The law provides that the total of all credits for the project cannot exceed the total of all credits specified on the preapproval letter. The cost of eligible investment in excess of those included in the preapproval letter will not qualify for a credit.

At the time an application is made for preapproval of a project, the qualified taxpayers submitting the application must designate in Part 5 of the preapproval application the one qualified taxpayer authorized to determine how tax credit allocation will be handled if cost overruns occur. The designated qualified taxpayer will be responsible for notifying the State how the amount of approved credits will be allocated among the qualified taxpayers.