(a) The Department of Finance and Administration shall compile the total amount of tax credits used pursuant to the provisions of this subchapter for each calendar year.
(b) (1) When the total amount of tax credits used pursuant to the provisions of this subchapter exceeds ten million dollars ($10,000,000) in any calendar year, the tax credits established by this subchapter shall expire on December 31 of the calendar year following the calendar year in which the tax credits used pursuant to the provisions of this subchapter exceeded ten million dollars ($10,000,000).
(2) However, any approved applicant issued a certificate of tax credit approval on or prior to December 31 may complete the project and shall be entitled to the tax credits provided under this subchapter without regard to the fact that the availability of the tax credits has otherwise expired.
Section: Previous 26-51-1002 26-51-1003 26-51-1004 26-51-1005 26-51-1007 26-51-1008 26-51-1009 26-51-1010 26-51-1011 26-51-1012 26-51-1013 26-51-1014 NextLast modified: November 15, 2016