Section 41-7A-24

Claims and issuance of refunds; repayment; disqualification. THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE.

(a) Upon granting an approved company final approval for the tax incentives provided by this article, the Department of Revenue shall provide the approved company with forms and instructions necessary to claim those incentives.

(b) The department may require proof of qualified expenditures if the approved company claims a refund on expenditures of approved costs.

(c) No tax refund shall be issued for any approved costs claimed after the expiration of two years from the date the project is completed.

(d) The department may obtain any information necessary from the approved company and the office to verify that the approved company has received the proper amounts of incentives authorized by this article.

(e) The department shall demand the repayment of any incentives in excess of that allowed by this article.

(f) Any approved company receiving the benefits contained in this article that has failed to comply with the conditions for the incentives, shall be disqualified from receiving future benefits and upon audit shall be liable for payment of additional tax liability as may be due, plus interest.

(g) If the department or office determines that an approved company no longer qualifies to receive the benefits of this article, it shall notify the company immediately and the company shall not receive further benefits under this article.

(h) By April 1 of each year, the department shall certify to the Governor the total amount of the tax incentives issued pursuant to this article during the preceding calendar year.

(Act 2001-975, 2001 3rd Sp. Sess., p. 908, §5.)