Ala. Admin. Code r. 810-2-7-.07

Current through Register Vol. 43, No. 1, October 31, 2024

Section 810-2-7-.07 - Affidavit Required

(1) Scope. This regulation applies to the Affidavit that is required to be filed with the Department which states that the Investing Company was, during the tax year for which the Capital Credit was claimed, in complete compliance with Section 40-18-198, Code of Ala. 1975, as amended.

(2) Definitions. Terms defined in Reg. 810-2-7-.01 are incorporated herein by reference for purposes of this regulation, unless the context clearly indicates otherwise.

(3) Purpose. The purpose of this regulation is to provide the guidelines necessary to insure the Investing Company certifies to the Department that the conditions required to entitle the Investing Company to the Capital Credit have been met during the tax year for which the Capital Credit is claimed.

(4) Procedure. At the time of filing any tax return with the Department in which a Capital Credit is claimed against the income generated by or arising out of a Qualifying Project, the chief executive officer, the chief financial officer, or the Person signing the tax return on behalf of the Investing Company shall file with the Department an Affidavit stating that

(a) the Investing Company was during the tax year for which the Capital Credit is claimed, in compliance with the conditions required to be met in order to qualify the Investing Company for the Capital Credit, and

(b) the sum of all Capital Credits utilized to date when added to the Capital Credit claimed in the current return, do not exceed the Capital Costs of the Qualifying Project.

Author: Verlon Frost

Ala. Admin. Code r. 810-2-7-.07

New Rule: Filed November 9, 1995; effective December 14, 1995. Amended: Filed January 26, 1998; effective March 2, 1998.

Statutory Authority:Code of Ala. 1975, §§ 40-2A-7(A)(5), 40-18-197.