Current through Register Vol. XLI, No. 50, December 13, 2024
Section 145-7-7 - Project Certification Fee7.1. Project transferees that receives eligible contributions pursuant to a certified project plan must remit to the Development Office a project certification fee equal to 3 percent of the total eligible contributions received pursuant to the certified project plan. 7.2. When the eligible contribution consists of in-kind services or contributions made directly to indigent, disadvantaged or needy persons, economically disadvantaged citizens, or other person or organizations made under the sponsorship or auspices of any neighborhood organization, qualified charitable organization or other organization, entity or person as a certified project participant, the eligible contributions are deemed to have been made to the entity, organization or person under whose sponsorship or auspices the eligible contributions are made, and that entity, organization or person is deemed to be the project transferee with relation to those eligible contributions. The deemed project transferee is liable for payment of the project certification fee. 7.3. The measure of the certification fee shall be the fair market value of the contribution and shall be measured as follows: 7.3.1. When the contribution is cash, the measure of the fee is upon the cash received.7.3.2. When the contribution is personal or real property, the measure of the fee is the fair market value of the personal or real property as of the day the property is received by the project transferee. 7.3.3. When the contribution is in-kind professional services, the measure of the fee is 75 percent of the fair market value of the professional service provided. In-kind services are not eligible contributions unless the services are otherwise unavailable without charge in the community; they are not reimbursable, in whole or in part, from sources other than the tax credit provided; they are reasonably priced and valued; and they are reasonably necessary services customarily and normally provided by the contributor in the normal course of business to customers, clients or patients other than those encompassed by the certified project plan.7.3.4. When the contribution is publicly traded common or preferred stock representing ownership in a corporation, the measure of the fee is the value of the stock at the average between the highest and lowest quoted selling prices on the date of transfer to the project transferee.7.4. When Project Certification Fee is Due and Payable. The project transferee or deemed project transferee shall pay the certification fee to the Development Office within 30 days after receipt of any eligible contribution, or any portion of a contribution which, if given by itself, would constitute an eligible contribution.