Current through Register Vol. 42, No. 11, August 30, 2024
(1) This rule sets
forth guidelines and procedures to be used by the Department of Revenue in the
administration of the Historic Rehabilitation Tax Credit of 2013, as codified
in Article 1 of Chapter 9F of Title 40 of the Code of Ala.
1975, which provides for a tax credit under Chapters 16 and 18 of
Title 40 to Alabama taxpayers for the rehabilitation of certain historic and
certain non-historic buildings in Alabama.
(2) Definitions. In addition to the following
definitions, for purposes of this rule, all terms shall have the same meanings
as provided by Alabama Historical Commission Rule
460-X-23-.02 or as
defined in the Act.
(a) Department. The
Alabama Department of Revenue.
(b)
Commission. The Alabama Historical Commission.
(c) Tax Credit Certificate. A written form or
letter issued by the Commission to the Owner of the Project awarded a historic
rehabilitation credit providing information about the Project and the total
amount of credit issued to the Project.
(d) Transfer Tax Credit Certificate. A
certificate issued by the Department to a Transferee providing information
about the Project for which a Historic Rehabilitation Tax Credit Certificate
has been issued and the amount of credit allocated to the Transferee.
(e) Allocation Schedule. A list identifying
the Owners, or if the Owner is a pass through entity, its members or partners,
and the amount of credit allocated to each partner, member or owner. If there
is more than one Owner or if the Owner is a pass-through entity, the Allocation
Schedule is required to be filed with the Department as part of the Tax Credit
Certificate or the Transfer Statement.
(f) Recipient Tax Credit Certificate. A form,
promulgated by the Department that is issued to an Owner, partner or member
identifying the amount of credit allocated to the taxpayer. This form shall be
issued by the Owner if there is more than one Owner of the Project or if the
Owner is a pass-through entity (or issued by a pass-through entity that is a
partner or member of the Owner), and is required to be filed with the
taxpayer's tax return.
(g)
Transferor. Any Owner, partner, or member of a Project for which a Historic
Rehabilitation Tax Credit Certificate was issued, which transfers all or part
of their portion of the credit.
(h)
Transferee. Any taxpayer that is transferred all or a portion of a historic
rehabilitation tax credit.
(i)
Transfer Statement. A statement to be filed with the Department by the
Transferor prior to the effectiveness of the transfer that identifies the
Transferor and each Transferee, the amount of tax credit to be transferred to
each Transferee, and the date the Project was placed in service.
(j) Transfer Agreement. A written contract
between the Transferor and the Transferee that provides the following
information, but may also contain such other information as the Department may
from time to time require:
1. Description and
address of the Project that has been issued a Historic Rehabilitation Tax
Credit Certificate;
2. The date the
Project was placed in service;
3.
The amount of credit being transferred to Transferee;
4. The Transferee acknowledges that the
recapture of a credit, other than a credit that is improperly obtained by the
Owner, shall apply against the Transferee or any person to whom the tax credits
have been passed through and utilized pursuant to Rule
810-3-136-.03(2),
and
5. The Transferor is required
to notify the Transferee of any recapture or related adjustments of the credit
within 30 days after the Transferor is notified that the credit has been
recaptured or adjusted.
