REAFFIRMED: November 17, 2020
SUBJECT: Delegation of Authority to the Under Secretary (Domestic Finance) for Administering the New Markets Tax Credit Program
By virtue of the authority vested in the Secretary of the Treasury by 31 U.S.C. 321(b), it is hereby ordered as follows:
- DELEGATION. The Under Secretary (Domestic Finance) is delegated all duties, powers, rights and obligations vested in the Secretary for purposes of carrying out the Application and Allocation Procedures for the New Markets Tax Credit. In carrying out these duties, powers, rights and obligations, the Under Secretary (Domestic Finance) shall consult and coordinate with the Commissioner of Internal Revenue and the Assistant Secretary (Tax Policy), as appropriate.
- DEFINITIONS.
- "New Markets Tax Credit" means the New Markets Tax Credit authorized by 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 No. 106-554, December 21, 2000). Section 121 of the Act amends the Internal Revenue Code of 1986 by creating a new section, Section 45D, New Markets Tax Credit, and makes other statutory changes.
- "Application and Allocation Procedures" include, but are not limited to, the processes pursuant to section 121 of the Act by which the Secretary: certifies qualified community development entities; allocates the annual statutory limitation on the New Markets Tax Credit among those qualified community development entities selected by the Secretary; carries out any competitive procedures by which such allocations are made; and designates low-income communities. Application and Allocation Procedures also include monitoring entities that receive New Markets Tax Credits allocations to ensure compliance, as appropriate, and the issuance of any regulations or guidance pertaining to Application and Allocation Procedures. Application and Allocation Procedures do not include the collection and determination of any tax, which are the functions of the Commissioner of Internal Revenue, or the determination of tax policy, which is the function of the Assistant Secretary (Tax Policy).
- REDELEGATION. The Under Secretary (Domestic Finance) may redelegate, in writing, the authority delegated in this Order as the Under Secretary deems appropriate.
/S/
Lawrence H. Summers Secretary of the Treasury