Section 10-320j-6 - Reservation of tax credits(a) In order to obtain a tax credit reservation, the owner of an historic property shall (1) secure approval of a Part 2 application under section 10-320j-5 and (2) submit with the Part 2 application a budget indicating estimated (A) total qualified rehabilitation and (B) itemized costs associated with major aspects of the proposed rehabilitation work.(b) If prior to approval by the officer of the Part 2 application, changes are made to the proposed rehabilitation work, the owner shall amend the budget required under subsection (a) of this section.(c) The officer shall reserve tax credits as provided for under public act 99-173 section 36(b) on the date the officer approves the Part 2 application. The officer shall reserve tax credits based on the total qualified rehabilitation expenditures indicated in subsection (a) of this section. Reservation of tax credits shall be subject to availability in any fiscal year.(d) Tax credit reservations shall be valid for sixty months after the date of reservation.(e) If in the same state fiscal year that the tax credit is reserved the owner notifies the officer in writing that the rehabilitation project has been canceled, or the Part II application is withdrawn by the owner, the tax credit reservation shall be canceled and the tax credit may be reallocated by the officer in the same state fiscal year.(f) In any state fiscal year, if, at the time of receipt of the Part 2 application, the tax credits allowable under public act 99-173 section 37(d) have been exhausted, the officer shall notify the owner in writing and place the application on a waiting list. No certification action shall be taken by the officer, but the officer shall provide the owner with an advisory review of the application.(g) If prior to approval of the Part 2 application, the officer determines that there is an insufficiency of tax credits to reserve equal to thirty percent of the qualified rehabilitation expenditures indicated under subsection (a) of this section, the officer shall notify the owner in writing. The owner shall have the option to (1) revise the proposed rehabilitation work and the budget required under subsection (a) of this section or (2) request that the Part 2 application be placed on a waiting list. The owner shall have thirty calendar days after the date of notification by the officer to respond in writing. If the owner fails to respond, the officer shall return the Part 2 application to the owner. The owner shall have the right to reapply. No certification action shall be taken by the officer for an application placed on a waiting list, but the officer shall provide the owner with an advisory review of the application.(h) Part 2 applications placed on a waiting list shall be reviewed in order of receipt when tax credits become available. The officer shall notify the owner in writing of the availability of tax credits. The owner shall have thirty calendar days after the date of notification by the officer to request in writing that the officer initiate application review and the owner shall indicate any changes in proposed rehabilitation work or budget.Conn. Agencies Regs. § 10-320j-6
Adopted effective February 7, 2000