The Department of Revenue may require that the person that has earned the credit and the taxpayer that intends to claim the credit jointly file a notice of tax credit transfer with the department on or before the earliest of the following dates:
A date 30 days after the transfer of the credit;
The date on which the transferee files a return; or
The due date, including extensions, of the transferee’s return.
The notice shall be given on a form prescribed by the department that contains:
The name and address of the transferor and of the transferee;
The taxpayer identification number of the transferor and of the transferee;
The dates on which the person earning the credit received certifications for the credit;
The amount of the credit that is certified, the amount that is being transferred and the amount that is being retained by the transferor; and
Any other information required by the department.(4)(a) If a tax credit must be claimed over multiple tax years, a transferor may separately transfer the entirety of that portion corresponding to each tax year to one or more transferees, subject to subsection (5) of this subsection.
Any amount of credit that would be allowed due only to a carryforward provision may not be transferred.
Any transfer of a tax credit or a portion of a tax credit must be completed no later than the earliest of the following dates in relation to the tax return on which it is claimed:
The original due date, including extensions, of the transferor’s return;
The date on which the transferor’s return is actually filed;
The original due date, including extensions, of the transferee’s return; or
The date on which the transferee’s return is actually filed.
Notwithstanding subsection (5) of this section, if the transferor is a tax-exempt entity, the transfer must be completed on or before a date one year after the close of the tax year for which the credit receives final certification. As used in this subsection “tax-exempt entity” means a government agency or an organization that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code.
The transferee shall claim the credit in accordance with the credit provisions for the tax years in which the credit is allowed.
The department by rule may establish policies and procedures for the implementation of this section. [2019 c.483 §2]