If the corporation determines that a taxpayer who has claimed a credit under this chapter is not entitled to the credit because of the taxpayer's noncompliance with the requirements of the tax credit agreement or all of the provisions of this chapter, the corporation shall, after giving the taxpayer an opportunity to explain the noncompliance:

1. (1) notify the department of state revenue of the noncompliance; and
2. (2) request the department of state revenue to impose an assessment on the taxpayer in an amount that may not exceed the sum of any previously allowed credits under this chapter together with interest and penalties required or permitted by law.

As added by P.L.41-1994, SEC.1. Amended by P.L.4-2005, SEC.80; P.L.145-2016, SEC.28.