Or. Admin. Code § 741-030-0060

Current through Register Vol. 63, No. 10, October 1, 2024

Section 741-030-0060 - Final Certification Application and Review

(1) The following requirements must be met in order for the applicant to receive final certification:

(a) Applicants with completed projects must have a valid preliminary certification for a short line railroad rehabilitation tax credit. The short line railroad rehabilitation project must be completed as described in the preliminary certification, and in accordance with ORS 315.591 - 315.603 and Chapter 741, Division 30 of the administrative rules. Any changes to a preliminary certification must be made through the amendment process outlined in these rules and must be completed prior to the project completion date.

(b) Applicants must apply on the Department-approved form (Short Line Railroad Rehabilitation Tax Credit Application for Final Certification).

(c) The application must include a certification, executed by an authorized representative of the short line railroad, that certifies that the applicant's project meets the requirements for a short line railroad project set forth in ORS 315.591 - 315.603 and this division of administrative rules. The representative's certification must be a sworn statement attesting to the truth of the certification and attesting to the following:

(A) That the railroad is a short line railroad;

(B) That the leased or owned infrastructure on which the rehabilitation tax credit would be based is located in Oregon;

(C) The railroad mileposts that are adjacent to the leased or owned infrastructure;

(D) That the rehabilitation project costs are not funded by or used to qualify for any state or federal grants, or used to claim a federal tax credit (Regardless of whether the applicant applies for the federal tax credit under section 45G of the Internal Revenue Code, the amount applicant is eligible to qualify for under the federal tax credit shall be deducted from the applicant's rehabilitation project costs before calculating the applicant's Oregon tax credit.);

(E) The actual eligible costs of the completed maintenance, reconstruction or replacement of infrastructure in Oregon; and

(F) That the applicant is current on all state and local taxes, fees and assessments.

(d) Applicants must provide documentation of rehabilitation project actual costs indicating the date they were paid or incurred, which may include canceled checks, invoices or receipts, binding contracts or agreements, or other documentation that evidence that such costs were properly paid or incurred for the project described in the preliminary certification and represent eligible costs under these rules.

(2) The Department may inspect the infrastructure, at the Department's discretion, to ensure the project is eligible for the tax credit.

(3) After an application for final certification is received, the Department will determine whether the application is complete. An application is incomplete if it does not include information needed to demonstrate substantive compliance with any applicable standards and preliminary certification conditions adopted by the Department. If it is incomplete, the Department will provide the applicant a written explanation describing deficiencies. Upon receipt of a request for additional information from the Department, applicants will have 15 business days to respond. If the application is complete, the Department will process the application. Within 60 days after a completed application for final certification is received, the Department will either approve or deny the application.

(4) If the Department approves the application, the Department will issue a final certification, which states the amount of certified costs and the amount of the tax credit.

(5) An applicant that has been awarded a final certification may transfer the credit as provided in ORS 315.591 - 315.603.

Or. Admin. Code § 741-030-0060

RD 1-2019, temporary adopt filed 12/17/2019, effective 1/1/2020 through 6/28/2020; RD 1-2020, adopt filed 05/28/2020, effective 5/28/2020; RD 11-2021, minor correction filed 12/16/2021, effective 12/16/2021; RD 1-2024, amend filed 01/26/2024, effective 1/26/2024

Statutory/Other Authority: ORS 184.619, 823.011, 315.593 & 315.597

Statutes/Other Implemented: ORS 315.591 - 315.603