federal_register: 02-14570
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| 02-14570 | Notice of Allocation Availability Inviting Applications for the New Markets Tax Credit Program | Notice | 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 (Public Law 106-554, December 21, 2000), amended the Internal Revenue Code (IRC) by adding IRC section 45D, New Markets Tax Credit. Section 45D requires the Secretary of the Treasury (Treasury) to establish a program that will provide an incentive to investors in the form of a tax credit 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. Section 121(f) of the Act, among other things, requires the Secretary to issue guidance on how entities may apply to receive allocations of New Markets Tax Credits (NMTCs), the competitive procedure through which such allocations will be made, and the actions that will be taken to ensure that proper allocations are made to appropriate entities. The Secretary delegated such authority to the Under Secretary (Domestic Finance), who in turn delegated such authority to the Director of the Community Development Financial Institutions Fund (the Fund). On April 20, 2001, the Fund issued guidance (which was published in the Federal Register on May 1, 2001 at 66 FR 21846) (the General Guidance) that provided general information on: (i) how an entity may apply to become certified as a "qualified community development entity" (CDE); (ii) how a CDE may apply to receive an allocation of NMTCs; (iii) the competitive procedure through which such allocations will be made; and (iv) the actions that will be taken to ensure that proper allocations are made to appropriate entities. In addition, through the General Guidance, the Fund sought written comments from the public as to certain application and allocation issues. On December 20, 2001, the Fund issued additional guidance in the Federal Register (at 66 FR 65806) (CDE Certification Guidance) which (i) summarized written public comments submitted to the Fund pursuant to the General Guidance, with respect to the Fund's certification of entities as CDEs, and (ii) provided specific guidance on how an entity may apply to become certified as a CDE. On December 26, 2001, the Internal Revenue Service (IRS) published temporary regulations in the Federal Register (at 66 FR 66307) that provide guidance to taxpayers claiming NMTCs, including, but not limited to: (i) How the proceeds from Qualified Equity Investments must be used; (ii) what constitutes a Qualified Low-Income Community Investment; and (iii) what events will trigger a recapture of the NMTC. This document (i) summarizes many, but not all, of the written public comments submitted to the Fund pursuant to the General Guidance, specifically with respect to application and allocation issues, and (ii) provides, in accordance with IRC section 45D(f), specific guidance on how an entity may apply to receive an allocation of NMTCs, the competitive procedure through which such allocations will be made, and the actions that will be taken to ensure that proper allocations are made to appropriate entities. More detailed application content requirements are found in the application packet related to this NOAA. In the event of any inconsistency between the contents of the application packet or this NOAA and the Act or the IRS temporary regulations for the NMTC Program, the provisions of the Act and the temporary regulations shall govern. For calendar year 2002, the Fund expects to allocate to CDEs the authority to issue to their investors up to the aggregate amount of $2.5 billion in equity as to which NMTCs may be claimed (the authority will include the aggregated amounts of $1 billion for calendar year 2001 and $1.5 billion for calendar year 2002, as permitted under IRC sections 45D(f)(1) and 45D(f)(3)). The Fund reserves the right to allocate said authority to any, all or none of the entities that submit an application in response to this NOAA, and in amounts determined by the Fund. This NOAA provides guidance for the application for and allocation of NMTCs for calendar year 2002. The Fund encourages all entities proposing to make Qualified Low-Income Community Investments, as hereinafter defined, to apply for an allocation of NMTCs. | 2002-06-11 | 2002 | 6 | https://www.federalregister.gov/documents/2002/06/11/02-14570/notice-of-allocation-availability-inviting-applications-for-the-new-markets-tax-credit-program | https://www.govinfo.gov/content/pkg/FR-2002-06-11/pdf/02-14570.pdf | Treasury Department; Community Development Financial Institutions Fund | 497,78 | 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 (Public Law 106-554, December 21, 2000), amended the Internal Revenue Code (IRC) by... |