Conn. Agencies Regs. § 10-416b-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 certification of completed
rehabilitation; (D) attach a copy of the reservation certificate; and (E)
submit a certification of costs in accordance with subsection (c) of this
section.
(2) In cases where the
owner has qualified for a tax credit reservation equal to thirty percent of the
estimated qualified rehabilitation expenditures in accordance with section
10-416b
of the Connecticut General Statutes, the owner shall provide the officer (A)
written confirmation from the department that the project is compliant with the
affordable housing certificate (i) as submitted to the commission under section
10-416b-8(a)
(3) of the Regulations of Connecticut State Agencies or (ii) as amended and (B)
a copy of a recorded Declaration of Land Use Restrictive Covenants, as may be
required pursuant to section
8-37lll
of the Connecticut General Statutes, and which covenant has been approved as to
form and content by the department prior to recordation. If the owner does not
provide said confirmation and a copy of the recorded Declaration of Land Use
Restrictive Covenants, or if the owner files a plan change indicating that the
number of affordable housing units is less than the percentage required under
section
10-416b
of the Connecticut General Statutes, the owner shall no longer qualify for the
thirty percent tax credit. In such cases, the tax credit voucher shall be in an
amount equivalent to the lesser of twenty-five percent of the original
estimated qualified rehabilitation expenditures submitted in accordance with
section
10-416b-8(a)
(1) of the Regulations of Connecticut State Agencies or twenty-five percent of
the actual qualified rehabilitation expenditures, not to exceed five million
dollars.
(3) The owner shall
indicate the phase or phases for which the application is being made.
(4) 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.
(5) For each
contributing taxpayer, the owner shall provide a taxpayer identification
number, Federal Employer Identification Number (FEIN) or Connecticut Tax
Registration Number, as applicable. If two or more taxpayers are so named, the
owner shall specify the percentage of the tax credits to be allocated to each
recipient.
(6) 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.
(7) 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.
(8) Upon request by the
department, the owner shall remit the required application fee payment as
indicated in section
10-416b-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 certification of completed
rehabilitation under section
10-416b-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
10-416b
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 of phased
projects, the certification of costs shall include verification that the
substantial rehabilitation test has been met in accordance with section
10-416b
of the Connecticut General Statutes.
(d)
Department Actions
(1) The department shall issue one or more
tax credit vouchers in accordance with section
10-416b
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.
(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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