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Business Taxes
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What do I submit when the entire project is completed?
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Answer:
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When the project is complete, the designated representative identified in Part 5 of the preapproval application must submit Request for Certificate of Completion for Brownfield Redevelopment Credit Project, Form 3694, which includes documentation verifying that the project is complete, along with a detailed accounting of the cost of the project and the cost of the eligible investment of each qualified taxpayer eligible for a credit for the project. Projects preapproved by MEGA require an on-site inspection to verify completion.
Once this information is submitted and verified, a Certificate of Completion will be issued to each qualified taxpayer with eligible investments on the eligible property. The Certificate of Completion will state: (1) the total cost of the project and the cost of the eligible investment for each qualified taxpayer; and (2) each qualified taxpayer's credit amount. For a project approved by MEGA with total credits greater than $10 million, a schedule detailing the annual credit amount to be claimed by the qualified taxpayer(s) over a 10-year period will also be included. No credit may be claimed unless a Certificate of Completion has been issued.
A request for a Certificate of Completion must include the following:
- Request for Certificate of Completion for Brownfield Redevelopment Credit Project, Form 3694, signed and dated.
- Copy of Preapproval letter.
- Copy of Certificate of Occupancy.
- A detailed accounting of the cost of the project, including a financial statement for the project.
- A detailed list of all eligible investments, including dates, for each qualified taxpayer.
- If investment on the eligible property was started before the date of the Preapproval letter, a detailed list of investments made before that date.
- A detailed calculation for the cost of leased equipment reported as eligible investment.
- Documentation verifying the status of each qualified taxpayer as an owner or lessee at the time the eligible investment was made (e.g. signed lease agreement, copy of warranty deed, etc.)
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