1. (a) 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 any 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 the noncompliance; and
   2. (2) request the department 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.
2. (b) The department shall impose an assessment on a taxpayer if requested by the corporation under subsection (a), unless the assessment is unsupported by law.

3. (c) Notwithstanding the provisions of IC 6-8.1-5-2 , an assessment is considered timely if the department issues a proposed assessment:

   1. (1) not later than one hundred eighty (180) days from the date the department is notified of the noncompliance; or

   2. (2) the date on which the proposed assessment could otherwise be issued in a timely manner under IC 6-8.1-5-2 ;

      whichever is later.

As added by P.L.158-2019, SEC.28.