Application – 2 Part Application process – Part A and B. No more than one application for any individual certified structure shall be approved in any 120 month period.
Credit Pools -1. A certified structure that will receive $300,000 credits or under does not have additional requirements.
2. Large Project Pool – Maximum of $25M total.
a. $5 M pool – must get approved and tax credits are being forwardallocated to future years as the $25M cap is met each year(currently allocated to 2020).
b. $10M pool – same approval conditions and cumulative caps as the$5M pool. Must also create 200 or more full-time permanent jobsor $5M in annual payroll within two years of placed in service
Recapture – Only the taxpayer who earned the historic rehabilitation tax credit for any other certified structure, and no subsequent good faith transferee, shall be responsible in the event of a recapture, reduction, disallowance or other failure related to such credit provided the credit was properly claimed by the taxpayer. No more than one application for any individual certified structure shall be approved in any 120 month period.
Carryforward – Cannot carryforward
Transferability – The credits can be transferred one time if the following conditions are met:
1. May be transferred before the tax return is filed provided the credits havebeen earned – credit has been pre-approved by the Department, thecertified rehab has been completed, and the taxpayer has received theirfinal certification from the GA DNR.
2. Taxpayer and transferee must jointly file Form IT- TRANS “Notice of TaxCredit Transfer” with the Department of Revenue within 30 days of thetransfer or sale of the credits.
3. Taxpayer must provide all required historic rehabilitation tax credit detail and transfer information to the Department of Revenue.