- (a) If the Department of Agriculture determines that failure to complete the project within three (3) years of receipt of the certificate of tax credit approval is the result of conditions beyond the control of the taxpayer, the Department of Agriculture may extend the time for full compliance for a period not to exceed one (1) year.
(b)
- (1) Under any other circumstances, if the taxpayer does not complete the project within the period provided herein, all credits claimed must be repaid by filing an amended income tax return within thirty (30) days for each year in which tax credits were claimed.
- (2) The project will no longer be considered an authorized project for tax credit purposes, and further credits will not be allowed.
(c)
- (1) If the Department of Agriculture, having received no written notice of termination from the taxpayer, determines that the taxpayer has terminated the project, the Department of Agriculture shall notify the Department of Finance and Administration.
(2) The Department of Finance and Administration will notify the taxpayer in writing that:
- (A) Repayment is due; and
- (B) No further credits are allowed.
(d)
- (1) Sale of the real estate involved in a project shall automatically terminate the tax credit eligibility.
- (2) The taxpayer should notify the Department of Agriculture and the Department of Finance and Administration of the termination.
- (3) The Department of Finance and Administration will then provide the taxpayer with information on the pro rata recapture of benefits due.