(1) A qualified community development entity that has issued a qualified investment
shall submit the following to the department within 30 days after each credit allowance
(a) A list of all qualified active low-income community businesses in which a qualified
low-income community investment was made since the last credit allowance date. The list shall also describe the type and amount of investment in each business
and the address of the principal location of each business. The list must be verified by the chief executive officer of the community development
(b) Bank records, wire transfer records, or similar documents that provide evidence
of the qualified low-income community investments made since the last credit allowance
(c) A verified statement by the chief financial or accounting officer of the community
development entity that no redemption or principal repayment was made with respect
to the qualified investment since the previous credit allowance date.
(d) Information relating to the recapture of the federal new markets tax credit since
the last credit allowance date.
(2) The department shall certify in writing to the qualified community development
entity and to the Department of Revenue the amount of the tax credit authorized for
each taxpayer eligible to claim the tax credit in the tax year containing the last
credit allowance date.
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