PURPOSE: This rule clarifies the issuance requirements for Historic Preservation Tax Credit certificates.

1. (1) A tax credit certificate issued following the final completion shall be in an amount no greater than those costs that are deemed eligible under the program, and shall only be issued after compliance with all other provisions of law, including but not limited to:

   1. (A) Payment of any issuance fees under section 620.1900, RSMo, or similar provisions; and
   2. (B) Payment of any back taxes and penalties under section 135.815, RSMo, or similar provisions.
2. (2) All sources of funds for payment of project costs, invoices for project costs, and other documentation relating to the project must be in applicant’s name and authorized by applicant. All loans related to the project must be made to applicant, provided that loans may be made to applicant’s owner if applicant is a single member limited liability company where the single member is an individual. An applicant may not receive tax credits for Qualified Rehabilitation Expenditures (QREs) paid by a third party payor on behalf of the applicant, regardless of whether applicant reimburses the third party payor. A title company paying on behalf of an applicant shall not be considered a third party payor for purposes of this section. AUTHORITY: section 135.487, RSMo 2016, and section 620.010, RSMo Supp. 2019.* Emergency rule filed March 20, 2019, effective March 30, 2019, expired Dec. 31, 2019. Original rule filed March 20, 2019, effective Nov. 30, 2019. *Original authority: 135.487, RSMo 1999 and 620.010, RSMo 1971, amended 1981, 1983, 1986, 1989, 1990, 1993, 1994, 1995, 1999, 2001, 2007, 2008, 2010, 2014, 2019.