Yes. A partnership, S Corporation (S Corp), or limited liability company (LLC) may assign all or any portion of its approved credit to its partners, shareholders, or members based on their proportionate share of ownership or an alternative method approved by the Department. Once made, the assignment of the credit is irrevocable, and may not be re-assigned to another. The partners, shareholders, or members must be subject to the SBT in order to benefit from the credit.

The Department will not specify which method of determining the proportionate share of ownership, whether on profit, loss, capital sharing percentages, or any other method, may be used. However, as an alternative method, the Department will allow the assignment of up to 100% of a brownfield redevelopment credit to any partner, member, or shareholder of a partnership, limited liability company or subchapter s corporation, provided that the partner, member, or shareholder has an ownership interest in the entity at the time of assignment.

The assignment must be made on Form 3693, Single Business Tax Brownfield Redevelopment Credit Assignment, and, with the exception of a credit assignment based on a multiphase project, in the tax year in which the Certificate of Completion is issued. The total credits claimed by the partnership, S Corp, or LLC and each assignee partner, shareholder, or member cannot exceed the credit amount stated on the Certificate of Completion.

The partnership, S Corp, or LLC must send the completed assignment form to the Department of Treasury in the tax year in which the Certificate of Completion is issued. An Assignment Certificate will be issued to each assignee partner, shareholder, or member and must be attached to their annual SBT return

If the credit to be assigned is greater than $10 million, the assignment must be based on the schedule of annual credit amounts contained in the Certificate of Completion. The partnership, S Corp, or LLC must assign the annual credit amount for each year separately.

The credit must be claimed in the assignee's fiscal or calendar year that includes the last day of the assignor's tax year in which the Certificate of Completion was issued. For an assignee, the 10-year carryforward begins to run with the tax year in which the assignment is made.