Phase 1: HART Award

Tour of the HART Credit

Step 1: Allocation

Every year, Inland Revenue allocates the capitated amount of HART Credits to the chosen allocators. The allocators in turn have published allocation plans detailing their priorities for awarding HART credits. Each allocator may use a different scoring approach based on relevant factors in its geography and markets.

Step 2: Award of Allocation

Sponsors apply for the HART credits. Normally a sponsor will have to demonstrate site control before winning award. The allocator scores the applications and awards HART credits to the highest-ranking applications. Note that the sponsor wins an award of allocation, which is not a tax expenditure yet, it is merely a chit that can be redeemed for tax foregone only when the property has been developed, placed in service, and all other conditions met.