Section 870-RICR-30-00-3.15 - Issuance of Tax Credit CertificatesA. Upon the presentation to the Tax Division of a Certification issued by the Corporation to the Owner substantiating compliance with the terms of an Incentive Agreement and delineating the amount of Tax Credit assigned to each Participant, the Tax Division shall issue Tax Credit Certificates to the Owner or any eligible Initial Certificates' Holder in the amounts and for the years specifically set forth in the Certification and as agreed to by the Corporation in accordance with the requirements of R.I. Gen. Laws § 42-64.20-5(h). At the election of the Corporation and as expressly provided in an Incentive Agreement, the Certification may provide for the issuance of all Tax Credit Certificates for each year of the Eligibility Period at one time and in such instance, the Tax Division shall issue all Tax Credit Certificates for all such years as provided in the Certification.B. If the Owner or the Participant is a Pass-Through Entity, or if there are multiple Owners, the Tax Division may issue a Tax Credit Certificate to each Participant in such Pass-Through Entity or each Owner, indicating on the face of such Certificate(s) the amount of the Tax Credit allocable to such Participant. The amount assigned to each Participant will be the amount represented in the Certification for issuance of Tax Credit Certificates presented to the Tax Division.C. The amount allocated to each Participant on the Tax Credit Certificate issued to such Participant must be either 1. in proportion to the number of Participants in the Owner or2. determined in accordance with any allocation method set forth in an executed Allocation Agreement, which may be without regarding to their sharing of other tax or economic attributes of such entity. The Tax Division shall have no obligation to confirm the amount stated for each Participant in the Allocation Agreement.D. The Tax Division may provide for a process for the redemption of Tax Credits whereby upon the filing of the Certification, the eligible holder thereof may elect to receive a redemption payment in lieu of the issuance of a Tax Credit Certificate(s) or some portion thereof.870 R.I. Code R. 870-RICR-30-00-3.15
Amended effective 12/19/2018