Conn. Agencies Regs. § 10-416a-11 - Issuance of tax credit vouchers
(a) As used in this
section, the term "contributing" means providing funds, including cash, grants,
and extensions of credit, with, in cases of extension of credit, the tax credit
being applied toward the reduction of the amount owing on the extension of
credit.
(b)
Application
Requests
(1) In order to obtain a tax
credit voucher, the owner shall (A) provide a certificate of title or title
insurance; (B) if the owner is a business entity, provide a certificate of
legal existence; (C) provide evidence of final certification; (D) attach a copy
of the reservation certificate; and (E) submit a certification of costs in
accordance with subsection (c) of this section.
(2) The owner shall indicate the phase or
phases for which the application is being made.
(3) The owner shall request that the
department issue a tax credit voucher to (A) the owner; (B) a contributing
taxpayer; (C) multiple owners; or (D) in cases where there is a written
agreement among multiple owners, a single business entity which is the limited
liability partnership or limited liability company in whose name the deed to
the certified historic structure is recorded. The owner may request that the
tax credits be allocated to one or more contributing taxpayers or one or more
owners or both.
(4) For each
contributing taxpayer, the owner shall provide a taxpayer identification
number, Federal Employer Identification Number (FEIN) or Connecticut Tax
Registration Number, as applicable, and a contact name and address. If two or
more taxpayers are so named, the owner shall specify the percentage of the tax
credits to be allocated to each recipient.
(5) In cases of multiple owners, the
application shall (A) list the names and addresses of multiple owners and
indicate for each a social security, taxpayer identification number, Federal
Employer Identification Number (FEIN) or Connecticut Tax Registration Number,
as applicable; and (B) indicate the percentage of the tax credits to be
allocated to each owner.
(6) If,
pursuant to a written agreement among multiple owners, the department is
requested to issue a single tax credit voucher to an assignor, the assignor's
taxpayer identification number, Federal Employer Identification Number (FEIN)
or Connecticut Tax Registration Number, as applicable, shall be
provided.
(7) Upon request by the
department, the owner shall remit the required application fee payment as
indicated in section
10-416a-12(b)
of the Regulations of Connecticut State Agencies.
(c)
Certification of Costs
(1) The owner shall submit a certification of
costs prepared by an independent certified public accountant.
(2) The accountant's certification shall
include (A) the total of qualified rehabilitation expenditures incurred prior
to the date of submission of a request for final certification under section
10-416a-10 of
the Regulations of Connecticut State Agencies; (B) separate itemization of
qualified rehabilitation expenditures and costs that are not qualified
rehabilitation expenditures for the certified historic structure in its
entirety or, in cases of phased projects, qualified rehabilitation expenditures
and costs that are not qualified rehabilitation expenditures for the
identifiable portion of the building placed in service; (C) verification of
qualified rehabilitation expenditures by the examination of invoices, cancelled
checks, settlement sheets and related documents; and (D) verification that the
substantial rehabilitation test as required pursuant to section
10-416a
of the Connecticut General Statutes has been met based on the evidence of the
assessed value of the certified historic structure submitted at the time of
application for preliminary certification and reservation of tax
credits.
(3) In cases where
construction commenced after July 1, 2006, and prior to approval of the
rehabilitation plan, the certification of costs shall indicate as qualified
rehabilitation expenditures only those costs attributable to rehabilitation,
which were incurred after the date of approval of the rehabilitation
plan.
(4) In cases of phased
projects, the certification of costs shall include verification that the
substantial rehabilitation test has been met in accordance with section
10-416a
of the Connecticut General Statutes.
(5) In cases where the certified historic
structure has been converted to nonresidential as well as residential uses, the
certification of costs shall calculate qualified rehabilitation expenditures in
accordance with section
10-416a-8(d)
(2) of the Regulations of Connecticut State Agencies.
(d)
Department Actions
(1) The department shall issue one or more
tax credit vouchers in accordance with section
10-416a
of the Connecticut General Statutes not more than thirty calendar days after
receipt of a complete application.
(2) If an application is incomplete not more
than thirty calendar days after receipt the department shall notify the owner
in writing and indicate what information is needed to undertake or complete
review. The owner shall have thirty calendar days after the date of
notification by the department to respond in writing and provide the requested
information. Upon written request by the owner on or before the original
deadline, the department shall grant an extension to the owner of not more than
thirty calendar days.
(3) The
department shall notify the State of Connecticut Department of Revenue Services
of the issuance of a tax credit voucher not more than fifteen calendar days
after issuance.
(e)
Notification Requirement for Transfer of Tax Credits
(1) If an assignor wishes to transfer in
whole or in part its interest in tax credits, the assignor shall endorse the
original tax credit voucher and indicate the name and address of the assignee,
the assignee's taxpayer identification number, Federal Employer Identification
Number (FEIN) or Connecticut Tax Registration Number, as applicable, the amount
of the tax credits transferred, and the date of transfer. The assignee shall
attach the endorsed original tax credit voucher to the required State of
Connecticut Department of Revenue Services tax form to claim the
credit.
(2) An assignor shall
notify the department of a transfer of tax credits to an assignee not more than
thirty calendar days from the date of the transfer. Such notification shall
include a certified copy of the endorsed tax credit voucher and shall indicate
the amount of tax credits previously claimed by the assignor and the amount of
tax credits that remain unclaimed. The department shall notify the state of
Connecticut Department of Revenue Services of the transfer not more than
fifteen calendar days after receipt.
(3) If the tax credits allocated to the
assignor have not been claimed in their entirety, the assignor may request the
department to issue a new tax credit voucher for the remaining unused allocated
tax credits.
(4) Upon receipt of
notification of transfer and written request by the assignor, the department
shall issue a new tax credit voucher to the assignor in the amount of the
remaining unused allocated tax credits in not more than thirty calendar days.
The department shall notify the state of Connecticut Department of Revenue
Services of issuance of a tax credit voucher in not more than fifteen calendar
days after issuance.
(5) The
assignor may transfer, in whole or in part, the remaining unused allocated tax
credits by following the procedures under subdivisions (1) through (4),
inclusive, of this subsection.
Notes
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