Sec. 14.26.02.08. Initial Credit Certificate

A. On application by a taxpayer, the Administration shall issue an initial credit certificate if the taxpayer has made a showing that the taxpayer is likely within a reasonable time to place in service property for which a credit under this chapter is allowed.

B. The Administration may require the taxpayer to provide additional information as necessary.

C. In determining the amount of credits, a cost paid or incurred may not be the basis for more than one credit.

D. The initial credit certificate shall state:

(1) The maximum amount of credit allowable in the aggregate for all credits allowed under this section;

(2) The earliest taxable year for which the credit may be claimed; and

(3) An expiration date.

E. The initial credit certificate shall apply only to property placed in service on or before the expiration date. The Administration may extend the expiration date to avoid unwarranted hardship.