348.304. Certificates, how issued, limitations, exchanges.
Certificates, how issued, limitations, exchanges.
348.304. The total amount of credit evidenced bycertificates of tax credit issued to taxpayers at the request ofany one qualified economic development organization shall notexceed two million dollars; except that, this two-million-dollarlimitation shall not apply to certificates of tax credit issuedafter January 1, 1996. Prior to January 1, 1996, any qualifiedeconomic development organization may enter into a contractualagreement with any other qualified economic developmentorganization to allocate to the latter any portion of the twomillion dollars of tax credits which it is authorized to issue totaxpayers under the provisions of this section. The certificateof tax credit may be issued in one aggregate certificate or in areasonable number of multiple certificates in regard to onequalified contribution. Any issued certificate may besurrendered in exchange for new certificates not to exceed invalue the value of the issued certificate. The number anddenomination of multiple certificates, if issued, shall bedetermined by the director of the department of economicdevelopment.
(L. 1986 S.B. 591 § 3, A.L. 1991 S.B. 185)Effective 6-18-91