8 CCR 1504-10-11 - REVIEWING ENTITY'S EVALUATION OF REQUESTS FOR FINAL APPROVAL AND ISSUANCE OF TAX CREDITS

11.1 Within ninety (90) calendar days of receipt of a complete request for final approval of completed rehabilitation work, the Reviewing Entity shall review and respond to the request for approval.

(a) If the Reviewing Entity determines that the completed rehabilitation expenses are qualified rehabilitation expenditures, the Reviewing Entity will issue a verification form. This verification form will serve as the tax credit certificate. The verification form shall be developed by the Historical Society and shall be used by all Reviewing Entities. The verification form shall include the total qualified rehabilitation expenses for the project, the project completion date, the Review Entity approval date, the percentage used to calculate the credit, the total amount of the tax credit issued and a tax credit certificate number for the specific project, which will be issued by the Historical Society.

(b) If an approval request lacks the documentation outlined in Section 10 or if the Reviewing Entity determines that additional work must be completed for the project to qualify for a tax credit, the Reviewing Entity may table the approval request and require the applicant to resubmit the request for final approval. The Reviewing Entity will have 90 days to review a resubmitted approval request.

(c) If a Reviewing Entity determines that a completed rehabilitation fails to demonstrate qualified rehabilitation expenditures, no verification form shall be issued, and the Reviewing Entity will inform the applicant in writing.

11.2 The Reviewing Entity will make a final determination on the amount of the tax credit to be issued.

11.3 For a tax credit to issue, a property owner shall not have received a cumulative total of greater than $50,000 in credits for the property for which the credit is claimed within the 10-year period preceding request for final approval.

11.4 Taxpayers should retain the tax credit number specific to their project from the verification form for income tax filing purposes.

Notes

8 CCR 1504-10-11

42 CR 04, February 25, 2019, effective 3/17/2019