Sec. 8-395-6. Application process for business firms

(a) Applications from business firms for tax credit vouchers shall be filed with the Department on or after June 1 but before July 15 annally. The time of receipt of an application shall be deemed to be the time of filing. Applications for tax credit vouchers shall be made on forms prescribed and furnished by the Commissioner.

(b) As part of the application approval process, the business firm shall be required to furnish the following:

(1) A list of the housing program(s) to which the business firm intends to make contributions(s);

(2) The value and type of contribution to be made to each housing program; and

(3) The amount expended for contributions for the support of housing programs during the tax year which began during the preceeding calendar year and the amount which will be so expended during the tax year which begins during the current calendar year.

(c) Applications shall be approved or rejected by the Commissioner based on the information and documentation required herein, as well as the availability of tax credits.

(d) If an application is rejected, the business firm shall be notified, in writing, of the reasons for the rejection.

(Effective May 31, 1995)