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



(b)  The state aggregate housing credit dollar
amount shall be allocated annually as required by section 42 of the Internal
Revenue 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 greater
or lesser amount as provided by section 42(h) of the Internal Revenue Code of
1986, as amended.



(c)  The corporation shall adopt rules under
chapter 91 necessary to comply with federal and state requirements for
determining the amount of the tax credit allowed under section 42 of the
Internal Revenue Code of 1986, as amended, and section 235-110.8.  The corporation
may establish and collect reasonable fees for administrative expenses incurred
in providing the services required by this section, including fees for
processing developer applications for the credit.  All fees collected for
administering these provisions, including developer application fees, shall be
used to cover the administrative expenses of the corporation.



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