Section 870-RICR-30-00-8.14 - Reduction of Credit AllocationA. The Corporation shall reduce a tax credit allocation upon the occurrence of the following: 1. As of the date of filing a Request to Exit, the performance of the Small Business Development Fund's Qualified Investments have not resulted in a Positive Economic Impact as set forth in the approved Application; or2. The Small Business Development Fund breaches the various covenants, representations and warranties certified in the Business Plan.B. The method for calculating the tax credit reduction will be included in the Application.C. To the extent all tax credits have already been issued with respect to a Small Business Development Fund enrolled in the Program or the reduction of the tax credit allocation exceeds the remaining tax credits to be issued with respect thereto, the Corporation shall be entitled to payment from the Bond or other such approved surety of an amount equal to the amount of such reduction of the tax credit allocation.D. If a Small Business Fund Investor fails to surrender the rights to any remaining tax credit allocation within ten days after notice from the Corporation, the Corporation shall be entitled to payment from the Bond or other such approved surety of an amount equal to the amount of such tax credit allocation.870 R.I. Code R. 870-RICR-30-00-8.14
Adopted effective 9/27/2019
Amended effective 3/24/2020