Section 870-RICR-30-00-4.22 - RevocationA. In the event that the attestation by the Applicant's chief executive officer, or equivalent officer, required under these Rules is found to be willfully false, the Corporation shall deny the issuance of 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 officer may be subject to under applicable law.B. The Corporation shall deny the issuance of or revoke any award of Tax Credits if an Applicant or its successor-in-interest is convicted or bribery, fraud, theft, embezzlement, misappropriation, and/or extortion involving the state, any state agency or political subdivision of the state.C. Upon breach of an Incentive Agreement, the Corporation may deny the issuance of or revoke the Tax Credit Certificate and any fees paid shall be forfeited.D. The Corporation shall notify the Applicant or its successor-in-interest in writing of the revocation of Tax Credits and/or that its right to receive Tax Credits has been terminated.E. The Corporation shall notify the Tax Division of any revocation of Tax CreditsF. If any Tax Credits have been claimed by any taxpayer based upon a Tax Credit Certificate that has been revoked, the Applicant or its successor-in-interest shall pay to the Corporation an amount equal to the Tax Credit claimed. There shall be no adjustment to the Tax Credit claimed by the taxpayer if a taxpayer acquired the Tax Credit Certificate, directly or indirectly, from the Applicant or a Participant in the Applicant in an arms-length transaction, for value, and without notice of violation, fraud or misrepresentation.G. The Corporation may provide for additional rights and remedies in any Incentive Agreement, which will be in addition to the rights of revocation and termination provided under this Section.870 R.I. Code R. 870-RICR-30-00-4.22
Amended effective 12/19/2018