§ 15-4-2013 — Transfer of tax credit

(a) (1) An owner of a tax credit under this subchapter may transfer, sell, or assign some or all of the amount of the tax credit certified under § 15-4-2012 . (2) A subsequent holder of some or all the amount of the tax credit may transfer, sell, or assign some or all of the remaining tax credit. (b) A transferee from an original, approved applicant under this subchapter may use the tax credit under this subchapter only to the extent the tax credit is still available to and has not previously been used by the transferor. (c) If a transferee of a tax credit under this subchapter seeks to use the tax credit, the transferee shall obtain and attach to the transferee's income tax return for the years the tax credit is claimed a certified statement from the transferor stating the: (1) Name and address of the original purchaser and all transferees; (2) Tax identification number of all persons entitled to any portion of the original tax credit; (3) Original date the tax credit was approved; (4) Original amount of the tax credit; (5) Amount of the tax credit that was transferred; and (6) Remaining amount of the tax credit that is available for use by the transferee. (d) The amount of the tax credit received by the transferee may be carried forward in part or in whole for five (5) consecutive taxable years, beginning from the taxable year in which the tax credit originated, to apply against the taxpayer's income taxes due. (e) If any subsequent audits or adjustments are made to a tax credit issued under this subchapter that reduce the amount of the tax credit, then the transferor that originally received the tax credit under this subchapter shall refund the difference between the original amount and the reduced amount to the Department of Finance and Administration. (f) An owner or holder that assigns some or all of a tax credit under this section shall perfect the transfer by notifying the department in writing within thirty (30) calendar days following the effective date of the transfer and shall provide any information the department requires to administer and carry out this subchapter and to ensure proper tracking of the ownership of the unused tax credit.

Legislative History

Added by Act 2021, No. 797,§ 11, eff. 7/28/2021.