Alabama 2022 Regular Session

Alabama House Bill HB297 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		1 HB297
2		-	2 ~~219393-3~~
	2	+	2 216949-1
3	3		3 By Representative Scott
4	4		4 RFD: Ways and Means Education
5	5		5 First Read: 08-FEB-22
6	6
7		-	Page 0 HB297
8		-	1
9		-	2 ENROLLED, An Act,
10		-	3 Relating to the Railroad Modernization Act of 2019;
11		-	4 to amend Sections 37-11C-2, 37-11C-3, 37-11C-5 and 37-11C-6,
12		-	5 Code of Alabama 1975, and Section 37-11C-4, as last amended by
13		-	6 Act 2021-177, 2021 Regular Session, Code of Alabama 1795, to
14		-	7 change the administering agency for the tax credit program
15		-	8 from the Department of Commerce to the Department of Revenue;
16		-	9 to increase the annual cap on income tax credits; and to
17		-	10 extend the sunset date for five years through tax year 2027.
18		-	11 BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
19		-	12 Section 1. Sections 37-11C-2, 37-11C-3, 37-11C-5 and
20		-	13 37-11C-6, Code of Alabama 1975, and Section 37-11C-4 as last
21		-	14 amended by Act 2021-177, 2021 Regular Session, Code of Alabama
22		-	15 1795, are amended to read as follows:
23		-	16 "§37-11C-2.
24		-	17 "As used in this chapter, the following words shall
25		-	18 have the following meanings:
26		-	19 "(1) CLASS II RAILROAD. A carrier classified as a
27		-	20 Class II railroad pursuant to 49 CFR § 1201, or other rule
28		-	21 adopted by the United States Surface Transportation Board.
29		-	22 "(2) CLASS III RAILROAD. A carrier classified as a
30		-	23 Class III railroad pursuant to 49 CFR § 1201, or other rule
31		-	24 adopted by the United States Surface Transportation Board.
32		-	Page 1 HB297
33		-	1 "(3) DEPARTMENT. The Alabama Department of Commerce
34		-	2 Revenue.
35		-	3 "(4) ELIGIBLE TAXPAYER. A railroad that owns or
36		-	4 leases railroad infrastructure in Alabama and is classified by
37		-	5 the United States Surface Transportation Board as a Class II
38		-	6 or Class III railroad.
39		-	7 "(5) ELIGIBLE TRANSFEREE. A taxpayer who is
40		-	8 transferred a tax credit allowed by this chapter by an
41		-	9 eligible taxpayer.
42		-	10 "(6) QUALIFIED RAILROAD REHABILITATION EXPENDITURES.
43		-	11 Expenditures within the taxable year for maintenance,
44		-	12 deductible maintenance of way expenses, reconstruction, or
45		-	13 replacement of railroad infrastructure within the state that
46		-	14 is owned or leased by an eligible taxpayer. The term includes
47		-	15 new construction of industrial leads, switches, spurs,
48		-	16 sidings, and extensions of existing sidings by an eligible
49		-	17 taxpayer. The term does not include expenditures for which an
50		-	18 income tax deduction has been claimed.
51		-	19 "(7) RAILROAD INFRASTRUCTURE. Includes, but is not
52		-	20 limited to, the track, roadbed, bridges, signaling systems and
53		-	21 train control, industrial leads, and track-related structures
54		-	22 owned or leased by an eligible taxpayer.
55		-	23 "(8) REHABILITATION PLAN. Detailed construction
56		-	24 plans and specifications for the proposed rehabilitation of
57		-	25 railroad infrastructure under this chapter.
58		-	Page 2 HB297
59		-	1 "§37-11C-3.
60		-	2 "(a) By December 1, 2019, the Department of Commerce
61		-	3 shall develop standards for the approval of qualified railroad
62		-	4 rehabilitation expenditures for which a tax credit is being
63		-	5 sought. The standards shall consider the availability of
64		-	6 additional public or private funding for the project, the
65		-	7 expected completion time of the project, and the anticipated
66		-	8 impact of the project on usage of the railroad infrastructure.
