15.293B - APPROVAL -- REQUIREMENTS -- REPAYMENT.
15.293B APPROVAL -- REQUIREMENTS -- REPAYMENT.
1. An investor seeking to claim a tax credit pursuant to section
15.293A shall apply to the council which shall have the power to
approve the amount of tax credit available for each qualifying
redevelopment project.
2. An investor applying for a tax credit shall provide the
council with all of the following:
a. Information showing the total costs of the qualifying
redevelopment project, including the costs of land acquisition,
cleanup, and redevelopment.
b. Information about the financing sources of the investment
which are directly related to the qualifying redevelopment project
for which the taxpayer is seeking approval for a tax credit, as
provided in section 15.293A.
3. If a taxpayer receives a tax credit pursuant to section
15.293A, but fails to comply with any of the requirements, the
taxpayer loses any right to the tax credit, and the department of
revenue shall seek recovery of the value of the credit received. Section History: Recent Form
2008 Acts, ch 1173, §3
Referred to in § 15.294