Section 8703-H - Tax credit certificates(a)Application.--(1) A qualified taxpayer may apply to the department of community and economic development for a tax credit certificate under this section.(2) The application shall be on the form required by the department of community and economic development , shall include a qualified rehabilitation plan, shall state whether the project meets the definition of "Workforce housing project" and, if applicable, shall include the plan for the project to meet the definition of "Workforce housing project."(3) The department of community and economic development shall establish an application processing fee. The fee structure shall be tiered based on the amount of tax credits requested and in no case shall exceed $2,000.(4) The proceeds of the fee under paragraph (3) shall be deposited into the historic rehabilitation tax credit administration account, which is established as a special fund in the state treasury. The money in the account shall be appropriated on a continuing basis to the department of community and economic development and used by the commission and the department of community and economic development to offset the costs of the review of tax credit applications and awarding of tax credit certificates.(5) The department of community and economic development shall begin accepting applications for credit certificates on October 1 and close the initial application period on October 31.(b) Review, recommendation and approval.-- (1) The department of community and economic development shall forward applications received under this section to the commission for review. (2) [Repealed by 2019 Amendment.] (2.1) The commission shall review the proposed rehabilitation plan in each application, verify that the building is a qualified historic structure and by December 1 provide the department of community and economic development a list of eligible projects.(2.2) The department of community and economic development shall allocate the credits and release a list of allocated projects within 15 days. Applicants with approved allocations shall be provided with an award letter.(2.3) Any amount of tax credit certificates up to the annual program limit of $20,000,000 not awarded within the initial application period shall be available on a first-come, first-served basis through a process determined by the department of community and economic development.(3) The commission shall notify the department of community and economic development of verification of a completed project and notify the department of community and economic development of the amount of qualified expenditures incurred by the taxpayer in connection with the completed project.(4) If the department of community and economic development has approved the application and received notification of a completed project, it shall issue the qualified taxpayer a tax credit certificate within 45 days of the receipt of an approved, completed project. A tax credit certificate issued under this section shall not exceed either: (i) Twenty-five percent of qualified expenditures determined by the commission to have been incurred by the qualified taxpayer in connection with the completed project; or(ii) Thirty percent of qualified expenditures determined by the commission to have been incurred by the qualified taxpayer in connection with a workforce housing project.(5) In granting tax credit certificates under this article, the department of community and economic development: (i) Shall not grant more than $20,000,000 in tax credit certificates in any fiscal year exclusive of any tax credit certificates not awarded or returned from previous fiscal years.(ii) Shall not grant more than $500,000 in tax credit certificates to a single qualified taxpayer in any fiscal year.(iii) Shall assure that credits are awarded in an equitable manner to each region in this commonwealth. However, credits allocated to a region that are unclaimed shall be promptly reallocated to eligible projects in other regions. (6) [Repealed by 2019 Amendment.]Amended by P.L. (number not assigned at time of publication) 2024 No. 56,§ 10, eff. 9/9/2024.Amended by P.L. TBD 2019 No. 13, § 13.2, eff. 7/1/2019.Added by P.L. 751 2012 No. 85, § 19, eff. 7/1/2013.