Section 870-RICR-30-00-4.19 - Issuance of Tax Credit CertificatesA. Upon the presentation to the Tax Division of an Annual Certification issued by the Commerce Corporation to the Applicant and a properly completed Tax Credit Award Request Form, the Tax Division shall either issue a Tax Credit Certificate, process a refund request, or a combination of the two to the Applicant or any eligible Initial Certificate Holder in the amounts and for the years as agreed to in the Incentive Agreement. If the Applicant is a Pass-Through Entity, the Tax Division may issue a Tax Credit Certificate to each Participant in such Pass-Through Entity indicating on the face of such Certificate(s) the amount of the Tax Credit allocable to such Participant. The amount assigned to each Participant will be the amount represented in the Annual Certification for issuance of Tax Credit Certificates presented to the Tax Division.B. The Tax Division may provide for a process for the redemption of Tax Credits whereby upon filing of the Certification, the eligible holder thereof may elect to receive a redemption payment in lieu of the issuance of a Tax Credit Certificate(s) or some portion thereof.C. The amount allocated to each Participant on the Tax Credit Certificate issued to such Participant must be either: 1. in proportion to the number of Participants in the Pass-Through Entity or2. determined in accordance with any allocation method set forth in an Allocation Agreement, which may be without regarding to their sharing of other tax or economic attributes of such entity. The Tax Division shall have no obligation to confirm the amount stated for each Participant in the Allocation Agreement.870 R.I. Code R. 870-RICR-30-00-4.19
Amended effective 12/19/2018