Section 8703-A.1 - Application and administration.(a) Insufficient application.--If an administering agency finds that an application is insufficient for the administering agency to determine whether the applicant is eligible to receive a tax credit or tax benefit, the department, in consultation with the administering agency, may do all of the following for applicants other than individuals who own less than 20% of the applicant: (1) Require the submission of additional documentation or verification which verifies material in the application. Additional documentation or verification required under this paragraph may include any of the following:(i) A copy of the photo identification of the applicant's or recipient's chief executive officer and any authorized representative responsible for submitting the application. A copy of photo identification under this subparagraph shall include the individual's name and address.(ii) Bank account statements relating to the business.(iii) Business records, including receipts and expenditures.(iv) Business origination documents, including articles of incorporation, partnership or reference to documents under this subparagraph in records of the department of state or similar entity in another jurisdiction.(v) Any other information required by the department or administering agency to determine that the applicant is eligible to receive a tax credit or tax benefit with the application.(2) For an applicant that is not an individual, require that the applicant or broker meet for a virtual or in-person interview with representatives or agents of the department or the administering agency to verify the contents of the application.(3) For an applicant that is not an individual, require the applicant or broker to agree to submit to scheduled or unscheduled site inspections by the department, the administering agency or representatives or agents of the department or administering agency. If the site is located in an area where unscheduled site visits are not feasible, the department or administering agency shall provide sufficient notice prior to the visit. The department shall establish a policy to ensure the confidentiality of information collected or observed during a site inspection. The policy shall include a prohibition on the taking of photos, video and audio recordings which are not related to the subjects regulated by the department.(b) Risk criteria.--The department and an administering agency may jointly develop risk scoring criteria to determine when an applicant other than an individual who owns less than 20% of the applicant may be required to do any of the following: (1) As a condition of approval of the application, one of the following:(i) If the amount of the tax credit or tax benefit is equal to or exceeds $100,000, hire an independent auditor to prepare audited financial statements. The independent auditor under this subparagraph shall be a certified public accountant.(ii) If the amount of the tax credit or tax benefit is less than $100,000, provide an agreed-upon procedure report or a certification-of-costs report prepared by an independent certified public accountant.(2) Provide information which shall be included in the audited financial statements under paragraph (1)(i) or agreed-upon procedure report or certification-of-costs report under paragraph (1)(ii) to be submitted to the department.(3) Require the audited financial statements under paragraph (1)(i) or agreed-upon procedure report or certification-of-costs report under paragraph (1)(ii) be submitted to the department.(c) Reports.--After approval and until a tax credit or tax benefit is fully used, an applicant that is approved for a tax credit or tax benefit shall file an annual report with the department or administering agency detailing all of the following, to the extent that the following is applicable to the tax credit or tax benefit: (1) For a transferrable tax credit, all of the following:(i) Whether the applicant used, sold, assigned or transferred a portion or all of the tax credit in the prior program year.(ii) Whether the tax credit was sold, assigned or transferred for consideration in the prior program year and the name of the recipient.(iii) If the tax credit was sold, assigned or transferred for consideration, the amount of the consideration.(iv) If the tax credit was sold, assigned or transferred for consideration, whether the sale, assignment or transfer was conducted with the assistance of a broker and the name and registration number of the broker.(2) If applicable, an itemization of expenses and jobs generated as a result of the receipt of the tax credit or tax benefit.(3) Any other information that the department or administering agency deems necessary.(d) Submission of data.--The department or administering agency shall provide the information submitted under subsection (c)(2) to the independent fiscal office for use in preparing a tax credit report under section 5 of the act of October 30, 2017 ( P.L. 797, No.48), known as the Performance-Based Budgeting and Tax Credit Efficiency Act.Added by P.L. TBD 2021 No. 25, § 13, eff. 7/30/2021.