Section 310-RICR-10-10-1.16 - Revocation and Recapture of Tax CreditsA. Any Tax Credit can be revoked and/or recaptured by the Department in the following circumstances:1. Upon federal revocation and recapture as set forth in R.I. Gen. Laws § 44-71-7 (a)2. Upon Department's determination: a. In the event that any request for an eligibility statement or information provided by the applicant or any officer, principal, agent, or employee of the Applicant or its successor-in-interest is found to be willfully false, the Department may deny the issuance of any tax credits or revoke any award of tax credits in their entirety, which revocation shall be in addition to any other criminal or civil penalties that the applicant and/or the officer, principal, agent, or employee may be subject to under applicable law.b. That an applicant or its successor-in-interest is convicted of bribery, fraud, theft, embezzlement, misappropriation, and/or extortion involving the State, any State agency or political subdivision of the State.c. Upon breach of a Tax Credit Agreement, the Department may deny the issuance of or revoke the tax credit certificates and any fees paid shall be forfeited.d. If any tax credit certificates have been claimed by any taxpayer based upon a tax credit certificate that has been revoked, the applicant or its successor-in-interest shall pay to the Department an amount equal to the tax credit claimed.B. The Department shall provide notification of recapture determinations pursuant to R.I. Gen. Laws § 44-71-7(b).C. The Department may provide for additional rights and remedies in any tax credit agreement, which will be in addition to the rights of revocation and termination provided under this Rule.310 R.I. Code R. 310-RICR-10-10-1.16
Adopted effective 10/8/2024