Or. Admin. R. 330-230-0140 - Pass-Through Process
(1) An
applicant planning to transfer the tax credit must select the pass-through
option on the final certification application.
(2) If a pass-through partner has not been
identified at the time of the preliminary certification application, the
applicant must note "partner to be identified" and submit additional
information when the pass-through partner is identified.
(3) If an applicant chooses to transfer the
tax credit, the application for final certification must include a complete,
signed pass-through partner agreement form.
(4) When an applicant chooses to transfer a
tax credit, the department may hold the application for final certification
until pass-through partner information is received by the department. Any
application in which the applicant has indicated a choice to transfer the tax
credit is not a "completed application" until the department receives the
completed final certification application form, the appropriate fee and the
completed pass-through partner agreement form for the tax credit, or portion of
the tax credit, being transferred to that pass-through partner.
(5) If the tax credit is being transferred to
more than one pass-through partner, the certification period for each partner
will begin during the tax year the partner pays for the credit.
(6) The department will not issue a tax
credit certificate to a pass-through partner until the appropriate criteria,
conditions and requirements of the preliminary certification and these rules
are satisfied.
(7) For purposes of
administering the sunset of the program, the department may issue a tax credit
to an applicant, even though the applicant previously indicated a choice to
transfer the tax credit to a pass-through partner, if the department has not
received a completed application that includes the signed pass-through partner
agreement form at least 60 calendar days prior to the sunset date for the
program. A tax credit will be issued to an applicant if the applicant and the
project meet all applicable requirements and the only reason the application
for final certification is incomplete is because the pass-through partner
agreement form is not complete.
(8)
The department will issue a tax credit certificate to the pass-through partner
when the applicant confirms receipt of a payment equal to the present value of
the tax credit and the applicant relinquishes any claim to the
credit.
Notes
Stat. Auth.: OL 2011, Ch. 730, Sec. 34 - 51
Stats. Implemented: OL 2011, Ch. 730, Sec. 34 - 51
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