Iowa Admin. Code r. 261-115.4

Current through Register Vol. 47, No. 5, September 4, 2024

Rule 261-115.4 - Applying for an investment tax credit

(1) A taxpayer that desires to receive an investment tax credit for an equity investment in a qualifying business shall submit an application to the board for approval and provide such other information and documentation as may be requested by the board. Application forms for the investment tax credit may be obtained by contacting a qualifying business that has received a notice of certification pursuant to rule 261-115.5 (15E).

(2) Applications shall be date- and time-stamped by the authority in the order in which such applications are received. Applications for the investment tax credit shall be accepted by the authority until March 31 of the year following the calendar year in which the taxpayer's equity investment was made. Investors who do not submit an application by the March 31 deadline are ineligible to receive a tax credit.

Example 1: A taxpayer makes an equity investment in a qualifying business on December 31, 2011. The taxpayer has until March 31, 2012, to apply to the authority for an investment tax credit.

Example 2: A taxpayer makes an equity investment in a qualifying business on July 1, 2012. The taxpayer has until March 31, 2013, to apply to the authority for an investment tax credit.

The authority may accept applications after the deadline under extenuating circumstances. The authority shall not consider the lack of an available application filing window pursuant to paragraph 115.6(6)"b" as an extenuating circumstance.

Iowa Admin. Code r. 261-115.4

ARC 0009C, lAB 2/8/12, effective 3/14/12

Amended by IAB May 25, 2016/Volume XXXVIII, Number 24, effective 6/29/2016

Amended by IAB March 9, 2022/Volume XLIV, Number 18, effective 4/13/2022