Section 12-217jj-5 - Fiscal and accounting requirements(a) Each applicant issued a notice of state eligibility certification pursuant to subsection 12-217jj-4 of the Regulations of Connecticut State Agencies shall utilize an accounting system which conforms to generally accepted accounting principles (GAAP) in accounting for all production expenses or costs incurred in connection with the qualified production. Such expenses or costs shall be included in the detailed cost report which shall accompany any application for a tax credit voucher.(b) The following accounting records and documentation, at a minimum, shall be made and maintained by an applicant issued a notice of eligibility certification: (1) Invoices, purchase orders, vouchers, paid bills, crew call sheets, second unit call sheets, and production reports;(2) Individual payroll records for all employees working on the qualified production;(3) Individual attendance records for all employees working on the qualified production;(4) Records relating to refunds, rebates, invoicing errors, purchase returns, sales of equipment, props or other production assets and insurance claims;(5) Records relating to costs and expenses regarding the ownership or lease of any real property, improved or unimproved, together with sufficient documentation to support one of the cost allocation methods set forth in subsection (a) of section 12-217jj-8 of the Regulations of Connecticut State Agencies;(6) Records relating to costs and expenses regarding the purchase or rental of any tangible personal property together with sufficient documentation to support the cost allocation method set forth in subsection (b) of section 12-217jj-8 of the Regulations of Connecticut State Agencies; and,(7) Records relating to any related party transaction as such are defined and specified by the Financial Accounting Standards Board (FASB) Statement No. 57, sufficient to permit an auditor to provide the information required pursuant to subsection 12-217jj-10(c)(3) of the Regulations of Connecticut State Agencies.Conn. Agencies Regs. § 12-217jj-5
Adopted effective February 5, 2009