67		-	9 "(b) By December 1, 2022, the department shall
68		-	10 develop standards for the approval of qualified railroad
69		-	11 rehabilitation expenditures for which a tax credit is being
70		-	12 sought. The standards shall consider the availability of
71		-	13 additional public or private funding for the project, the
72		-	14 expected completion time of the project, and the anticipated
73		-	15 impact of the project on usage of the railroad infrastructure.
74		-	16 "(b) (c) Prior to beginning any qualified railroad
75		-	17 rehabilitation work, the eligible taxpayer shall submit an
76		-	18 application and rehabilitation plan to the department and an
77		-	19 estimate of the qualified railroad rehabilitation expenditures
78		-	20 under the rehabilitation plan; provided, however, the eligible
79		-	21 taxpayer, at its own risk, may incur qualified railroad
80		-	22 rehabilitation expenditures no earlier than six months prior
81		-	23 to the submission of the application and rehabilitation plan.
82		-	24 "(c) (d) The department shall review the application
83		-	25 and rehabilitation plan to determine if the information
84		-	Page 3 HB297
85		-	1 contained therein is complete. If the department determines
86		-	2 that the application and rehabilitation plan are complete, the
87		-	3 department shall reserve, for the benefit of the eligible
88		-	4 taxpayer, an allocation for a tax credit as provided in this
89		-	5 chapter and shall notify the eligible taxpayer in writing of
90		-	6 the amount of the reservation. The reservation of tax credits
91		-	7 does not entitle the taxpayer to an issuance of tax credits
92		-	8 until the owner complies with all other requirements of this
93		-	9 chapter for the issuance of the tax credits. Reservations of
94		-	10 tax credits shall be issued by the department within a
95		-	11 reasonable time from the filing of a completed application and
96		-	12 rehabilitation plan. Any application disapproved by the
97		-	13 department shall be removed from the review process, and the
98		-	14 department shall notify the taxpayer in writing of the
99		-	15 decision to remove the application. A disapproved application
100		-	16 may be resubmitted, but shall be deemed to be a new submission
101		-	17 and may be charged a new application fee. In the event the
102		-	18 reservations of tax credits equal the total amount available
103		-	19 for reservations during the tax year, all eligible taxpayers
104		-	20 with applications then awaiting approval or thereafter
105		-	21 submitted shall be notified by the department that no
106		-	22 additional tax credits shall be granted during that tax year.
107		-	23 The applications shall remain in active status from the date
108		-	24 of the original application and shall be considered for
109		-	25 recommendations of tax credits in the event that additional
110		-	Page 4 HB297
111		-	1 credits become available due to rescission by the department
112		-	2 or when a new tax year's allocation of tax credits becomes
113		-	3 available.
114		-	4 "(d) (e) Following the completion of a qualified
115		-	5 railroad rehabilitation project, the eligible taxpayer shall
116		-	6 notify the department that the rehabilitation has been
117		-	7 completed and shall certify the qualified railroad
118		-	8 rehabilitation expenditures incurred with respect to the
119		-	9 rehabilitation plan. Within 90 days after receipt and approval
120		-	10 of the foregoing documentation from the eligible taxpayer, the
121		-	11 department shall issue a tax credit certificate in an amount
122		-	12 equivalent to the amount of the qualified railroad
123		-	13 rehabilitation expenditures incurred with respect to the
124		-	14 rehabilitation plan as certified by the taxpayer, not to
125		-	15 exceed the amount of the tax credit reservation issued for the
126		-	16 project.
