OAR 330-230-0140
Pass-Through Process
(1)
An applicant planning to transfer the tax credit must select the pass-through option on the final certification application.(2)
If a pass-through partner has not been identified at the time of the preliminary certification application, the applicant must note “partner to be identified” and submit additional information when the pass-through partner is identified.(3)
If an applicant chooses to transfer the tax credit, the application for final certification must include a complete, signed pass-through partner agreement form.(4)
When an applicant chooses to transfer a tax credit, the department may hold the application for final certification until pass-through partner information is received by the department. Any application in which the applicant has indicated a choice to transfer the tax credit is not a “completed application” until the department receives the completed final certification application form, the appropriate fee and the completed pass-through partner agreement form for the tax credit, or portion of the tax credit, being transferred to that pass-through partner.(5)
If the tax credit is being transferred to more than one pass-through partner, the certification period for each partner will begin during the tax year the partner pays for the credit.(6)
The department will not issue a tax credit certificate to a pass-through partner until the appropriate criteria, conditions and requirements of the preliminary certification and these rules are satisfied.(7)
For purposes of administering the sunset of the program, the department may issue a tax credit to an applicant, even though the applicant previously indicated a choice to transfer the tax credit to a pass-through partner, if the department has not received a completed application that includes the signed pass-through partner agreement form at least 60 calendar days prior to the sunset date for the program. A tax credit will be issued to an applicant if the applicant and the project meet all applicable requirements and the only reason the application for final certification is incomplete is because the pass-through partner agreement form is not complete.(8)
The department will issue a tax credit certificate to the pass-through partner when the applicant confirms receipt of a payment equal to the present value of the tax credit and the applicant relinquishes any claim to the credit.
Source:
Rule 330-230-0140 — Pass-Through Process, https://secure.sos.state.or.us/oard/view.action?ruleNumber=330-230-0140.