Alabama Administrative Code › Title 281 - ALABAMA DEPARTMENT OF COMMERCE, FORMERLY ALABAMA DEVELOPMENT OFFICE AND ALABAMA TOURISM DEPARTMENT/ALABAMA FILM OFFICE › Chapter 281-2-1 - CERTIFIED CAPITAL COMPANIES › Section 281-2-1-.13 - Decertification

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Decertification
			 of a CAPCO or one or more of its investment pools may cause the recapture of
			 premium tax credits previously claimed with respect to program one or program two
			 and the forfeiture of future premium tax credits to be claimed with respect to
			 such program by certified investors with respect to the company, as follows:
(a) Except as set forth in subdivision (b) of
			 subsection (1) of this section, decertification of a CAPCO or a particular
			 investment pool on or before the third (3rd) anniversary of an investment pool's
			 allocation date causes the recapture of any premium tax credit previously claimed
			 with respect to such program and the forfeiture of any future premium tax credit
			 to be claimed by a certified investor with respect to such investment
			 pool.
(b) For an investment pool that
			 meets the requirements for continued certification under Section 6(a)(1) of the
			 Act and Regulation
			 281-2-1-.09(1)(a) and
			 (b) with respect to program one or program two,
			 as applicable, and subsequently fails to meet the requirements for continued
			 certification under Section 6(a)(2) of the Act and Regulation
			 281-2-1-.09(1)(c) and
			 (d) with respect to the applicable program, any
			 premium tax credit that has been or will be taken by a certified investor in such
			 investment pool on or before the third (3rd) anniversary of the investment pool's
			 allocation date with respect to the applicable program is not subject to
			 recapture or forfeiture, but any premium tax credit that has been or will be
			 taken by a certified investor after the third (3rd) anniversary of such
			 allocation date of the CAPCO with respect to the applicable program is subject to
			 recapture or forfeiture.
(c) For an
			 investment pool that has met the requirements for continued certification under
			 Section 6(a)(l) and (2) of the Act and Regulation
			 281-2-1-.09(1) with respect to either program one or program two and is subsequently
			 decertified, any premium tax credit that has been or will be taken by a certified
			 investor in such investment pool on or before the fifth (5th) anniversary of the
			 investment pool's allocation date with respect to the applicable program is not
			 subject to recapture or forfeiture, but any premium tax credit to be taken after
			 the fifth (5th) anniversary of such allocation date with respect to the
			 applicable program is subject to forfeiture only if the investment pool or CAPCO
			 is decertified on or before the fifth anniversary of such allocation
			 date.
(d) For a CAPCO that (i) has
			 invested an amount cumulatively equal to one hundred percent (100%) of the
			 certified capital of a particular investment pool in qualified investments with
			 respect to the applicable program, and (ii) in the case of a program two
			 investment pool, has invested at least $75,000 of such program two investment
			 pool in no less than five (5) qualified diversity businesses, for a cumulative
			 investment amount of at least $375,000, any premium tax credit claimed or to be
			 claimed by a certified investor in such investment pool with respect to the
			 applicable program is not subject to recapture or forfeiture under the
			 Act.