Kan. Admin. Regs. § 110-13-6 - Reallocation of tax credits

(a) If the secretary determines that allocated tax credits are not being utilized in the manner specified in the regional foundation's approved proposal, the tax credits may be reallocated by the secretary to other regional foundations that have utilized all of the tax credits originally assigned to them.

(b) Tax credits may be reclaimed by the secretary, if the secretary determines that there is no specific use anticipated by a regional foundation for the foundation's remaining tax credits. A written notice shall be sent by the secretary to the regional foundation 30 days after the annual review of the tax credit agreement. The notice shall indicate the amount of unclaimed tax credits and instruct the foundation to submit a utilization schedule within 15 calendar days. Within 15 calendar days after the deadline for the foundation's response, a decision whether to reclaim the remaining tax credits from the regional foundation shall be made by the secretary.

(c) No regional foundation shall seek or take contributions for encumbering any reallocated tax credits until authorized in writing by the secretary.

Notes

Kan. Admin. Regs. § 110-13-6

Authorized by K.S.A. 2004 Supp. 74-5002r; implementing K.S.A. 2004 Supp. 74-50,154(c)(5); effective Aug. 12, 2005.