(b) A taxpayer allowed a credit pursuant to this article must enter
into a transfer contract with the transferee. The transfer contract must
specify
(i) the building identification numbers for all buildings in the
project;
(ii) the date each building was placed into service;
(iii) the fifteen year compliance period for the project;
(iv) the schedule of years for which the transfer credit may be
claimed and the amount of credit previously claimed;
(v) the amount of consideration received by the taxpayer for the
transfer credit; and
(vi) the amount of credit being transferred.
(c) No transfer shall be effective unless the taxpayer allowed a
credit pursuant to this article and seeking to transfer the credit files
a transfer statement with the commissioner prior to the transfer and the
commissioner approves such transfer. The transfer statement shall
provide the name and federal identification numbers of the filing
transferor and the taxpayer to whom the filing transferor transferred
the credit, and the amount of credit transferred to each such person or
entity. A copy of the transfer contract shall be attached to the
transfer statement. The statement shall also contain such other
information as the commissioner may require. After reviewing the
transfer contract and the transfer statement, the commissioner shall
approve or deny the transfer as provided in this subdivision. If the
commissioner approves the transfer, the commissioner shall issue an
approval statement that provides the name of the transferor and
transferee, the amount of credit being transferred and such other
information as the commissioner and the commissioner of taxation and
finance deem necessary. A copy of the commissioner's approval statement
must be attached to the transferee's tax return. If the commissioner
denies the transfer, the commissioner shall provide the taxpayer a
written determination for such denial. The commissioner, in consultation
with the commissioner of taxation and finance, may establish such other
procedures and standards deemed necessary for the transferability of the
low-income housing credit.
(d) The commissioner shall forward copies of all transfer statements
and attachments thereto and approval statements to the department of
taxation and finance within thirty days after the transfer is approved
by the commissioner.
Structure New York Laws