Examination of project. a. An eligible taxpayer shall engage a certified public accountant authorized to practice in this state to conduct an examination of the project in accordance with the American institute of certified public accountants’ statements on standards for attestation engagements. Upon completion of the qualified rehabilitation project, the eligible taxpayer shall submit the examination to the authority, along with a statement of the amount of final qualified rehabilitation expenditures and any other information deemed necessary by the authority in order to verify that all requirements of the agreement, this chapter, and all rules adopted pursuant to this chapter have been satisfied. The authority shall adopt rules governing examinations required under this subsection. b. Notwithstanding paragraph “a”, the authority may waive the examination requirement in this subsection if all the following requirements are satisfied: (1) The final qualified rehabilitation expenditures of the qualified rehabilitation project, as verified by the authority, do not exceed one hundred thousand dollars. (2) The qualified rehabilitation project is funded exclusively by private funding sources. c. Upon review of the examination, if applicable, the authority shall verify that all requirements of the agreement, this chapter, and all rules adopted pursuant to this chapter have been satisfied and shall verify the amount of final qualified rehabilitation expenditures. If the authority determines that all requirements of the agreement, this chapter, and all rules adopted pursuant to this chapter have been satisfied and it has verified the amount of final qualified rehabilitation expenditures, the authority shall issue a tax credit certificate to the eligible taxpayer stating the amount of the credit under section 404A.2 the eligible taxpayer may claim.
Appears in 6 contracts
Samples: Application and Registration Agreement, Application and Registration Agreement, Application and Registration Agreement for Tax Credits
