Rule 110-35-1-.12. Prohibitions

Rule 110-35-1-.12. Prohibitions

1. (1) No allocatee shall receive distributions, directly or indirectly from distribution or payments made by the rural fund, in excess of an amount that would result in an internal rate of return on capital invested that is more than 20 percent if the number of jobs created is:

   1. (a) Less than 60 percent of the projected jobs in the rural fund's approved business plan, then the state shall receive a penalty of 10 percent of the total tax credits distributed to the rural fund; or
   2. (b) Greater than 60 percent but less than 80 percent of the projected jobs in the rural fund's approved business plan, then the state shall receive a penalty of 5 percent of the total tax credits distributed to the rural fund.

Authority: O.C.G.A. § 33-1-25.

History. Original Rule entitled "Prohibitions" adopted. F. Feb. 16, 2018; eff. Mar. 9, 2018, as specified by Agency.