Section 870-RICR-30-00-3.14 - CertificationA. Upon the Project being Placed In Service, the Applicant shall submit a certification of a certified public accountant licensed in the State, which shall be made pursuant to procedures set forth in the Incentive Agreement, evidencing that the Applicant has satisfied the conditions relating to the Project Costs, Applicant's Equity contribution, and any other requirements of the Incentive Agreement.B. The Corporation may seek reasonable additional information from the Applicant to support the Certification.C. Once the Corporation accepts the certification of the Applicant that it has satisfied the Project Costs, Applicant's Equity contribution, and any other applicable requirements of the Incentive Agreement, the Corporation shall issue a Certification to the Applicant providing that the Applicant is entitled to a Tax Credit for a specified year or years in an amount determined pursuant to the Incentive Agreement.D. The Applicant shall then submit the Certification to the Division of Taxation and shall than receive a Tax Credit for the amount and tax year specified in the Certification subject to § 3.14(E) of this Part.E. To the extent required in the Incentive Agreement, the Applicant shall, for each tax year in the Eligibility Period following the year of initial Certification, submit documentation to the Corporation, in a form prescribed in the Incentive Agreement, indicating that it has met any applicable requirements specified in the Incentive Agreement for that year.F. In accordance with a procedure set forth in the Incentive Agreement, the amount of the annual Tax Credit otherwise available shall be reduced, or the Tax Credit for the given year be entirely forfeited, if the Applicant fails to meet any applicable requirements set forth in the Incentive Agreement for the given year.870 R.I. Code R. 870-RICR-30-00-3.14
Amended effective 12/19/2018