received which result in a contrary determination. SUMMARY: Comments may be submitted to the Privacy and Civil Liberties Officer, Bureau of Engraving and Printing, 14th and C Streets, SW., Washington, DC 20228. Comments will be available to the public upon request. The Department will make such comments available for public inspection and copying at BEP, Room ADDRESSES: PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 419–A, Bureau of Engraving and Printing, Washington, DC 20228, on official business days between the hours of 10 a.m. and 5 p.m. Eastern Time. You can make an appointment to inspect comments by telephoning 202–874– 2500. All comments, including attachments and other supporting materials, received are part of the public record and subject to public disclosure. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: James M. Braun, Privacy and Civil Liberties Officer, Bureau of Engraving and Printing, (202) 874–3733. SUPPLEMENTARY INFORMATION: The Bureau of Engraving and Printing is establishing a system of records for the purpose of providing the Office of Security a management system that will efficiently maintain proper management and accountability of incident and accident reports that take place at BEP facilities. The new system of records report, as required by 5 U.S.C. 552a(r) of the Privacy Act, has been submitted to the Committee on Government Reform and Oversight of the House of Representatives, the Committee on Governmental Affairs of the Senate, and the Office of Management and Budget, pursuant to Appendix I to OMB Circular A–130, Federal Agency Responsibilities for Maintaining Records About Individuals, dated February 8, 1996. The system notice is published in its entirety below. Dated: August 10, 2010. Melissa Hartman, Acting Deputy Assistant Secretary for Privacy, Transparency, and Records. Treasury/BEP 048 SYSTEM NAME: Electronic Police Operations Command Reporting System (EPOCRS)—Treasury/BEP. SYSTEM LOCATION: Bureau of Engraving and Printing, Eastern Currency Facility, 14th and C Streets, SW., Washington, DC, 20228 and Bureau of Engraving and Printing, Western Currency Facility, 9000 Blue Mound Road, Fort Worth, Texas 76131. CATEGORIES OF INDIVIDUALS COVERED BY THE SYSTEM: Bureau of Engraving and Printing employees (BEP) (Washington, DC and Fort Worth ,Texas), employees of other U.S. government agencies, contractors, service company employees, and visitors who have provided information E:\FR\FM\25AUN1.SGM 25AUN1

Agencies

[Federal Register Volume 75, Number 164 (Wednesday, August 25, 2010)]
[Notices]
[Pages 52393-52394]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21181]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Proposed Data Collection; Comment Request: New Markets Tax Credit 
(NMTC) Program--Allocation Application

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The U.S. Department of the 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, 44 U.S.C. 3506(c)(2)(A). 
Currently, the Community Development Financial Institutions (CDFI) 
Fund, Department of the Treasury, is soliciting comments concerning the 
New Markets Tax Credit (NMTC) Program--Allocation Application 
(hereafter, the Application).

DATES: Written comments must be received on or before October 25, 2010 
to be assured of consideration.

ADDRESSES: Direct all comments to Rosa Martinez, Acting NMTC Program 
Manager, Community Development Financial Institutions Fund, U.S. 
Department of the Treasury, 601 13th Street, NW., Suite 200 South, 
Washington, DC 20005, by e-mail to cdfihelp@cdfi.treas.gov, or by 
facsimile to (202) 622-7754. Please note this is not a toll free 
number.

FOR FURTHER INFORMATION CONTACT: The Application and the NMTC Program 
Notice of Allocation Availability (NOAA) for the FY 2010 allocation 
round (75 FR 4077, April 8, 2010) may be obtained from the NMTC Program 
page of the CDFI Fund's Web site at http://www.cdfifund.gov. Requests 
for additional information should be directed to Rosa Martinez, Acting 
NMTC Program Manager, Community Development Financial Institutions 
Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 
South, Washington, DC 20005, by e-mail to cdfihelp@cdfi.treas.gov, or 
by facsimile to (202) 622-7754. Please note this is not a toll free 
number.

