Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-5 - Review and disposition of application for eligibility certification as a state-certified project; liability insurance

Current through July 10, 2024
(a) The
			 Commission shall review all complete applications submitted pursuant to
			 sections
			 12-217kk-3
			 and
			 12-217kk-4
			 of the Regulations of Connecticut State Agencies and determine whether the
			 criteria for eligibility certification as a state-certified project under
			 section
			 12-217kk
			 of the Connecticut General Statutes and sections
			 12-217kk-1
			 through
			 12-217kk-13,
			 inclusive, of the Regulations of Connecticut State Agencies have been
			 met.
(b) During review of the
			 application, the Commission may request additional pertinent application
			 information, conduct site or field visits, consult with independent
			 professional consultants, or require the applicant, at its sole cost and
			 expense, to submit an independent consultant's report of the estimated eligible
			 expenditures to be performed by an independent consultant unrelated to
			 applicant, licensed to do business in this State and having no direct or
			 indirect financial interest in the applicant or the project. The purpose of
			 such pre-certification audit or independent professional review is to provide
			 the Commission with assurances that the estimated eligible expenditures and
			 costs set forth by applicant are accurate, necessary and reasonable.
(c) If the Commission finds that all such
			 criteria for eligibility certification are met it will issue to the applicant
			 written notice of the project's certification as a State-certified project
			 which shall specify the total estimated eligible expenditures and amount of
			 potential tax credits available to applicant should the project be completed as
			 described in the application.
(d)
			 The Commission's notice of eligibility certification shall provide a unique
			 identification number assigned by the Commission for the project which shall
			 thereafter be referenced in all future correspondence and notices relative to
			 the project. Eligibility certification for an infrastructure project shall be
			 non-transferable.
(e) The notice of
			 eligibility certification issued by the Commission shall not grant or convey
			 any state tax credits or benefits and signifies only that the project is a
			 state-certified project and that the Commission may issue voucher(s) pursuant
			 to the provisions of section
			 12-217kk
			 of the Connecticut General Statutes if the project's estimated eligible
			 expenditures as determined by the Commission are in fact expended and the
			 applicant for such tax credits is otherwise in conformity with the provisions
			 of section
			 12-217kk
			 of the Connecticut General Statutes and sections
			 12-217kk-1
			 through
			 12-217kk-13,
			 inclusive, of the Regulations of Connecticut State Agencies.
(f) Before construction of any certified
			 project commences, the Commission may require the applicant or its construction
			 contractor to furnish a general liability insurance policy with such policy
			 limits as the Commission may prescribe and issued by an insurance company
			 licensed to do business in this state and in good standing and which shall be
			 rated "A-" or better by the latest edition of A.M. Best's Rating Guide or, if
			 such Guide is no longer available, any generally recognized replacement
			 therefore. The Commission and the State shall be named as additional insureds
			 under any such policy.