Section 528.85 Transfer of Tax Credit

TITLE 14: COMMERCE

CHAPTER I: DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY

PART 528 ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM

SECTION 528.85 TRANSFER OF TAX CREDIT

Section 528.85  Transfer of Tax Credit

a)

A

transfer of the credit may be made by the applicant earning the credit within

one year after the credit is awarded in accordance with rules adopted by the

Department of Commerce and Economic Opportunity.

b)         For

purposes of this provision, a tax credit is earned on the date that the tax credit

certificate is issued under Section 528.70.

c)         Tax credits

earned by an applicant in a taxable year ending prior to July 11, 2005 may not

be transferred.

d)         For

purposes of this Section, a tax credit earned by a partnership or subchapter S

corporation shall be treated as having been earned by its partners in the

amounts determined under 86 Ill. Adm. Code 100.2185(c).

e)         Transfer

of a tax credit shall be made as follows:

1)         The applicant

earning the credit shall request the transfer from the Department, in writing,

identifying the transferees (name, tax identification number, mailing address)

and the amount to be transferred to each transferee, and the applicant shall

return the tax credit certificate to the Department, together with its transfer

request.  The applicant is allowed to transfer or allocate a single credit to

no more than 10 transferees.

2)         A

request for transfer may be submitted with the applicant's request for the tax credit

certificate under Section 528.70.  The Department may issue the requested

certificates of transfer in lieu of the tax credit certificate.

3)         If

the transfer request is made within one year of issuance and meets the

requirements of this Section, the Department shall issue a certificate of transfer

to each transferee, identifying the original tax credit certificate and stating

the amount of the credit transferred

28.70.  The Department may issue the requested

certificates of transfer in lieu of the tax credit certificate.

3)         If

the transfer request is made within one year of issuance and meets the

requirements of this Section, the Department shall issue a certificate of transfer

to each transferee, identifying the original tax credit certificate and stating

the amount of the credit transferred.

4)         If

the applicant earning the credit transfers less than the full amount of the credit,

the Department shall issue a certificate of transfer to the applicant

identifying the original tax credit certificate and stating the amount of tax credit

retained by the applicant.

5)         If

the person transferring the credit is a partner or shareholder in a partnership

or subchapter S corporation that earned the credit, that person shall submit to

the Department, either the original tax credit certificate or copies of the tax

credit certificates and copies of the Schedule K-1-P received by that person

from the partnership or subchapter S corporation stating that person's share of

the credit.