[§201H-15]  Administration of low-incomehousing credit allowed under section 235-110.8.  (a)  The corporation isdesignated as a state housing credit agency to carry out section 42(h) (withrespect to limitation on aggregate credit allowable with respect to a projectlocated in a state) of the Internal Revenue Code of 1986, as amended.  As astate housing credit agency, the corporation shall determine the eligibilitybasis for a qualified low-income building, make the allocation of housingcredit dollar amounts within the State, and determine the portion of theState's housing credit ceiling set aside for projects involving qualifiednonprofit organizations.  The corporation shall file any certifications andannual reports required by section 42 (with respect to low-income housingcredit) of the Internal Revenue Code of 1986, as amended.

(b)  The state aggregate housing credit dollaramount shall be allocated annually as required by section 42 of the InternalRevenue Code of 1986, as amended, by the corporation in an amount equal to$1.25 multiplied by the state population in the calendar year or such greateror lesser amount as provided by section 42(h) of the Internal Revenue Code of1986, as amended.

(c)  The corporation shall adopt rules underchapter 91 necessary to comply with federal and state requirements fordetermining the amount of the tax credit allowed under section 42 of theInternal Revenue Code of 1986, as amended, and section 235-110.8.  The corporationmay establish and collect reasonable fees for administrative expenses incurredin providing the services required by this section, including fees forprocessing developer applications for the credit.  All fees collected foradministering these provisions, including developer application fees, shall beused to cover the administrative expenses of the corporation.

(d)  All claims for allocation of thelow-income housing credit under section 235-110.8 shall be filed with the corporation. The corporation shall determine the amount of the credit allocation, ifnecessary, and return the claim to the taxpayer.  The taxpayer shall file thecredit allocation with the taxpayer's tax return with the department oftaxation. [L 2005, c 196, pt of §20; am L 2006, c 180, §15]