(5) Separate procedure for choosing the month as an appropriate percentage. Where a taxable person receives an allowance under Article 42 (h) (1) (E) or (F) and wishes, in accordance with Section 42 (b) (2) (A) (ii), to choose to use the corresponding percentage for a month other than that in which a vessel is put into service, the conditions referred to in paragraphs 1.42 to 8 must be met for the election to be effective. (3) Reasonably expected basis. The determination of the basis reasonably expected of the taxable person in a project (land and depreciable base) shall apply from the end of the second calendar year following the calendar year of the award, in accordance with the rules set out in points (a) and (b) of this Section. (ii) high-cost sectors. Any increase in the eligible base which, pursuant to Section 42(d)(5)(C) may result from the location of a building located in a qualified census area or in a difficult development area, shall not be taken into account in determining the transfer allocation basis or the reasonably expected base. Attention Beneficiary of the 2020 tax credits: in order for HMFA to convert your tax credit reserve for 2020 into an allowance recognized by the Internal Revenue Service, please indicate no later than November 30, 2020. If you cannot meet the deadline, you can request an extension and, if approved, pay a renewal fee of USD 1,000 for each week of late filing. This fee cannot be waived. (ii) assignments after 30 June. An agency may require that the basic certificate be submitted to or received by the Agency before the end of the date of six months from the date of award or within a reasonable time after the end of the date of six months from the date of award. The Agency shall verify the basis referred to in point (c)(2) of this Section. If the basic certificate is not issued in a timely manner or if the supporting documents are missing, insufficient or do not effectively support the certification, the Agency should inform the taxpayer and endeavour to obtain an adequate record.
If the Agency is unable to verify that the taxable person has met the basic requirement of 10% for a carry-over allowance made after 30 June, the award must be returned to the Agency. The carry-over allowance is an allowance valid for the calendar year of the award, but it is included in the credit component returned from the ceiling of the public credit to housing for the calendar year following the calendar year of the allocation. . . .