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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DRAFT
10.30.07
1 ESTATE FOR TAXES OWED BY THE ESTATE, SHALL SURVIVE THE DEATH OF
2 THE INDIVIDUAL AND MAY BE CLAIMED OR TRANSFERRED BY THE
3 DECEDENT'S ESTATE.
4 (IX) THE DONOR OF A WATER RIGHT FOR WHICH A CREDIT IS
5 CLAIMED OR THE TRANSFEROR OF A CREDIT TRANSFERRED PURSUANT TO
6 THIS SUBSECTION (5) SHALL BE THE TAX MATTERS REPRESENTATIVE IN ALL
7 MATTERS WITH RESPECT TO THE CREDIT. THE TAX MATTERS
8 REPRESENTATNE SHALL BE RESPONSIBLE FOR REPRESENTING AND BINDING
9 THE TRANSFEREES WITH RESPECT TO ALL ISSUES AFFECTING THE CREDIT,
10 INCLUDING, BUT NOT LIMITED TO, 'THE APPRAISAL, NOTIFICATIONS AND
11 CORRESPONDENCE FROM AND WITH THE DEPARTMENT, AUDIT
12 EXAMINATIONS, ASSESSMENTS OR REFUNDS, SETTLEMENT AGREEMENTS,
13 AND THE STATUTE OF LIMITATIONS.. THE TRANSFEREE SHALL BE SUBJECT
• 14 TO THE SAME STATUTE OF LIMITATIONS WITH RESPECT TO THE CREDIT AS
15 THE TRANSFEROR OF THE CREDIT.
16 (X) FINAL RESOLUTION OF DISPUTES REGARDING A CREDIT
17 BETWEEN THE DEPARTMENT AND THE TAX MATTERS REPRESENTATIVE,
18 INCLUDING FINAL DETERMINATIONS, COMPROMISES, PAYMENT OF
19 ADDITIONAL TAXES OR REFUNDS DUE, AND ADMINISTRATNE AND JUDICIAL
20 DECISIONS, SHALL BE BINDING ON TRANSFEREES.
21 (b) IF A TAXPAYER TRANSFERS A CREDIT PURSUANT TO THIS
22 SUBSECTION (S), THE TAXPAYER SHALL OBTAIN CREDIT CERTIFICATES FOR
23 THE TRANSFERRED PORTIONS OF THE CREDIT FROM THE BOARD AND THE
24 TAXPAYER SHALL DISTRIBUTE SUCH CREDIT CERTIFICATES TO THE
25 TRANSFEREE OF THE CREDIT PRIOR TO ANY DUE DATE IMPOSED BY THIS
26 ARTICLE, NOT INCLUDING ANY EXTENSIONS, FOR FILING THE TRANSFEREE'S
27 INCOME TAX RETURN.
-7- DRAFT