Noncompliance with agreement; assessments
Sec. 22. If the department of state revenue or the corporation
determines that a taxpayer who has claimed a credit under this
chapter is not entitled to the credit because of the taxpayer's
noncompliance with the requirements of the tax credit agreement or
all of the provisions of this chapter, the department or the
corporation shall, after giving the taxpayer an opportunity to explain
the noncompliance, impose an assessment on the taxpayer in an
amount that may not exceed the sum of any previously allowed
credits under this chapter together with interest and penalties
required or permitted by law.
As added by P.L.41-1994, SEC.1. Amended by P.L.4-2005, SEC.80.
Last modified: May 28, 2006