Section 12-217ll-5 - Fiscal and accounting requirements(a) Each state-certified digital animation production company shall utilize an accounting system which conforms to generally accepted accounting principles (GAAP) in accounting for the production expenses or costs to be included in the detailed cost report which shall accompany an application for issuance of a digital animation production company tax credit voucher.(b) The following accounting records and documentation, at a minimum, shall be made and maintained by a state-certified digital animation production company:(1) Invoices, purchase orders, vouchers, paid bills, and production reports;(2) Individual payroll and attendance records for all employees consistent with the requirements imposed upon employers generally under applicable federal and state law;(3) Records relating to refunds, rebates, invoicing errors, purchase returns, sales of equipment or other tangible property or other production assets and insurance claims;(4) Records relating to costs and expenses regarding the ownership or lease of any real property;(5) Records relating to costs and expenses regarding the purchase of any tangible personal property;(6) Records relating to any related party transaction sufficient to permit the independent auditor to provide the information required pursuant to subsection 12-217ll-9(c)(3) of the Regulations of Connecticut State Agencies; and,(7) Records relating to production expenditures or costs for optioning or purchasing intellectual property as such costs are described and permitted under subsection (a) of section 12-217ll of the Connecticut General Statutes.Conn. Agencies Regs. § 12-217ll-5
Adopted effective February 5, 2009