Iowa Administrative Code › Agency 261 - Economic Development Authority › Part III - Community Development Division › Chapter 49 - Historic Preservation and Cultural and Entertainment District Tax Credits › Rule 261-49.15 - Part 3 Application-request for Certification of Completed Work and Verification of Qualified Rehabilitation Expenditures

Current through Register Vol. 47, No. 3, July 24, 2024
Part 3 of the application is used to determine whether the
				  project has complied with the terms of the agreement as well as with applicable
				  laws, rules and regulations.
(1)
Submission period.
The fully completed Part 3 application must
				be submitted no more than 180 calendar days after the project completion date
				as defined in the agreement.
(2)
Required information.
The Part 3 application must include the
				following information:
a. Certification that
				the eligible taxpayer is the fee simple owner or is qualified for the federal
				rehabilitation credit and has a binding qualified long-term lease that meets
				the requirements of the federal rehabilitation credit.
b. Using the qualified rehabilitation
				expenditures schedule form provided by the authority, a schedule of total
				expenditures for the project, which shall identify in detail the final
				qualified rehabilitation expenditures and those expenditures that are not
				qualified. The qualified rehabilitation expenditures schedules form may be
				obtained by contacting the authority or by visiting the authority's Web
				site.
c. A schedule of all funding
				sources used to finance the project, including those funding sources used to
				finance or reimburse both qualified rehabilitation expenditures and
				expenditures not being claimed as qualified rehabilitation expenditures, along
				with supporting documentation. The schedule must identify all government
				funding as defined in rule 261-49.3 (404A), including any funding that
				originated from any government, whether federal, state, or local.
d. CPA examination.
(1) An eligible taxpayer shall engage a
				certified public accountant authorized to practice in this state to conduct an
				examination of the project in accordance with the American Institute of
				Certified Public Accountants' statements on standards for attestation
				engagements. The attestation applicable to this examination is SSAE No. 10 (as
				amended by SSAE Nos. 11, 12, 14), AT section 101 and AT section 601. Upon
				completion of the qualified rehabilitation project, the eligible taxpayer shall
				submit the examination to the authority, along with a statement of the amount
				of final qualified rehabilitation expenditures and any other information deemed
				necessary by the authority in order to verify that all requirements of the
				agreement, Iowa Code chapter 404A, and all rules adopted pursuant to Iowa Code
				chapter 404A have been satisfied.
(2) The procedures used by the CPA to conduct
				the examination should allow the CPA to conclude that, in the CPA's
				professional judgment, the qualified rehabilitation expenditures claimed are
				eligible pursuant to the agreement, Iowa Code chapter 404A, and all rules
				adopted pursuant to Iowa Code chapter 404A in all material respects. The
				documents reviewed by the CPA should be readily available to the authority upon
				request. The applicant should generally be able to provide the requested
				documents within 10 business days of a request from the authority.
(3) The examination requirement is waived for
				an eligible taxpayer if the final qualified rehabilitation expenditures of the
				qualified rehabilitation project, as verified by the authority, do not exceed
				$100,000 and the qualified rehabilitation project is funded exclusively by
				private funding sources. The authority reserves the right to request any
				additional information necessary to verify the final qualified rehabilitation
				expenditures and, if deemed necessary by the authority, to require that such an
				eligible taxpayer engage a CPA to conduct an examination of the project
				pursuant to 49.15(23)
"d."
e. Any other information deemed necessary by
				the authority in order to verify that all requirements of the agreement, Iowa
				Code chapter 404A, and all rules adopted pursuant to Iowa Code chapter 404A
				have been satisfied.
f.  Election
				to receive either a refundable or a nonrefundable tax credit. The taxpayer's
				election does not impact a transferee's ability to make its own election upon
				transfer. For information on transferring tax credits, see department of
				revenue rules 701-42.55 (404A,422) and 701-52.48 (404A,422).
g. Any information the authority may require
				for program evaluation.