The department shall not register, as described in rule
223-48.31
(404A), more projects in a given fiscal year for tentative awards than there
are tax credits available for that fiscal year under Iowa Code section
404A.4.
The department will determine the projects for which sufficient tax credits are
available based on the estimated qualified rehabilitation expenditures
identified in the registration application, plus allowable cost overruns as
described in paragraph 48.32(1)"c. "
(1)
Registration scoring. If
applicants' total tax credit requests from a fiscal year allocation exceed the
tax credit allocation for that fiscal year, the department will prioritize its
determinations based on the applicants' registration scores. If, after
determining the projects for which sufficient tax credits are available, the
department determines there are insufficient tax credits in the fiscal year
allocation to fully award the next highest scoring project, then to maximize
the use of the available tax credits, the department in its sole discretion may
register the project with the next highest score whose tentative tax credit
award amount, including allowable cost overruns as described in paragraph
48.32(1)
"c, " would not cause the department to exceed the
annual aggregate tax credit award limit, so long as the project meets the
minimum score as described in rule
223-48.31
(404A). If there are no more projects that meet the minimum score described in
rule
223-48.31
(404A) that can be fully funded, the department in its sole discretion may make
the remaining tax credits available for small projects or allow the remaining
tax credits for the fiscal year to carry forward to the succeeding fiscal year
to the extent permitted by Iowa Code section
404A.4.
(2)
Registrations for future tax
credit allocations. Registrations for future tax credit allocations
require a new application. When registering projects for a particular fiscal
year, the department shall not award, reserve, or register tax credits from
future fiscal years' tax credit allocations. An applicant whose project is not
registered due to an insufficient score or noncompliance with the application
or the program statute or rules may submit future applications for future
fiscal year tax credit allocations.
(3)
Reallocation or rollover of
available tax credit awards. Tax credits may be reallocated or rolled
over into future fiscal years to the extent permitted by Iowa Code section
404A.4.
This rule is intended to implement Iowa Code section
404A.4
as amended by 2014 Iowa Acts, House File 2453.
Notes
Iowa Admin. Code r.
223-48.24
Adopted by
IAB
April 15, 2015/Volume XXXVII, Number 21, effective
5/20/2015
