OAR 741-030-0050: Preliminary Certification Review and Calculation of Potential Tax Credit

(1) Project applications will be reviewed for compliance with the requirements of ORS 315.591 - 315.603 and the administrative rules of Chapter 741, Division 30. Upon receipt of an application for preliminary certification, the Department will determine whether the proposed project is eligible for a Short Line Railroad Rehabilitation Tax credit. (2) No later than 60 days after receipt of an application for preliminary certification, the Department will: (a) Issue a preliminary certification with the potential amount of the tax credit; or (b) Reject the application if the project is not eligible; or (c) Require the applicant to submit additional information as may be necessary. Applicants will have 15 business days from the Department’s notice requiring additional information to respond. (3) The department will use the procedure provided in ORS 315.595 to calculate the potential amount of the tax credit when issuing a preliminary certification. The department will use the tax credit allocation method provided in ORS 315.595 if the total amount of potential tax credits exceeds the total amount of potential tax credits allowed for any biennium. (4) Because one biennium ends on June 30 of an odd-numbered year, and the new biennium begins on July 1, the preliminary certification may distinguish the amount of eligible tax credit for the first half of the odd-numbered year and the amount of eligible tax credit for the second half of that year.