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OMB Control No: 1559-0049	ICR Reference No: 201802-1559-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: Opportunity Zone Nomination Tool
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 02/22/2018
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/26/2018
	Date Received in OIRA: 02/16/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2018	6 Months From Approved
Responses	56	0	0
Time Burden (Hours)	56	0	0
Cost Burden (Dollars)	3,242	0	0

Abstract: The Tax Cuts and Jobs Act of 2017 (Pub. L. 115-97) created a tax incentive for investors who reinvest eligible gains into qualified Opportunity Funds that in turn deploy these resources into qualified low-income communities, known as Opportunity Zones. In order to take advantage of this incentive, State Chief Executive Officers must nominate qualifying low-income communities for designation as qualified Opportunity Zones no later than March 21, 2018 (or April 20, 2018, if a 30-day extension is requested). The Secretary of the Treasury is required to certify such nominations and designate the qualified Opportunity Zones within 30 days of receipt of the nomination (or within 60 days if a 30-day extension of the consideration period is requested). The CDFI Fund, which will administer the designation of qualified Opportunity Zones on behalf of the Internal Revenue Service, created the Opportunity Zone Nomination Tool in response to this statutory requirement.

Emergency Justfication: It is critical that the CDFI Fund receive Emergency PRA approval for the Opportunity Zone Nomination Tool. State Chief Executive Officers are required to designate qualified Opportunity Zones no later than March 21, 2018 (or April 20, 2018, if a 30-day extension is requested). Therefore, the CDFI Fund needs to be able to provide the Opportunity Zone Nomination Tool as soon as possible in order to meet the statutory requirement included in the Tax Cuts and Jobs Act of 2017 (Pub. L. 115-97). If State Chief Executive Officers fail to provide Opportunity Zone Nomination Tools by the statutory deadline then low-income communities that are eligible for designation as qualified Opportunity Zones will not receive these benefits. There will not be additional opportunities for new nominations after this deadline.

Authorizing Statute(s): PL: Pub.L. 115 - 97 13823 Name of Law: Tax Cuts and Jobs Act of 2017

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Opportunity Zone Nomination Tool	02-16-2018

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	56	56
Annual Time Burden (Hours)	56	56
Annual Cost Burden (Dollars)	3,242	3,242

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Tax Cuts and Jobs Act of 2017 (the Act, Pub. L. 115-97) requires the Chief Executive Officer of a State until March 21, 2018 to nominate certain low-income communities for designation as qualified Opportunity Zones. This information collection was developed in response to this Act to effectively and efficiently collect the information on these nominated communities.

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Jeff Merkowitz 202 653-0329 merkowitzj@cdfi.treas.gov

View ICR - OIRA Conclusion