Recaptured credit
Sec. 13. (a) A credit claimed under this chapter shall be
recaptured from the taxpayer if:
(1) the property is transferred less than five (5) years after
completion of the certified preservation or rehabilitation work;
or
(2) less than five (5) years after completion of the certified
preservation or rehabilitation, additional modifications to the
property are undertaken that do not meet the standards of the
division.
(b) If the recapture of a credit is required under this section, an
amount equal to the credit recaptured shall be added to the tax
liability of the taxpayer for the taxable year during which the credit
is recaptured.
As added by P.L.129-2001, SEC.7.
Last modified: May 28, 2006