Current through Register Vol. 43, No. 02, November 27, 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 2017, as codified
in Article 2 of Chapter 9F of Title 40 of the Code of Ala.
1975, which provides for a tax credit under Chapter 18 of Title 40
to Alabama taxpayers for the rehabilitation of certain certified historic
buildings and residential historic structures 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-25-.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 transferred to the
Transferee.
(e) Transferor. Any
Owner of a Project for which a Historic Rehabilitation Tax Credit Certificate
was issued, which transfers all or part of their portion of the
credit.
(f) Transferee. Any
taxpayer that is transferred all or a portion of a historic rehabilitation tax
credit.
(g) 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.
(h) 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 project
number assigned to the Project by the Commission;
3. The date the Project was placed in service
and if applicable, the taxable year the reservation was allocated to the
project. If any supplemental credit is included in the transfer, include the
taxable year the additional credit was allocated to the project;
4. The amount of credit being transferred to
Transferee;
5. The purchase amount
of the credit;
6. Statement that
the transfer of the credit has been made and the transaction is
closed;
7. 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 who
utilizes the tax credit pursuant to Rule
810-3-137-.03(2),
and
8. 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.