127		-	17 "(e) (f) In order to obtain a credit against any
128		-	18 state income tax due that is specified in this chapter, an
129		-	19 eligible taxpayer shall file the tax credit certificate with
130		-	20 An eligible taxpayer that has been awarded the tax credit
131		-	21 certificate may claim the credit against any state income tax
132		-	22 due that is specified in this chapter against the taxpayer's
133		-	23 Alabama state tax return. The tax credit certificate shall
134		-	24 satisfy all requirements of the Department of Revenue
135		-	25 pertaining to the eligibility of the person claiming the
136		-	Page 5 HB297
137		-	1 credit. All information submitted to the Department of Revenue
138		-	2 by taxpayers claiming or seeking certification of a credit
139		-	3 shall be subject to the confidentiality provisions of Section
140		-	4 40-2A-10.
141		-	5 "(f) (g) For processing the taxpayer's application
142		-	6 for a tax credit, the department may impose an application fee
143		-	7 equal to one percent of the qualified rehabilitation
144		-	8 expenditures, not to exceed a fee equal to ten thousand
145		-	9 dollars ($10,000). Any fees collected by the department under
146		-	10 this subsection shall be deposited in the State Treasury to
147		-	11 the credit of the department and all such funds are to be
148		-	12 appropriated to the department to defray the expenses incurred
149		-	13 in carrying out this chapter.
150		-	14 "(g) (h) The department shall report to the
151		-	15 Legislature in the third year following passage of this
152		-	16 chapter, and annually thereafter, on the overall economic
153		-	17 activity, usage, and impact to the state from the
154		-	18 rehabilitation of railroad infrastructure for which tax
155		-	19 credits have been allowed. The information in the reports
156		-	20 shall be consistent with the information required by the
157		-	21 Legislature pursuant to, and shall be provided by the
158		-	22 department to the Legislature in accordance with Section
159		-	23 40-1-50, and rules adopted thereunder. Information provided
160		-	24 pursuant to this section is exempt from the confidentiality
161		-	25 provisions of Section 40-2A-10.
162		-	Page 6 HB297
163		-	1 "§37-11C-4.
164		-	2 "(a) For tax years beginning after December 31,
165		-	3 2019, through December 31, 2022, there is a credit allowed
166		-	4 against the state income tax levied by Section 40-18-2 equal
167		-	5 to 50 percent of an eligible taxpayer's qualified railroad
168		-	6 rehabilitation expenditures. The tax credit allowed under this
169		-	7 section may not exceed three thousand five hundred dollars
170		-	8 ($3,500) multiplied by the number of miles of railroad track
171		-	9 owned or leased within the state by the eligible taxpayer at
172		-	10 the close of the taxable year.
173		-	11 "(b) For tax years beginning after December 31,
174		-	12 2022, through December 31, 2027, there is a credit allowed
175		-	13 against the state income tax levied by Section 40-18-2 equal
176		-	14 to 50 percent of an eligible taxpayer's qualified railroad
177		-	15 rehabilitation expenditures. The tax credit allowed under this
178		-	16 section may not exceed four thousand one dollars ($4,100)
179		-	17 multiplied by the number of miles of railroad track owned or
180		-	18 leased within the state by the eligible taxpayer at the close
181		-	19 of the taxable year.
182		-	20 "(b) (c) There is created within the Education Trust
183		-	21 Fund a separate account named the Railroad Rehabilitation
184		-	22 Income Tax Credit Account. The Commissioner of Revenue shall
185		-	23 certify to the state Comptroller the amount of income tax
186		-	24 credits under this section and the state Comptroller shall
187		-	25 transfer into the Railroad Rehabilitation Income Tax Credit
188		-	Page 7 HB297
189		-	1 Account only the amount from sales tax revenues within the
190		-	2 Education Trust Fund that is sufficient for the Department of
191		-	3 Revenue to use to cover the income tax credits for the
192		-	4 applicable tax year. The Commissioner of Revenue shall
193		-	5 distribute the funds in the Railroad Rehabilitation Income Tax
194		-	6 Credit Account pursuant to this section.
