Current through Register Vol. XLI, No. 50, December 13, 2024
Section 145-7-8 - Sanctions for Failure to Timely Pay Project Certification Fee8.1. When the project certification fee is not paid within the timeframe identified in section 7.4 above, any or all of the following sanctions may be imposed at the sole discretion of the director of the Development Office: 8.1.1. Interest on the amount due calculated at the rate applicable to underpayment of taxes administered under the West Virginia Tax Procedure and Administration Act.8.1.2. A penalty equal to 20 percent of the fee and interest due. 8.1.3. Prospective revocation of project certification. If project certification is revoked, any credit previously taken by any taxpayer with respect to the taxpayer's eligible contribution prior to the effective date of the revocation is not subject to recapture. However, the credit is subject to audit and adjustment or recapture by the Tax Commissioner in the same manner as other tax credits.8.1.4. Retroactive withdrawal of project certification. If project certification is revoked retroactively, no credit is allowed with respect to the project and any credit taken by any taxpayer with respect to an eligible contribution made prior to the revocation is subject to recapture. 8.1.5. Suspension of project certification for a stated period of time. If project certification is suspended, no tax credit shall be allowed for contributions made during the suspension period. A credit may be taken by any taxpayer for eligible contributions made to a project transferee prior to or subsequent to the suspension period. Any credit taken is subject to audit and adjustment or recapture by the Tax Commissioner in the same manner as other tax credits.8.1.6. Temporary or permanent disqualification of one or more project transferees, neighborhood assistance organizations or other organizations, entities or persons from participating in a particular certified project. If a temporary or permanent suspension is imposed, no tax credit shall be allowed for any contribution made during the suspension period to any project transferee, neighborhood organization, qualified charitable organization, charitable organization or other organization, entity or person disqualified from participating in a certified project. Any tax credit taken by a taxpayer through the making of an eligible contribution to a project transferee, neighborhood organization, qualified charitable organization, charitable organization or other organization, entity or person pursuant to a certified project plan prior to or subsequent to the disqualification period is not subject to recapture. These credits are subject to audit and adjustment or recapture by the Tax Commissioner in the same manner as other tax credits. 8.1.7. Temporary or permanent disqualification of the project transferee, neighborhood organization, qualified charitable organization, charitable organization or other organization, entity or person, or group thereof, from participation in any and all certified projects currently in existence or to be formed, proposed or certified under these rules. No tax credit shall be allowed for any contribution made during the disqualification period to any project transferee, neighborhood organization, qualified charitable organization, charitable organization or other organization, entity or person disqualified pursuant to these rules. Tax credits received by an eligible taxpayer made prior to or subsequent to the disqualification period is not subject to recapture by reason of the disqualification. The credits remain subject to audit and adjustment or recapture by the tax commissioner in the same manner as other tax credits. No certification may be issued during the disqualification period for any proposed project in which a project transferee, neighborhood organization, qualified charitable organization, charitable organization or other organization, entity or person disqualified pursuant to these rules as a proposed project participant.8.1.8. These sanctions may be adjusted, withdrawn or waived, in whole or in part, at the sole discretion of the director of the Development Office. The certification fee shall not be waived by the director.