Connecticut Administrative Code › Title 10 - Education and Culture › 320j - Historic Homes Rehabilitation Tax Credit › Section 10-320j-6 - Reservation of tax credits

Current through July 10, 2024
(a) In order to
			 obtain a tax credit reservation, the owner of an historic property shall (1)
			 secure approval of a Part 2 application under section
			 10-320j-5
			 and (2) submit with the Part 2 application a budget indicating estimated (A)
			 total qualified rehabilitation and (B) itemized costs associated with major
			 aspects of the proposed rehabilitation work.
(b) If prior to approval by the officer of
			 the Part 2 application, changes are made to the proposed rehabilitation work,
			 the owner shall amend the budget required under subsection (a) of this
			 section.
(c) The officer shall
			 reserve tax credits as provided for under public act 99-173 section 36(b) on
			 the date the officer approves the Part 2 application. The officer shall reserve
			 tax credits based on the total qualified rehabilitation expenditures indicated
			 in subsection (a) of this section. Reservation of tax credits shall be subject
			 to availability in any fiscal year.
(d) Tax credit reservations shall be valid
			 for sixty months after the date of reservation.
(e) If in the same state fiscal year that the
			 tax credit is reserved the owner notifies the officer in writing that the
			 rehabilitation project has been canceled, or the Part II application is
			 withdrawn by the owner, the tax credit reservation shall be canceled and the
			 tax credit may be reallocated by the officer in the same state fiscal
			 year.
(f) In any state fiscal year,
			 if, at the time of receipt of the Part 2 application, the tax credits allowable
			 under public act 99-173 section 37(d) have been exhausted, the officer shall
			 notify the owner in writing and place the application on a waiting list. No
			 certification action shall be taken by the officer, but the officer shall
			 provide the owner with an advisory review of the application.
(g) If prior to approval of the Part 2
			 application, the officer determines that there is an insufficiency of tax
			 credits to reserve equal to thirty percent of the qualified rehabilitation
			 expenditures indicated under subsection (a) of this section, the officer shall
			 notify the owner in writing. The owner shall have the option to (1) revise the
			 proposed rehabilitation work and the budget required under subsection (a) of
			 this section or (2) request that the Part 2 application be placed on a waiting
			 list. The owner shall have thirty calendar days after the date of notification
			 by the officer to respond in writing. If the owner fails to respond, the
			 officer shall return the Part 2 application to the owner. The owner shall have
			 the right to reapply. No certification action shall be taken by the officer for
			 an application placed on a waiting list, but the officer shall provide the
			 owner with an advisory review of the application.
(h) Part 2 applications placed on a waiting
			 list shall be reviewed in order of receipt when tax credits become available.
			 The officer shall notify the owner in writing of the availability of tax
			 credits. The owner shall have thirty calendar days after the date of
			 notification by the officer to request in writing that the officer initiate
			 application review and the owner shall indicate any changes in proposed
			 rehabilitation work or budget.