195		-	7 "(c) (d) The entire tax credit may be claimed by the
196		-	8 taxpayer in the taxable year in which the qualified railroad
197		-	9 rehabilitation expenditures are completed and placed into
198		-	10 service. Where the taxes owed by the eligible taxpayer are
199		-	11 less than the tax credit, the eligible taxpayer may be
200		-	12 entitled to claim a refund for the difference.
201		-	13 "(d) (e) For the calendar years 2020, 2021, and
202		-	14 2022, the aggregate amount of all tax credits that may be
203		-	15 reserved in any one of such years by the department upon
204		-	16 certification of rehabilitation plans shall not exceed three
205		-	17 million seven hundred thousand dollars ($3,700,000) plus any
206		-	18 amount of previous reservations of tax credits that were
207		-	19 rescinded during the tax year. However, if all of the
208		-	20 allowable tax credit amount for any tax year is not requested
209		-	21 and reserved, any unreserved tax credits may be utilized by
210		-	22 the department in awarding tax credits in subsequent years;
211		-	23 provided, however, that in no event shall a total of more than
212		-	24 eleven million one hundred thousand dollars ($11,100,000) be
213		-	25 reserved by the department during the period of August 1, 2019
214		-	Page 8 HB297
215		-	1 through August 1, 2022. For purposes of this chapter, "tax
216		-	2 year" shall mean the calendar year.
217		-	3 "(f) For the calendar years 2023 through 2027, the
218		-	4 aggregate amount of all tax credits that may be reserved in
219		-	5 any one of such years by the department upon certification of
220		-	6 rehabilitation plans shall not exceed four million five
221		-	7 hundred thousand dollars ($4,500,000) plus any amount of
222		-	8 previous reservations of tax credits that were rescinded
223		-	9 during the tax year. However, if all of the allowable tax
224		-	10 credit amount for any tax year is not requested and reserved,
225		-	11 any unreserved tax credits may be utilized by the department
226		-	12 in awarding tax credits in subsequent years; provided,
227		-	13 however, that in no event shall a total of more than
228		-	14 twenty-two million five hundred thousand dollars ($22,500,000)
229		-	15 be reserved by the department during the period of August 1,
230		-	16 2022, through August 1, 2027. For the purposes of this chapter
231		-	17 "tax year" shall mean the calendar year.
232		-	18 "(e) (g) Tax credits granted to a partnership, a
233		-	19 limited liability company, S Corporations, trusts, or estates
234		-	20 shall be claimed at the entity level and shall not pass
235		-	21 through to the partners, members, or owners.
236		-	22 "(f) (h) All or any portion of the income tax credit
237		-	23 authorized under this section may be transferable and
238		-	24 assignable by written transfer agreement and subject to any
239		-	25 notice and verification requirements to be determined by the
240		-	Page 9 HB297
241		-	1 Department of Revenue. Any tax credits transferred shall be at
242		-	2 a value of at least eighty-five percent (85%) of the present
243		-	3 value of the credits. However, once a credit is transferred,
244		-	4 only the transferee may utilize the credit and the credit may
245		-	5 not be transferred again. An eligible transferee of the credit
246		-	6 may use the amount of credits transferred to offset any income
247		-	7 tax due under Chapter 18 of Title 40. The Department of
248		-	8 Revenue department, by rule, shall adopt a written transfer
249		-	9 agreement form. The transfer statement form shall include the
250		-	10 name and federal taxpayer identification number of the
251		-	11 transferor and each transferee listed therein along with the
252		-	12 amount of the tax credit to be transferred to each transferee
253		-	13 listed on the form. The transfer statement form shall also
254		-	14 contain such other information as the Department of Revenue
255		-	15 department may from time to time reasonably require. For each
256		-	16 transfer, the transferor shall file with the department: (1) a
257		-	17 completed transfer statement form; (2) a copy of the tax
258		-	18 credit certificate issued by the Department of Commerce
259		-	19 documenting the amount of tax credits which the transferor
260		-	20 intends to transfer; (3) (2) a copy of the proposed executed
261		-	21 written transfer agreement; and (4) (3) a transfer fee payable
262		-	22 to the department in the amount of one thousand dollars
263		-	23 ($1,000) per transferee listed on the transfer statement form.
