Connecticut Administrative Code › Title 10 - Education and Culture › 416b - Historic Preservation Tax Credit › Section 10-416b-11 - Issuance of tax credit vouchers

Current through July 10, 2024
(a) As used in this
			 section, the term "contributing" means providing funds, including cash, grants,
			 and extensions of credit, with, in cases of extension of credit, the tax credit
			 being applied toward the reduction of the amount owing on the extension of
			 credit.
(b)
Application
			 Requests
(1) In order to obtain a tax
			 credit voucher, the owner shall (A) provide a certificate of title or title
			 insurance; (B) if the owner is a business entity, provide a certificate of
			 legal existence; (C) provide evidence of certification of completed
			 rehabilitation; (D) attach a copy of the reservation certificate; and (E)
			 submit a certification of costs in accordance with subsection (c) of this
			 section.
(2) In cases where the
			 owner has qualified for a tax credit reservation equal to thirty percent of the
			 estimated qualified rehabilitation expenditures in accordance with section
			 10-416b
			 of the Connecticut General Statutes, the owner shall provide the officer (A)
			 written confirmation from the department that the project is compliant with the
			 affordable housing certificate (i) as submitted to the commission under section
			 10-416b-8(a)
			 (3) of the Regulations of Connecticut State Agencies or (ii) as amended and (B)
			 a copy of a recorded Declaration of Land Use Restrictive Covenants, as may be
			 required pursuant to section
			 8-37lll
			 of the Connecticut General Statutes, and which covenant has been approved as to
			 form and content by the department prior to recordation. If the owner does not
			 provide said confirmation and a copy of the recorded Declaration of Land Use
			 Restrictive Covenants, or if the owner files a plan change indicating that the
			 number of affordable housing units is less than the percentage required under
			 section
			 10-416b
			 of the Connecticut General Statutes, the owner shall no longer qualify for the
			 thirty percent tax credit. In such cases, the tax credit voucher shall be in an
			 amount equivalent to the lesser of twenty-five percent of the original
			 estimated qualified rehabilitation expenditures submitted in accordance with
			 section
			 10-416b-8(a)
			 (1) of the Regulations of Connecticut State Agencies or twenty-five percent of
			 the actual qualified rehabilitation expenditures, not to exceed five million
			 dollars.
(3) The owner shall
			 indicate the phase or phases for which the application is being made.
(4) The owner shall request that the
			 department issue a tax credit voucher to (A) the owner; (B) a contributing
			 taxpayer; (C) multiple owners; or (D) in cases where there is a written
			 agreement among multiple owners, a single business entity which is the limited
			 liability partnership or limited liability company in whose name the deed to
			 the certified historic structure is recorded. The owner may request that the
			 tax credits be allocated to one or more contributing taxpayers or one or more
			 owners or both.
(5) For each
			 contributing taxpayer, the owner shall provide a taxpayer identification
			 number, Federal Employer Identification Number (FEIN) or Connecticut Tax
			 Registration Number, as applicable. If two or more taxpayers are so named, the
			 owner shall specify the percentage of the tax credits to be allocated to each
			 recipient.
(6) In cases of multiple
			 owners, the application shall (A) list the names and addresses of multiple
			 owners and indicate for each a social security, taxpayer identification number,
			 Federal Employer Identification Number (FEIN) or Connecticut Tax Registration
			 Number, as applicable; and (B) indicate the percentage of the tax credits to be
			 allocated to each owner.
(7) If,
			 pursuant to a written agreement among multiple owners, the department is
			 requested to issue a single tax credit voucher to an assignor, the assignor's
			 taxpayer identification number, Federal Employer Identification Number (FEIN)
			 or Connecticut Tax Registration Number, as applicable, shall be
			 provided.
(8) Upon request by the
			 department, the owner shall remit the required application fee payment as
			 indicated in section
			 10-416b-12(b)
			 of the Regulations of Connecticut State Agencies.