Alabama Administrative Code › Title 810 - ALABAMA DEPARTMENT OF REVENUE › Chapter 810-3-136 - HISTORICAL REHABILITATION TAX CREDIT › Section 810-3-136-.01 - Historic Rehabilitation Tax Credit Of 2013 - 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 2013, as codified
			 in Article 1 of Chapter 9F of Title 40 of the
Code of Ala.
			 1975
, which provides for a tax credit under Chapters 16 and 18 of
			 Title 40 to Alabama taxpayers for the rehabilitation of certain historic and
			 certain non-historic buildings 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-23-.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 allocated to the Transferee.
(e) Allocation Schedule. A list identifying
			 the Owners, or if the Owner is a pass through entity, its members or partners,
			 and the amount of credit allocated to each partner, member or owner. If there
			 is more than one Owner or if the Owner is a pass-through entity, the Allocation
			 Schedule is required to be filed with the Department as part of the Tax Credit
			 Certificate or the Transfer Statement.
(f) Recipient Tax Credit Certificate. A form,
			 promulgated by the Department that is issued to an Owner, partner or member
			 identifying the amount of credit allocated to the taxpayer. This form shall be
			 issued by the Owner if there is more than one Owner of the Project or if the
			 Owner is a pass-through entity (or issued by a pass-through entity that is a
			 partner or member of the Owner), and is required to be filed with the
			 taxpayer's tax return.
(g)
			 Transferor. Any Owner, partner, or member of a Project for which a Historic
			 Rehabilitation Tax Credit Certificate was issued, which transfers all or part
			 of their portion of the credit.
(h)
			 Transferee. Any taxpayer that is transferred all or a portion of a historic
			 rehabilitation tax credit.
(i)
			 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.
(j) 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 date the
			 Project was placed in service;
3.
			 The amount of credit being transferred to Transferee;
4. 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 or any person to whom the tax credits
			 have been passed through and utilized pursuant to Rule
			 810-3-136-.03(2),
			 and
5. 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.