264		-	24 The transferor shall file with the Department of Revenue a
265		-	25 fully executed copy of the written transfer agreement with
266		-	Page 10 HB297
267		-	1 each transferee within 30 days after the completed transfer.
268		-	2 Filing of the written transfer agreement with the Department
269		-	3 of Revenue shall perfect such transfer with respect to such
270		-	4 transferee. Within 30 days after the Department of Revenue's
271		-	5 department's receipt of the fully executed written transfer
272		-	6 agreement, the Department of Revenue department shall issue a
273		-	7 tax credit certificate to each transferee listed in the
274		-	8 agreement in the amount of the tax credit so transferred. Such
275		-	9 certificate shall be used by the transferee in claiming the
276		-	10 tax credit. The Department of Revenue department may adopt
277		-	11 such additional rules as are necessary to permit verification
278		-	12 of the ownership of the tax credits but shall not adopt any
279		-	13 rules which unduly restrict or hinder the transfer of the tax
280		-	14 credits.
281		-	15 "§37-11C-5.
282		-	16 "(a) By October 1, 2019, the Department of Commerce
283		-	17 shall adopt any and all rules necessary to implement this
284		-	18 chapter. Applications for the reservation of tax credits shall
285		-	19 be accepted beginning November 1, 2019.
286		-	20 "(b) By October 1, 2022, the Department of Revenue
287		-	21 shall adopt any and all rules necessary to implement this
288		-	22 chapter. Applications for the reservation of tax credits shall
289		-	23 be accepted beginning November 1, 2022.
290		-	24 "§37-11C-6.
291		-	Page 11 HB297
292		-	1 The tax credit allowed under this chapter shall be
293		-	2 effective for the 2020 tax year and shall continue through the
294		-	3 2022 2027 tax year, unless extended by act of the Legislature.
295		-	4 Section 2. This act shall become effective on the
296		-	5 first day of the third month following its passage and
297		-	6 approval by the Governor, or its otherwise becoming law.
298		-	Page 12 HB297
299		-	1
	7	+	Page 0 1 216949-1:n:02/02/2022:KF/cmg LSA2022-041F
300	8		2
301	9		3
302	10		4
303		-	Speaker of the House of Representatives
304		-
305	11		5
306		-	6 President and Presiding Officer of the Senate
307		-	House of Representatives7
308		-	I hereby certify that the within Act originated in8
309		-	9 and was passed by the House 01-MAR-22.
310		-	10
311		-	11 Jeff Woodard
312		-	12 Clerk
313		-	13
314		-	14
315		-	Senate15 31-MAR-22 Amended and Passed
316		-	House16 05-APR-22
317		-	Concurred in Sen-
318		-	ate Amendment
319		-	17
320		-	Page 13
	12	+	6
	13	+	7
	14	+	8 SYNOPSIS: This bill would amend the Railroad
	15	+	9 Modernization Act of 2019 to increase the annual
	16	+	10 cap on income tax credits and extend the sunset
	17	+	11 date for five years through tax year 2027.
	18	+	12
	19	+	13 A BILL
	20	+	14 TO BE ENTITLED
	21	+	15 AN ACT
	22	+	16
	23	+	17 Relating to the Railroad Modernization Act of 2019;
	24	+	18 to amend Sections 37-11C-4 and 37-11C-6, Code of Alabama 1975,
	25	+	19 to increase the annual cap on income tax credits and extend
	26	+	20 the sunset date for five years through tax year 2027.
	27	+	21 BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
	28	+	22 Section 1. Sections 37-11C-4 and 37-11C-6, Code of
	29	+	23 Alabama 1975, are amended to read as follows:
	30	+	24 "§37-11C-4.