SUPPLEMENTARY INFORMATION:
    Title: New Markets Tax Credit (NMTC) Program--Allocation 
Application.
    OMB Number: 1559-0016.
    Abstract: Title I, subtitle C, section 121 of the Community Renewal 
Tax Relief Act of 2000 (the Act), as enacted in the Consolidated 
Appropriations Act, 2001 (Pub. L. 106-554, December 21, 2000), amended 
the Internal Revenue Code (IRC) by adding IRC Sec.  45D and created the 
NMTC Program. The Department of the Treasury, through the CDFI Fund, 
administers the NMTC Program, which provides an incentive to investors 
in the form of tax credits over seven years that stimulates private 
investment capital that, in turn, facilitates economic and community 
development in low-income communities. In order to receive the tax 
credit, taxpayers make Qualified Equity Investments (QEIs) in Community 
Development Entities (CDEs): substantially all of the QEI proceeds must 
in turn be used by the CDE to provide investments in businesses and 
real estate developments in low-income communities.
    The tax credit provided to the investor totals 39 percent of the 
amount of the investment and is claimed over a seven-year period. In 
each of the first three years, the investor receives a credit equal to 
five percent of the total amount paid for the stock or capital interest 
at the time of purchase. For the final four years, the value of the 
credit is six percent annually. Investors may not redeem their 
investments in CDEs prior to the conclusion of the seven-year period 
without forfeiting any credit amounts they have received.

[[Page 52394]]

    The CDFI Fund is responsible for certifying organizations as CDEs, 
and administering the competitive allocation of tax credit authority to 
CDEs, which it does through annual allocation rounds. As part of the 
award selection process, all CDEs are required to prepare and submit 
the Application, which includes four key sections (Business Strategy; 
Community Impact; Management Capacity; and Capitalization Strategy). 
During the first phase of the review process, each Application is rated 
and scored independently by three different readers.
    In scoring each Application, reviewers rate each of the four 
evaluation sections as follows: Weak (0-5 points); Limited (6-10 
points); Average (11-15 points); Good (16-20 points); and Excellent 
(21-25 points). Applications can be awarded up to ten additional 
``priority'' points for demonstrating a track record of serving 
disadvantaged business and communities and/or for committing to make 
investments in projects owned by unrelated parties. If one or more of 
the three readers provides an anomalous score, and it is determined 
that such an anomaly would affect the outcome of the final awardee 
pool, then a fourth reviewer will score the Application, and the 
anomalous score would likely be dropped.
    Once all of the scores have been finalized, including anomaly score 
adjustments, those Applications that meet minimum aggregate scoring 
thresholds in each of the four major review sections (as well as a 
minimum overall scoring threshold) are eligible to be considered for an 
allocation. They are reviewed by an internal CDFI Fund panel, with a 
Lead Panelist making an award recommendation to a Panel Manager, and 
the Panel Manager making an award recommendation to the Selecting 
Official. If the Selecting Official's award recommendation varies 
significantly from the recommendation of the Panel Manager, then a 
Reviewing Official makes the final award determination. Awards are 
made, in descending order of the final rank score, until the available 
allocation authority for a given round is fully expended.
    Current Actions: Revision of a currently approved collection.
    Type of review: Regular review.
    Affected public: CDEs seeking NMTC Program allocation authority.
    Estimated Number of Respondents: 249.
    Estimated Annual Time per Respondent: 249 hours.
    Estimated Total Annual Burden Hours: 62,155 hours.
    Requests for Comments: Comments submitted in response to this 
notice will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record and may be published on the Fund Web site at http://www.cdfifund.gov. 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 technology; and (e) estimates of capital or start-up 
costs and costs of operation, maintenance, and purchase of services 
required to provide information.

    Authority: 26 U.S.C. 45D; 26 CFR 1.45D-1.

    Dated: August 20, 2010.
Donna J. Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2010-21181 Filed 8-24-10; 8:45 am]
BILLING CODE 4810-70-P