Disallowance of credit
Sec. 6. (a) If the department determines that the proceeds from a
loan are used for a purpose other than the purpose stated at the time
a credit was claimed under this chapter for interest on that loan, and
if that stated purpose caused the department to designate the loan as
a qualified loan, then the department shall disallow the credit
allowed under this chapter for interest on that loan.
(b) A taxpayer shall pay to the department the amount of any
credit disallowed under this section.
As added by P.L.51-1984, SEC.1.
Last modified: May 28, 2006