Section 8706-G - Sale or assignment(a) Authorization.--If a qualified taxpayer holds a tax credit through the end of the calendar year in which the tax credit was granted, the qualified taxpayer may sell or assign a tax credit, in whole or in part.
(b) Application.--
(1) To sell or assign a tax credit, a qualified taxpayer must file an application for the sale or assignment of the tax credit with the Department of Community and Economic Development. The application must be on a form required by the Department of Community and Economic Development.(2) To approve an application, the Department of Community and Economic Development must receive:(i) a finding from the department that the applicant has: (A) filed all required State tax reports and returns for all applicable taxable years; and(B) paid any balance of State tax due as determined by assessment or determination by the department and not under timely appeal; and(ii) in the case of a sale or assignment to a company that is not an upstream company or downstream company, a certification from the qualified taxpayer that the qualified taxpayer had offered to sell or assign the tax credit: (A) exclusively to a downstream company for a period of 30 days following approval of the tax credit under section 1703-G(c); and(B) to an upstream company or downstream company for a period of 30 days following expiration of the period under clause (A). (c) Approval.--Upon approval by the Department of Community and Economic Development, a qualified taxpayer may sell or assign, in whole or in part, a tax credit.
Added by P.L. 751 2012 No. 85, § 19, eff. 7/2/2012.