Current through Register Vol. 47, No. 6, September 18, 2024
(1)
Approval
by the board. Upon certification by the authority of a qualifying
business and approval of the taxpayer's application, the board will approve the
issuance of a tax credit certificate to the taxpayer applying for the tax
credit.
(2)
Issuance by the
authority. Upon approval by the board, the authority shall issue a tax
credit certificate to the applicant, provided, however, that such tax credit
certificate shall be subject to rescission pursuant to rule
261-115.9 (15E).
(3)
Preparation of
certificate. The tax credit certificate shall be prepared by the
authority in a form approved by the board and shall contain the taxpayer's
name, address, and tax identification number, the amount of credit, the name of
the qualifying business, the year in which the credit may be redeemed and any
other information that may be required by the department of revenue. In
addition, the tax credit certificate shall contain the following statement:
Neither the authority nor the board has recommended or
approved this investment or passed on the merits or risks of such investment.
Investors should rely solely on their own investigation and analysis and seek
investment, financial, legal and tax advice before making their own decision
regarding investment in this enterprise.
(4)
Tax credit amount
limitations. The aggregate amount of tax credits issued per fiscal
year pursuant to this chapter shall not exceed the amount allocated by the
board pursuant to Iowa Code section
15.119.
(5)
Waitlist for applications
received on or before March 31, 2022.
a. If the maximum aggregate amount of tax
credits is awarded in a given fiscal year, investors who are determined
eligible for a tax credit but were not awarded a tax credit shall be placed on
a waitlist in the order the applications are received. Applications that are
placed on a waitlist shall be given priority for receiving tax credits in
succeeding fiscal years. Placement on a waitlist pursuant to this paragraph
shall not constitute a promise binding the state. The availability of a tax
credit and issuance of a tax credit certificate pursuant to this rule in a
future fiscal year is contingent upon the availability of tax credits in that
particular fiscal year or years. This subrule shall apply only to applications
received on or before March 31, 2022.
b. Any application that can be partially
approved without exceeding the maximum aggregate amount of tax credits will be
approved as to the portion less than the maximum aggregate amount and placed on
a waitlist as to the portion greater than the maximum aggregate amount. For
example, if an application is eligible for $50,000 of tax credits, but there is
only $30,000 of the maximum aggregate amount available, the application will be
approved for $30,000 and placed on a waitlist for $20,000.
(6)
Applications received on or after
April 1, 2022.
a. Applications for
tax credits received on or after April 1, 2022, will not be placed on a
waitlist if the maximum aggregate amount of tax credits is awarded in a given
fiscal year.
b. Beginning on or
after April 1, 2022, the authority will identify an application period, or
periods, on the authority's Internet site at
www.iowaeda.com for each fiscal year in which an
allocation of tax credits is available and has not been fully utilized by
applications previously placed on a waitlist pursuant to subrule 115.6(5). Only
applications submitted during the established filing window will be reviewed
for eligibility by the authority. Each identified application period will
remain open until the date indicated by the authority for that fiscal
year.
c. Applications received on
or after April 1, 2022, in excess of the maximum aggregate amount of tax
credits for the fiscal year in which they are received will be denied by the
board, regardless of whether the investment was otherwise eligible to receive a
tax credit award.
d. Any
application that can be partially approved without exceeding the maximum
aggregate amount of tax credits will be approved as to the portion less than
the maximum aggregate amount and denied as to the portion greater than the
maximum aggregate amount. For example, if an application is eligible for
$50,000 of tax credits, but there is only $30,000 of the maximum aggregate
amount available, the application will be approved for $30,000 and denied for
$20,000.
