Yes, a qualified taxpayer may assign an approved credit to a purchaser or lessee of eligible property if the lessee leases the property for a minimum of 10 years for use in a business activity. The assignment can only be made to a taxpayer that when the assignment is complete will be a qualified taxpayer. Once made, the assignment of the credit is irrevocable.

The lessor may assign all or any portion of the credit. That portion assigned to a lessee may not be re-assigned to another. However, a purchaser may subsequently assign a credit or any portion of a credit assigned to the purchaser to a lessee of the eligible property. 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.

If an assignment is to be made to more than one lessee, the taxpayer must determine the amount of the credit assigned to each lessee. The total credits claimed by the qualified taxpayers and each assignee cannot exceed the credit amount stated on the Certificate of Completion.

With the exception of a credit assignment based on a multiphase project, The qualified taxpayer must send the completed assignment form to the Department of Treasury in the tax year in which the Certificate of Completion is issued. A Single Business Tax Brownfield Redevelopment Credit Assignment Certificate will be issued to each assignee 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 qualified taxpayer must assign the annual credit amount for each year separately.

If an assignment to a lessee is planned, but the lessee is unknown in the year that the Certificate of Completion is issued, the qualified taxpayer may delay claiming and assigning the credit until the tax year in which the lessee is known. The Department of Treasury must be notified via the initial filing of a Single Business Tax Brownfield Redevelopment Credit Assignment, Form 3693, in the tax year in which the Certificate of Completion is issued. The form must be amended when the lessee is later identified. This is the only instance that Form 3693 may be amended. The 10-year carry forward for the qualified taxpayer will still begin to run in the tax year in which the Certificate of Completion is issued.

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.