123—4.5 (15E) Procedures for verification of tax credits.
	 4.5(1) At any time after the applicable maturity date for a certificate, the holder may present such certificate to the Iowa capital investment corporation for certification. Within ten days after receipt of such certificate, the Iowa capital investment corporation shall certify to the board the percentage of return for the designated investor for such certificate. If the percentage of return is less than 100 percent, the Iowa capital investment corporation shall certify the resulting total amount of tax credits to be verified for use by the holder of such certificate in accordance with the terms of the limited partnership agreement or the operating agreement of the fund of funds. The Iowa capital investment corporation shall give notice of such percentage of return and such amount of tax credits to the holder of such certificate at the holder’s address as it appears on the certificate register.
	 4.5(2) Within ten days after the certification of the Iowa capital investment corporation to the board of the percentage of return for a certificate, the board shall establish and verify the amount of tax credits related to that certificate, if any, that may be initially used in each redemption year so that no more than $20 million in tax credits, in the aggregate, may become useable to reduce tax liabilities in any fiscal year (provided that such $20 million limitation shall not limit the carryforward of tax credits otherwise authorized by the Act or these rules). Except to the extent specifically required by the $20 million annual limitation, all tax credits relating to a verified certificate shall be useable to satisfy tax liabilities beginning on the maturity date and ending at the expiration of the carryforward period specified in rule 123—4.10(15E).
	 4.5(3) The board shall issue to the holder of such certificate a verification setting forth (a) the amount of verified tax credits represented by such certificate (if any) and (b) the amount of verified tax credits represented by such certificate that may first become useable to reduce tax liabilities in any redemption year (if any).
	 4.5(4) If the verified certificate has more than one maturity date, the board shall issue to the holder a certificate for the verified tax credits. The verified certificate will contain no contingencies. The board shall issue one or more balance certificates for any maturity dates for which tax credits are not then being verified.
	 4.5(5) Certificates being verified for a maturity date shall be verified pro rata with all other certificates being verified for the same maturity date.