Iowa Admin. Code r. 261-81.4

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 261-81.4 - Application process and review

(1) Applications for tax credits may be submitted to the authority electronically by eligible businesses from February 15 to March 15 of each calendar year. The authority may adjust the annual filing window dates under extenuating circumstances and will provide notice of adjustments on the authority's website.

(2) The application shall include all information required by Iowa Code section 15.318(1)"e" and all of the following information:

a. The name of the qualifying building block chemical produced by the eligible business for which the business is claiming a tax credit.

b. The amount of renewable chemicals produced in the state from biomass feedstock by the eligible business during the calendar year prior to the year in which the business first qualified as an eligible business under the program.

c. The city or county where the plant producing renewable chemicals is located.

d. The type of feedstock used to produce the renewable chemicals.

e. The date on which the eligible business organized, expanded or located in the state.

f. Any other information reasonably required by the authority in order to establish and verify the amount of the tax credit under the program.

(3) Applications will be reviewed and scored on a competitive basis by a review committee established by the authority with relevant expertise and experience. If the authority deems that additional information is needed before reviewing and scoring can be completed, and the authority makes a written request for additional information from the applicant, the applicant must provide the requested information within 30 days of the date that the written request from the authority was made. If an applicant does not provide the requested information within 30 days, the application may be rejected by the authority.

(4) Applications determined by the authority to be complete and eligible will be reviewed and scored using criteria established by the authority to evaluate the economic impact of an eligible business's production of renewable chemicals.

(5) The authority will notify an applicant when the applicant has been approved by the director to receive a tax credit.

Iowa Admin. Code r. 261-81.4

Adopted by IAB March 29, 2017/Volume XXXIX, Number 20, effective 5/3/2017

Amended by IAB January 10, 2024/Volume XLVI, Number 14, effective 2/14/2024