(a) Authorization.--If a qualified taxpayer holds a tax credit through the end of the calendar year in
which the tax credit was granted, the qualified taxpayer may sell or assign a tax
credit, in whole or in part.
(1) To sell or assign a tax credit, a qualified taxpayer must file an application
for the sale or assignment of the tax credit with the Department of Community and
Economic Development. The application must be on a form required by the Department of Community and Economic
(2) To approve an application, the Department of Community and Economic Development
(i) a finding from the department that the applicant has:
(A) filed all required State tax reports and returns for all applicable taxable years;
(B) paid any balance of State tax due as determined by assessment or determination
by the department and not under timely appeal; and
(ii) in the case of a sale or assignment to a company that is not an upstream company
or downstream company, a certification from the qualified taxpayer that the qualified
taxpayer had offered to sell or assign the tax credit:
(A) exclusively to a downstream company for a period of 30 days following approval
of the tax credit under section 1703-G(c); 1 and
(B) to an upstream company or downstream company for a period of 30 days following
expiration of the period under clause (A).
(c) Approval.--Upon approval by the Department of Community and Economic Development, a qualified
taxpayer may sell or assign, in whole or in part, a tax credit.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.