Alabama Administrative Code › Title 810 - ALABAMA DEPARTMENT OF REVENUE › Chapter 810-3-137 - HISTORICAL REHABILITATION TAX CREDIT OF 2017 › Section 810-3-137-.01 - Historic Rehabilitation Tax Credit Of 2017 - General Guidelines

Current through Register Vol. 42, No. 9, June 28, 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.