16.212 - APPROVAL -- REQUIREMENTS -- REPAYMENT.
16.212 APPROVAL -- REQUIREMENTS -- REPAYMENT.
1. A taxpayer seeking to claim a tax credit pursuant to section
16.211 shall apply to the authority which shall have the power to
approve the amount of tax credit available for each disaster recovery
housing project.
2. A taxpayer applying for a tax credit shall provide the
authority with all of the following:
a. Information showing the total qualified investment made in
the disaster recovery housing project.
b. Information about the financing sources that are directly
related to the disaster recovery housing project for which the
taxpayer is seeking approval for the tax credit.
3. If a taxpayer receives a tax credit pursuant to section
16.211, but fails to comply with any of the requirements in this
section or section 16.211, or fails to comply with local zoning or
construction ordinances, the tax credit is void, and the department
of revenue shall seek recovery of the value of the credit received.
Section History: Recent Form
2009 Acts, ch 100, §32, 35 Footnotes
Section takes effect May 12, 2009, and applies to disaster
recovery housing project costs incurred on or after May 12, 2009, and
before July 1, 2010; 2009 Acts, ch 100, §35