Vermont Statutes Title 32 Sec. 5930ff
Terms Used In Vermont Statutes Title 32 Sec. 5930ff
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Qualified project: means a qualified code improvement, qualified façade improvement, or qualified historic rehabilitation project as defined by this subchapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- State Board: means the Vermont Downtown Development Board established pursuant to 24 Vt. See
§ 5930ff. Recapture
If, within five years after completion of the qualified project, either of the following events occurs, the applicant shall be liable for a recapture penalty in an amount equal to the total tax credit claimed plus an amount equal to any value received from a bank for a bank or insurance credit certificate, and any credit allocated but unclaimed shall be disallowed to the applicant:
(1) The State Board finds that any work performed on the qualified project is inconsistent with the approved application; or the applicant knowingly failed to supply any information, or supplied incorrect or untrue information required by the State Board, or failed to comply with any award condition required by the State Board.
(2) The National Park Service revoked certification for unapproved alterations or for work not done as described in the historic preservation certification application. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2009, No. 160 (Adj. Sess.), § 31.)