- (1) The entire tax credit may be claimed by the taxpayer for the taxable year in which the Certified Rehabilitation is placed in service or in the year in which the Commission reserves an allocation for the project. Where the taxes owed by the taxpayer are less than the tax credit, the taxpayer shall be entitled to claim a refund for the difference.
- (2) Recapture of any of the credit shall apply against the taxpayer who utilizes the credit, and any required adjustments to basis due to recapture shall be governed by Title 26 Section 50 of the Internal Revenue Code.
- (3) See the Department Administrative Code for additional tax-related aspects of Act 2017-380, Act 2021-431, and Act 2023-522.
Author: Chloe Mercer; Lee Anne Hewett
Statutory Authority: Act 2017-380; Act 2021-431; Act 2023-522.
History: New Rule: Filed August 10, 2017; effective September 24, 2017. Amended: Published December 30, 2021; effective February 13, 2022. Amended: Published October 31, 2024; effective December 15, 2024.