(a) After December 31, 2029, the department may not:
(1) reserve an amount of credit under this subchapter for a qualified development for the purpose of issuing an allocation certificate for the development at a later date; or
(2) issue an allocation certificate for a qualified development unless, on or before December 31, 2029, the department reserved an amount of credit under this subchapter for the development for the purpose of issuing an allocation certificate at a later date if the requirements for issuance of the certificate are met.
(b) On or after January 1, 2030:
(1) the department may issue an allocation certificate for which an amount of credit was reserved under Subsection (a)(2); and
(2) an entity may claim a credit on a tax report as provided by this subchapter or Chapter 233, Insurance Code, in connection with a qualified development for which the department issued an allocation certificate or reserved an amount of credit before January 1, 2030.