SECTION 7. PAPERWORK

REDUCTION ACT

The collection of information con­ tained in this revenue procedure has been reviewed and approved by the Office of

Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 15451877. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

This revenue procedure contains a col­ lection of information requirement in sec­ tion 3.03. The purpose of the collection of information is to verify the applicable FHA loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates have used to calculate the average area purchase price for a given metropolitan statistical area for purposes of §§ 143(e) and 25(c). The collection of information is required to obtain the ben­ efit of using revisions to FHA loan limits to determine average area purchase prices. The likely respondents are state and local governments.

The estimated total annual reporting and/or recordkeeping burden is: 15 hours.

The estimated annual burden per re­ spondent and/or recordkeeper: 15 min­ utes.

The estimated number of respondents and/or recordkeepers: 60.

Books or records relating to a collec­ tion of information must be retained as

April 12, 2021 1006 Bulletin No. 2021–15

16, 2020-27 I.R.B. 10 (deemed extension to December 31, 2020); see also section 2 of Rev. Proc. 2020-16 (providing an over­ view of each extension of the statutory ter­ mination date).

(3) Current designated termination date of all empowerment zones . The IRS has received no written request from a State or local government to decline any extension of a designated termination date otherwise provided in the previous guidance described in section 2.02(2) of this revenue procedure. Therefore, as of March 26, 2021, all empowerment zones have a designated termination date of December 31, 2020, the latest statutory termination date prior to enactment of the TCDTRA of 2020.

.03 Statutory authority to extend cur- rent designated termination date . Section 118(d) of the TCDTRA of 2020 provides that, if a nomination for an empower­ ment zone includes a designated termi­ nation date of December 31, 2020, sec­ tion 1391(d)(1)(B) does not apply to the designation if, after the date of enactment of the TCDTRA of 2020, the State or lo­ cal government that made such nomina­ tion amends the nomination to provide a new termination date in such manner as may be provided by the Secretary of the Treasury (or the Secretary’s designee). Accordingly, section 3.01 of this revenue procedure sets forth an automatic exten­ sion procedure to extend a designated termination date to December 31, 2025, and section 3.02 of this revenue proce­ dure sets forth a written declination pro­ cedure consistent with the previous guid­ ance described above.