	31	+	25 "(a) For tax years beginning after December 31, 2019
	32	+	26 through December 31, 2022, there is a credit allowed against
	33	+	27 the state income tax levied by Section 40-18-2 equal to 50
	34	+	Page 1 1 percent of an eligible taxpayer's qualified railroad
	35	+	2 rehabilitation expenditures. The tax credit allowed under this
	36	+	3 section may not exceed three thousand five hundred dollars
	37	+	4 ($3,500) multiplied by the number of miles of railroad track
	38	+	5 owned or leased within the state by the eligible taxpayer at
	39	+	6 the close of the taxable year.
	40	+	7 (b) For tax years beginning after December 31, 2022
	41	+	8 through December 31, 2027, there is a credit allowed against
	42	+	9 the state income tax levied by Section 40-18-2 equal to 50
	43	+	10 percent of an eligible taxpayer's qualified railroad
	44	+	11 rehabilitation expenditures. The tax credit allowed under this
	45	+	12 section may not exceed five thousand dollars ($5,000)
	46	+	13 multiplied by the number of miles of railroad track owned or
	47	+	14 leased within the state by the eligible taxpayer at the close
	48	+	15 of the taxable year.
	49	+	16 "(b) (c) There is created within the Education Trust
	50	+	17 Fund a separate account named the Railroad Rehabilitation
	51	+	18 Income Tax Credit Account. The Commissioner of Revenue shall
	52	+	19 certify to the state Comptroller the amount of income tax
	53	+	20 credits under this section and the state Comptroller shall
	54	+	21 transfer into the Railroad Rehabilitation Income Tax Credit
	55	+	22 Account only the amount from sales tax revenues within the
	56	+	23 Education Trust Fund that is sufficient for the Department of
	57	+	24 Revenue to use to cover the income tax credits for the
	58	+	25 applicable tax year. The Commissioner of Revenue shall
	59	+	26 distribute the funds in the Railroad Rehabilitation Income Tax
	60	+	27 Credit Account pursuant to this section.
	61	+	Page 2 1 "(c) (d) The entire tax credit may be claimed by the
	62	+	2 taxpayer in the taxable year in which the qualified railroad
	63	+	3 rehabilitation expenditures are completed and placed into
	64	+	4 service. Where the taxes owed by the eligible taxpayer are
	65	+	5 less than the tax credit, the eligible taxpayer may be
	66	+	6 entitled to claim a refund for the difference.
	67	+	7 "(d) (e) For the calendar years 2020, 2021, and
	68	+	8 2022, the aggregate amount of all tax credits that may be
	69	+	9 reserved in any one of such years by the department upon
	70	+	10 certification of rehabilitation plans shall not exceed three
	71	+	11 million seven hundred thousand dollars ($3,700,000) plus any
	72	+	12 amount of previous reservations of tax credits that were
	73	+	13 rescinded during the tax year. However, if all of the
	74	+	14 allowable tax credit amount for any tax year is not requested
	75	+	15 and reserved, any unreserved tax credits may be utilized by
	76	+	16 the department in awarding tax credits in subsequent years;
	77	+	17 provided, however, that in no event shall a total of more than
	78	+	18 eleven million one hundred thousand dollars ($11,100,000) be
	79	+	19 reserved by the department during the period of August 1, 2019
	80	+	20 through August 1, 2022. For purposes of this chapter, "tax
	81	+	21 year" shall mean the calendar year.
