22d ‎(2)‎

• Board Meeting Date: 11/18/2007
• Description: CF Section – Proposed Statute Revisions/Legislation within the 2008 Projects Bill - Funding for Instream Flow Water Right Acquisitions
• Board Meetings - Doc Type: Memo

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1 OWNER ' MAY ALLOCATE THE CREDIT AMONG ITS PARTNERS,
2 SHAREHOLDERS, MEMBERS, OR OTHER CONSTITUENT TAXPAYERS IN ANY
3 MANNER AGREED TO BY SUCH PERSONS. THE OWNER SHALL CERTIFY TO
4 THE DEPARTMENT THE AMOUNT OF CREDIT ALLOCATED TO EACH
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5 CONSTITUENT TAXPAYER. EACH CONSTITUENT TAXPAYER SHALL BE
6 ALLOWED TO CLAIM SUCH AMOUNT SUBJECT TO ANY RESTRICTIONS SET
7 FORTH IN THIS SECTION.
8 (4) IF AN INSTREAM FLOW' INCENTIVE TAX CREDIT APPROVED BY
9 THE BOARD EXCEEDS THE INCOME TAX DUE ON THE INCOME OF THE
10 TAXPAYER FOR THE TAXABLE YEAR, THE EXCESS MAY BE CARRIED
11 FORWARD AND SHALL BE CLAIMED ON THE EARLIEST POSSIBLE
12 SUBSEQUENT TAX RETURN FOR A PERIOD NOT TO EXCEED FIVE YEARS.
13 ANY AMOUNT OF THE CREDIT THAT IS NOT USED AFTER SAID PERIOD SHALL
• 14 NOT BE REFUNDED OR CREDITED TO THE TAXPAYER.
15 (5) (a) A TAXPAYER MAY' TRANSFER ALL OR A PORTION OF AN
16 INSTREAM FLOW INCENTNE TAX CREDIT GRANTED PURSUANT TO
17 SUBSECTION (2) OF THIS SECTION TO ANOTHER TAXPAYER FOR SUCH OTHER
18 TAXPAYER, AS TRANSFEREE, TO APPLY AS A CREDIT AGAINST THE TAXES
19 IMPOSED BY THIS ARTICLE SUBJECT TO THE FOLLOWING LIMITATIONS:
20 (I) THE TRANSFEREE'S ABILITY TO CLAIM A TRANSFERRED CREDIT
21 SHALL BE' LIMITED BY SUBSECTION (7) OF THIS SECTION.
22 (II) THE TAXPAYER MAY ONLY TRANSFER SUCH PORTION OF A
23 CREDIT A$ THE TAXPAYER HAS NOT APPLIED AGAINST THE INCOME TAXES
24 IMPOSED $Y THIS ARTICLE.
ZS (III) THE TAXPAYER MAY TRANSFER APRO-RATED PORTION OF THE
26 CREDIT TO MORE THAN ONE TRANSFEREE.
• 27 (IV) FOR ANY TAX YEAR IN WHICH A CREDIT IS TRANSFERRED
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