Utah Admin. Code R357-21-10 - Recapture (Revocation)
(1) If the
office determines recapture is necessary pursuant to Section
63N-4-305, the office shall issue
a Provisional Notice of Agency Action for Recapture to both the approved
applicant and the taxpayer that claimed the tax credit. Such notice shall be
delivered to the approved applicant by electronic mail and certified mail, and
shall state under Section
63N-4-305 the recapture is
sought.
(2) The 90 -day cure period
provided for in Section 63N-4-305 begins on the day following receipt of the
Provisional Notice of Agency Action for Recapture. If the action or omission
upon which the recapture is based is cured during the 90 day cure period, the
office shall issue a notice of cure to the approved applicant.
(3) If after the 90 -day cure period, the
action or omission upon which the recapture is based is not cured, the office
shall issue a final Notice of Agency Action for Recapture. The Final Notice of
Agency Action for Recapture shall also be sent to the Utah Tax Commission.
(4) To remain 100% invested during
the compliance period, if fund losses occur due to an eligible small business'
inability to meet their investment obligation, the rural investment company
shall satisfy the 100% investment requirements of Subsection
63N-4-305(1) by
reinvesting any capital that is recovered. Investment amounts not recovered
will not have to be reinvested to satisfy the 100% investment requirements of
Subsection
63N-4-305(1).
Notes
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