Current through Register Vol. 47, No. 6, September 18, 2024
Part 3 of the application is used to determine whether the
project has complied with the terms of the agreement as well as with applicable
laws, rules and regulations.
(1)
Submission period. The fully completed Part 3 application must
be submitted no more than 180 calendar days after the project completion date
as defined in the agreement.
(2)
Required information. The Part 3 application must include the
following information:
a. Certification that
the eligible taxpayer is the fee simple owner or is qualified for the federal
rehabilitation credit and has a binding qualified long-term lease that meets
the requirements of the federal rehabilitation credit.
b. Using the qualified rehabilitation
expenditures schedule form provided on the department's Web site, a schedule of
total expenditures for the project, which shall identify in detail the final
qualified rehabilitation expenditures and those expenditures that are not
qualified.
c. A schedule of all
funding sources used to finance the project, including those funding sources
used to finance or reimburse both qualified rehabilitation expenditures and
expenditures not being claimed as qualified rehabilitation expenditures, along
with supporting documentation. The schedule must identify all government
funding as defined in rule
223-48.22 (404A),
including any funding that originated from any government, whether federal,
state, or local.
d. CPA
examination. An eligible taxpayer shall engage a certified public accountant
authorized to practice in this state to conduct an examination of the project
in accordance with the American Institute of Certified Public Accountants'
statements on standards for attestation engagements. Upon completion of the
qualified rehabilitation project, the eligible taxpayer shall submit the
examination to the department, along with a statement of the amount of final
qualified rehabilitation expenditures and any other information deemed
necessary by the department or the department of revenue in order to verify
that all requirements of the agreement, Iowa Code chapter 404A, and all rules
adopted pursuant to Iowa Code chapter 404A have been satisfied. The department
may waive the examination requirement for projects if all of the following
requirements are satisfied:
(1) The final
qualified rehabilitation expenditures of the qualified rehabilitation project,
as verified by the department, do not exceed $100,000.
(2) The qualified rehabilitation project is
funded exclusively by private funding sources.
e. Any information the department or the
department of revenue may require for program evaluation.
(3)
Review period. The
department and the department of revenue will make best efforts to review Part
3 applications within 90 calendar days after the application is filed. However,
this time frame is not binding upon either the department or the department of
revenue. The department and the department of revenue shall review the
information submitted by the eligible taxpayer and determine whether a tax
credit certificate may be issued. See rule
223-48.36
(404A) for more information on certificate issuance.
