Sen. Andy Manar

Filed: 4/12/2013





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2    AMENDMENT NO. ______. Amend Senate Bill 336, AS AMENDED,
3with reference to page and line numbers of Senate Amendment No.
41, on page 6, by replacing lines 6 through 8 with the
6"basis of the property. A tax credit may be earned under this
7Act during the period beginning January 1, 2014 and ending
8December 31, 2018. While a tax credit may be earned before July
91, 2015, no tax credit shall be actually issued by the
10Department before July 1, 2015. While a tax credit must be
11earned on or before December 31, 2018, a credit shall be
12allowed after December 31, 2018 in accordance with the terms of
13this Act. If the amount of any tax credit"; and
14on page 8, immediately below line 23, by inserting the



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1    "Section 35. Maximum annual cap. The total amount of
2credits approved by the Department under this Act may not
3exceed: (1) $10,000,000 in Fiscal Year 2014; (2) $20,000,000 in
4Fiscal Year 2015; (3) $30,000,000 in Fiscal Year 2016; (4)
5$40,000,000 for Fiscal Year 2017; and (5) $50,000,000 for
6Fiscal Year 2018. If the total amount of credits awarded in any
7of those fiscal years is less than the maximum amount available
8for that fiscal year, then the maximum amount available for the
9next fiscal year shall be increased by the difference between
10the maximum amount and the total amount awarded."; and
11on page 9, line 3, after "Department.", by inserting "The
12Department shall prioritize each application for review and
13approval in the order of the date on which the application was
14postmarked, with the oldest postmarked date receiving
15priority. Applications postmarked on the same day shall go
16through a lottery process to determine the order in which
17applications shall be received for approval."; and
18on page 9, immediately below line 11, by inserting the
20    "(b) To ensure that an applicant has sufficient ownership
21of the qualified structure, each application shall include all
22of the following:
23        (1) Proof of ownership or site control. Proof of



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1    ownership shall include evidence that the applicant is the
2    fee simple owner of the qualified structure, such as a
3    warranty deed or a closing statement. Proof of site control
4    may be evidenced by a leasehold interest or an option to
5    acquire such an interest. If the applicant is in the
6    process of acquiring fee simple ownership, proof of site
7    control shall include an executed sales contract or an
8    executed option to purchase the qualified structure.
9        (2) The estimated qualified expenditures, the
10    anticipated total costs of the project, the adjusted basis
11    of the property, as shown by proof of actual acquisition
12    costs, the anticipated total labor costs, the estimated
13    project start date, and the estimated project completion
14    date.
15        (3) Proof that the property is a qualified structure as
16    defined in this Act or evidence that the necessary
17    documentation has been prepared to for the property to
18    become a qualified structure, but a final determination of
19    such qualification shall not be a prerequisite for approval
20    of the preliminary application or the incurrence of
21    qualified expenditures.
22        (4) Any other information which the Department and the
23    Agency may reasonably require."; and
24on page 9, line 12, by replacing "(b)" with "(c)"; and



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1on page 9, line 20, after "Section", by inserting "as may be
2limited elsewhere in this Act"; and
3on page 9, line 26, after "application.", by inserting "Any
4rejected application shall be removed from the review process.
5Rejected applications shall lose priority in the review
6process."; and
7on page 10, line 1, after "resubmitted", by inserting ", but
8shall be deemed to be a new application for purposes of the
9priority procedures described in this Section"; and
10on page 10, immediately below line 1, by inserting the
12    "(d) Following approval of an application, the identity of
13the applicant contained in such application shall not be
14modified, except that:
15        (1) the applicant may add partners, members, or
16    shareholders as part of the ownership structure, so long as
17    the primary owner remains the same; however, prior to the
18    commencement of renovation and the expenditure of at least
19    10% of the proposed rehabilitation budget, removal of the
20    principal for failure to perform duties and the appointment
21    of a new principal thereafter shall not constitute a change
22    of the principal; and
23        (2) the identity of the applicant may be changed if the



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1    ownership of the project is changed due to a foreclosure,
2    deed in lieu of a foreclosure, or voluntary conveyance, or
3    a transfer in bankruptcy.
4    (e) In the event that the Department grants approval for
5credits in any fiscal year equal to the maximum amount
6available under this Act, all applicants with applications then
7awaiting approval or thereafter submitted for approval shall be
8notified by the Department that no additional credits shall be
9approved during such fiscal year and shall be notified of the
10priority given to such applicant's application then awaiting
11approval. Those applications shall be kept on file by the
12Department and shall be considered for approval for credits in
13the order established in this Act in the event that additional
14credits become available due to the rescission of preliminary
15approvals or when a new fiscal year's allocation of credits
16becomes available for approval."; and
17on page 10, line 2, by replacing "(c)" with "(f)"; and
18on page 10, line 16, after the period, by inserting "If the
19Department determines that an applicant has failed to comply
20with the requirements provided under this Section, the
21preliminary approval for the amount of credits for such
22applicant shall be rescinded and such amount of credits shall
23then be included in the total amount of credits from which
24preliminary approvals for other projects may be granted. Any



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1applicant whose preliminary approval shall be rescinded shall
2be notified of such from the Department and, upon receipt of
3such notice, may submit a new application for the project but
4such application shall be deemed to be a new application for
5purposes of the priority procedures described in this
6Section."; and
7on page 10, line 17, by replacing "(d)" with "(g)"; and
8on page 11, line 12, after "Department,", by inserting "to be
9deposited into the Historic Property Administrative Fund,";
11on page 11, line 16, by replacing "Department's Administrative"
12with "Historic Property Administrative"; and
13on page 11, immediately below line 19, by inserting the
15    "(h) In the event the amount of qualified expenditures
16actually incurred by an applicant are more than those estimated
17in its application, the applicant can submit a new application
18for such excess amount of qualified expenditures on a form
19prescribed by the Department, but that application shall be
20deemed to be a new application for purposes of the priority
21procedures described in this Act with respect to such excess



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1amount of qualified expenditures. Such applications shall be
2automatically approved, subject only to availability of tax
3credits and all provisions regarding priority provided in this
4Act."; and
5on page 11, line 24, after the period, by inserting "The
6overall economic impact shall include the number of jobs