Iowa Admin. Code r. 261-116.6

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

Rule 261-116.6 - Approval, issuance and distribution of investment tax credits

(1)Approval. Upon certification and registration by the authority of an innovation fund and approval of the taxpayer's application, the board will approve the issuance of a tax credit certificate to the applicant.

(2)Preparation of the certificate. The tax credit certificate shall be in a form approved by the authority and shall contain the taxpayer's name, address, and tax identification number; the amount of credit; the name of the innovation fund; the year in which the investment was made and any other information that may be required by the department of revenue. In addition, the tax credit certificate shall contain the following statement:

Neither the authority nor the board has recommended or approved this investment or passed on the merits or risks of such investment. Investors should rely solely on their own investigation and analysis and seek investment, financial, legal and tax advice before making their own decision regarding investment in this fund.

Iowa Admin. Code r. 261-116.6

ARC 0009C, IAB 2/8/12, effective 3/14/12; ARC 1098C, IAB 10/16/2013, effective 10/1/2013

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