	82	+	22 "(f) For the calendar years 2023, through 2027 the
	83	+	23 aggregate amount of all tax credits that may be reserved in
	84	+	24 any one of such years by the department upon certification of
	85	+	25 rehabilitation plans shall not exceed five million five
	86	+	26 hundred thousand dollars ($5,500,000) plus any amount of
	87	+	27 previous reservations of tax credits that were rescinded
	88	+	Page 3 1 during the tax year. However, if all of the allowable tax
	89	+	2 credit amount for any tax year is not requested and reserved,
	90	+	3 any unreserved tax credits may be utilized by the department
	91	+	4 in awarding tax credits in subsequent years; provided,
	92	+	5 however, that in no event shall a total of more than
	93	+	6 twenty-seven million five hundred thousand dollars
	94	+	7 ($27,500,000) be reserved by the department during the period
	95	+	8 of August 1, 2022 through August 1, 2027.
	96	+	9 "(e) (g) Tax credits granted to a partnership, a
	97	+	10 limited liability company, S Corporations, trusts, or estates
	98	+	11 shall be claimed at the entity level and shall not pass
	99	+	12 through to the partners, members, or owners.
	100	+	13 "(f) (h) All or any portion of the income tax credit
	101	+	14 authorized under this section may be transferable and
	102	+	15 assignable by written transfer agreement and subject to any
	103	+	16 notice and verification requirements to be determined by the
	104	+	17 Department of Revenue. Any tax credits transferred shall be at
	105	+	18 a value of at least eighty-five percent (85%) of the present
	106	+	19 value of the credits. However, once a credit is transferred,
	107	+	20 only the transferee may utilize the credit and the credit may
	108	+	21 not be transferred again. An eligible transferee of the credit
	109	+	22 may use the amount of credits transferred to offset any income
	110	+	23 tax due under Chapter 18 of Title 40. The Department of
	111	+	24 Revenue, by rule, shall adopt a written transfer agreement
	112	+	25 form. The transfer statement form shall include the name and
	113	+	26 federal taxpayer identification number of the transferor and
	114	+	27 each transferee listed therein along with the amount of the
	115	+	Page 4 1 tax credit to be transferred to each transferee listed on the
	116	+	2 form. The transfer statement form shall also contain such
	117	+	3 other information as the Department of Revenue may from time
	118	+	4 to time reasonably require. For each transfer, the transferor
	119	+	5 shall file: (1) a completed transfer statement form; (2) a
	120	+	6 copy of the tax credit certificate issued by the Department of
	121	+	7 Commerce documenting the amount of tax credits which the
	122	+	8 transferor intends to transfer; (3) a copy of the proposed
	123	+	9 written transfer agreement; and (4) a transfer fee payable to
	124	+	10 the department in the amount of one thousand dollars ($1,000)
	125	+	11 per transferee listed on the transfer statement form. The
	126	+	12 transferor shall file with the Department of Revenue a fully
	127	+	13 executed copy of the written transfer agreement with each
	128	+	14 transferee within 30 days after the completed transfer. Filing
	129	+	15 of the written transfer agreement with the Department of
	130	+	16 Revenue shall perfect such transfer with respect to such
	131	+	17 transferee. Within 30 days after the Department of Revenue's
	132	+	18 receipt of the fully executed written transfer agreement, the
	133	+	19 Department of Revenue shall issue a tax credit certificate to
	134	+	20 each transferee listed in the agreement in the amount of the
	135	+	21 tax credit so transferred. Such certificate shall be used by
	136	+	22 the transferee in claiming the tax credit. The Department of
	137	+	23 Revenue may adopt such additional rules as are necessary to
	138	+	24 permit verification of the ownership of the tax credits but
	139	+	25 shall not adopt any rules which unduly restrict or hinder the
	140	+	26 transfer of the tax credits.
	141	+	27 "§37-11C-6.
	142	+	Page 5 1 "The tax credit allowed under this chapter shall be
	143	+	2 effective for the 2020 tax year and shall continue through the
	144	+	3 2022 2027 tax year, unless extended by act of the
	145	+	4 Legislature."
	146	+	5 Section 2. This act shall become effective on the
	147	+	6 first day of the third month following its passage and
	148	+	7 approval by the Governor, or its otherwise becoming law.
	149	+	Page 6