(a) Decertification of a certified capital company may, in accordance with this section, cause:
(1) the recapture of premium tax credits previously claimed by the company’s certified investors; and
(2) the forfeiture of future premium tax credits to be claimed by the investors.
(b) Decertification of a certified capital company on or before the third anniversary of the company’s allocation date causes the recapture of any premium tax credits previously claimed and the forfeiture of any future premium tax credits to be claimed by a certified investor with respect to the company.

(c) For a certified capital company that meets the requirements for continued certification under § 228.151(a) and subsequently fails to meet the requirements for continued certification under Subsection (b) of that section:
(1) any premium tax credit that has been or will be taken by a certified investor on or before the third anniversary of the allocation date is not subject to recapture or forfeiture; and
(2) any premium tax credit that has been or will be taken by a certified investor after the third anniversary of the company’s allocation date is subject to recapture or forfeiture.
(d) For a certified capital company that has met the requirements for continued certification under § 228.151 and is subsequently decertified:
(1) any premium tax credit that has been or will be taken by a certified investor on or before the fifth anniversary of the allocation date is not subject to recapture or forfeiture; and
(2) any premium tax credit to be taken after the fifth anniversary of the allocation date is subject to forfeiture only if the company is decertified on or before the fifth anniversary of the company’s allocation date.
(e) For a certified capital company that has invested an amount cumulatively equal to 100 percent of the company’s certified capital in qualified investments, any premium tax credit claimed or to be claimed by a certified investor is not subject to recapture or forfeiture under this section.