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 PARTNER
2 SHAREHOLDERS, MEMBERS, OR OTHER CONSTITUENT TAXPAYERS IN AN
3 MANNER AGREED TO BY SUCH PERSONS. THE OWNER SHALL CERTIFY T
4 THE DEPARTMENT THE AMOUNT OF CREDIT ALLOCATED TO EAC
5 CONSTITUENT TAXPAYER. EACH CONSTITUENT TAXPAYER SHALL B
6 ALLOWED TO CLAIM SUCH AMOUNT SUBJECT TO ANY RESTRICTIONS SE
7 FORTH IN THIS SECTION.
8 (4) IF AN INSTREAM FLOW INCENTIVE TAX CREDIT APPROVED B
9 THE BOARD EXCEEDS THE INCOME TAX DUE ON THE INCOME OF TH
10 TAXPAYER FOR THE TAXABLE YEAR, THE EXCESS MAY BE CABBIE
11 FORWARD AND SHALL BE CLAIMED ON THE EARLIEST POSSIBL
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 SHAL
14 NOT BE REFUNDED OR CREDITED TO THE TAXPAYER.
15 (5) (a) A TAXPAYER MAY TRANSFER ALL OR A PORTION OF A
16 INSTREAM FLOW INCENTNE TAX CREDIT GRANTED PURSUANT T
17 SUBSECTION (2) OF THIS SECTION TO ANOTHER TAXPAYER FOR SUCH OTHE
18 TAXPAYER, AS TRANSFEREE, TO APPLY AS A CREDIT AGAINST THE TAXE
19 IMPOSED BY THI5 ARTICLE SUBJECT TO THE FOLLOWING LIMITATIONS:
20 (I) THE TRANSFEREE'S ABILITY TO CLAIM A TRANSFERRED CREDI
21 SHALL BE LIMITED BY SUBSECTION (7) OF THIS SECTION.
22 (II) THE TAXPAYER MAY ONLY TRANSFER SUCH PORTION OF
23 CREDIT AS THE TAXPAYER HAS NOT APPLIED AGAINST THE INCOME TAXE
24 IMPOSED BY THIS ARTICLE.
25 (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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DRAFT
10.30.07
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DRAFT