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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PURSUANT TO THIS SUBSECTION (5), BOTH THE TAXPAYER AND THE
TRANSFEREE SHALL FILE WRITTEN STATEMENTS WITH THEIR INCOME TAX
RETURNS SPECIFYING THE AMOUNT OF THE CREDIT THAT HAS BEEN
TRANSFERRED. A TRANSFEREE MAY NOT CLAIM A CREDIT TRANSFERRED
PURSUANT TO THIS SUBSECTION (5) UNLESS THE TAXPAYER'S WRITTEN
STATEMENT VERIFIES THE AMOUNT OF THE CREDIT CLAIMED BY THE
TRANSFEREE.
(V) TO THE EXTENT THAT A TRANSFEREE PAID VALUE FOR THE
TRANSFER OF A CREDIT, THE TRANSFEREE SHALL BE DEEMED TO HAVE
USED THE CREDIT TO PAY, IN WHOLE OR IN PART, THE INCOME TAX
OBLIGATION IMPOSED ON THE TRANSFEREE UNDER THIS ARTICLE, AND TO
SUCH EXTENT THE TRANSFEREE'S USE OF A CREDIT FROM A TRANSFEROR
UNDER THIS SECTION TO PAY TAXES OWED SHALL NOT BE DEEMED A
REDUCTION IN THE AMOUNT OF INCOME TAXES IMPOSED BY THIS ARTICLE
15 ON THE TRANSFEREE.
16 (VI) THE TRANSFEREE SHALL SUBMIT TO THE DEPARTMENT A
I7 CREDIT CERTIFICATE THAT CERTIFIES THE AMOUNT OF THE CREDIT
18 TRANSFERRED TO THE TRANSFEREE BY THE TRANSFEROR. THE
19 TRANSFEREE SHALL OBTAIN THE CREDIT CERTIFICATE FROM THE
20 TRANSFEROR WHO WILL HAVE OBTAINED THE CREDIT CERTIFICATE
21 PURSUANT TO PARAGRAPH (b) OF THIS SUBSECTION (5).
22 (VII) A TRANSFEREE OF A CREDIT SHALL PURCHASE THE CREDIT
23 PRIOR TO THE DUE DATE IMPOSED BY THIS ARTICLE, NOT INCLUDING ANY
24 EXTENSIONS, FOR FILING THE TRANSFEREE'S INCOME TAX RETURN.
25 (VIII) A CREDIT HELD BY AN INDIVIDUAL EITHER DIRECTLY OR AS
2b A RESULT OF A DONATION BY APASS-THROUGH ENTITY, BUT NOT A TAX
27 CREDIT HELD BY A TRANSFEREE UNLESS USED BY THE TRANSFEREE'S
DRAFT
10.30.07

-b- DRAFT