Ga. Comp. R. & Regs. R. 110-35-1-.06 - Certification of Capital Investment

(1) Within 60 days of the applicant receiving notification of certification, the rural fund shall issue the capital investment to and receive cash in the amount of the certified amount from the rural investor(s). Such transactions shall be received into a depository account that is segregated from other accounts of the applicant and specifically designated for capital investments received in connection with the Georgia Agribusiness and Rural Jobs Act Program at a financial institution of the applicant's choosing.

(2) At least 50 percent of the rural investor's capital investment shall be composed of capital raised by the rural investor from sources, including directors, members, employees, officers, and affiliates of the rural investor, other than the amount of capital invested by the allocatees claiming the tax credits in exchange for such allocation of tax credits.

(3) Within 65 days of receiving notice of certification, the applicant shall provide the Department with evidence of the receipt of the cash investment. Such investment shall be documented with bank statements or financial institution documentation acceptable to the Department, as well as through verification by an officer of the rural fund on a form promulgated by the Department. Failure to transmit complete documentation shall result in a lapsed certification.

(4) The rural fund must notify the Department which taxpayers will ultimately claim the tax credit within 65 days of the applicant receiving notice of certification.

(5) The rural fund shall provide evidence that the capital invested by the allocatees of tax credits is no more than 50 percent of the rural investor's capital investment. Any report filed pursuant to Section 110-35-1-.10(4) notifying the Department of a change in the utilization of tax credits shall include information with respect to capital provided to the rural investor, if any, by such new allocatee sufficient to enable this calculation to be completed with respect to such new allocatee.

(6) Any rural fund which does not receive the cash investment and issue the capital investment within such time-period following receipt of the certification notice, the certification shall lapse and the rural fund shall not issue the capital investment without reapplying to the Department for certification.

(7) Lapsed certifications revert to the Department and shall be reissued pro rata to applicants whose capital investment allocations were reduced and then in accordance with the application process.

Notes

Ga. Comp. R. & Regs. R. 110-35-1-.06

O.C.G.A. § 33-1-25.

Original Rule entitled "Certification of Capital Investment" adopted. F. Feb. 16, 2018; eff. Mar. 9, 2018, as specified by Agency.