Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 7 - Rules and Regulations for the Anchor Institution Tax Credit
Rule 18 - Revocation of Tax Credit

Universal Citation: RI Code of Rules 18

Current through September 18, 2024

(a) Upon breach of an Incentive Agreement, the Corporation may deny the issuance of a Certification or revoke a Certification or the Tax Credit Certificate. If any Tax Credits have been claimed by any taxpayer based upon a Tax Credit Certificate that has been revoked, the Applicant shall pay to the Corporation an amount equal to the Tax Credit claimed. There shall be no adjustment to the Tax Credit claimed by the taxpayer if a taxpayer acquired the Tax Credit Certificate, directly or indirectly, in an arms-length transaction, for value, and without notice of violation, fraud or misrepresentation.

(b) The Corporation shall notify the Tax Division of any revocation of a Certification or Tax Credit Certificate.

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