Vermont § 5930dd - Claims; availability

§ 5930dd. Claims; availability

• (a) A taxpayer claiming credit under this subchapter shall submit to the Department of
  Taxes with the first return on which a credit is claimed a copy of the State Board’s
  tax credit allocation. (b) A credit under this subchapter shall be available for the first tax year in which
  the qualified project is complete. In the alternative, the State Board may allocate
  the credit available under this subchapter and make an allocation available upon completion
  of any distinct phase of a qualified project. The allocation and distinct phases of
  the qualified project shall be identified in the application package approved by the
  State Board. (c) If within three years after the date of the credit allocation to the applicant no
  claim for tax credit has been filed, the tax credit allocation shall be rescinded,
  unless the project has an approved federal application for a phased (60 month) project
  pursuant to Treasury Regulation § 1.48-12(b)(2)(v), in which case the credit will not be rescinded until five years from the date of
  the credit allocation. (d) Any unused credit under this section may be carried forward for no more than nine
  tax years following the first year for which the tax credit is claimed. (e) In lieu of using a tax credit to reduce its own tax liability, an applicant may request
  the credit in the form of a bank credit certificate that a bank may accept in return
  for cash or may accept for adjusting the rate or term of the applicant’s mortgage
  or loan related to an ownership or leasehold interest in the qualified building. The
  amount of the bank credit certificate shall equal the unused portion of the credit
  allocated under this subchapter, and an applicant requesting a bank credit certificate
  shall provide to the State Board a copy of any returns on which any portion of the
  allocated credit under this section was claimed. A bank that purchases a bank credit
  certificate may use it to reduce its franchise tax liability under section 5836 of this title in the first tax year in which the qualified building is placed back in service after
  completion of the qualified project or in the subsequent nine years. (f) In lieu of using a tax credit to reduce its own tax liability, an applicant may request
  the credit in the form of an insurance credit certificate that an insurance company
  may accept in return for cash and for use in reducing its tax liability under chapter
  211, subchapter 7 of this title in the first tax year in which the qualified building
  is placed back in service after completion of the qualified project or in the subsequent
  nine years. The amount of the insurance credit certificate shall equal the unused
  portion of the credit allocated under this subchapter, and an applicant requesting
  an insurance credit certificate shall provide to the State Board a copy of any returns
  on which any portion of the allocated credit under this section was claimed. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2009, No. 160 (Adj. Sess.), § 30; 2011, No. 45, § 18, eff. May 24, 2011; 2019, No. 71, § 4.)