West Virginia Code of State Rules › Agency 145 - Development Office › Title 145 - LEGISLATIVE RULE DEPARTMENT OF ECONOMIC DEVELOPMENT › Series 145-07 - Neighborhood Investment Program Act › Section 145-7-8 - Sanctions for Failure to Timely Pay Project Certification Fee

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. When the
				project certification fee is not paid within the timeframe identified in
				section 7.4 above, any or all of the following sanctions may be imposed at the
				sole discretion of the director of the Development Office:
8.1.1. Interest on the amount due calculated
				at the rate applicable to underpayment of taxes administered under the West
				Virginia Tax Procedure and Administration Act.
8.1.2. A penalty equal to 20 percent of the
				fee and interest due.
8.1.3.
				Prospective revocation of project certification. If project
				certification is revoked, any credit previously taken by any taxpayer with
				respect to the taxpayer's eligible contribution prior to the effective date of
				the revocation is not subject to recapture. However, the credit is subject to
				audit and adjustment or recapture by the Tax Commissioner in the same manner as
				other tax credits.
8.1.4.
				Retroactive withdrawal of project certification. If project certification is
				revoked retroactively, no credit is allowed with respect to the project and any
				credit taken by any taxpayer with respect to an eligible contribution made
				prior to the revocation is subject to recapture.
8.1.5. Suspension of project certification
				for a stated period of time. If project certification is suspended, no tax
				credit shall be allowed for contributions made during the suspension period. A
				credit may be taken by any taxpayer for eligible contributions made to a
				project transferee prior to or subsequent to the suspension period. Any credit
				taken is subject to audit and adjustment or recapture by the Tax Commissioner
				in the same manner as other tax credits.
8.1.6. Temporary or permanent
				disqualification of one or more project transferees, neighborhood assistance
				organizations or other organizations, entities or persons from participating in
				a particular certified project. If a temporary or permanent suspension is
				imposed, no tax credit shall be allowed for any contribution made during the
				suspension period to any project transferee, neighborhood organization,
				qualified charitable organization, charitable organization or other
				organization, entity or person disqualified from participating in a certified
				project. Any tax credit taken by a taxpayer through the making of an eligible
				contribution to a project transferee, neighborhood organization, qualified
				charitable organization, charitable organization or other organization, entity
				or person pursuant to a certified project plan prior to or subsequent to the
				disqualification period is not subject to recapture. These credits are subject
				to audit and adjustment or recapture by the Tax Commissioner in the same manner
				as other tax credits.
8.1.7.
				Temporary or permanent disqualification of the project transferee, neighborhood
				organization, qualified charitable organization, charitable organization or
				other organization, entity or person, or group thereof, from participation in
				any and all certified projects currently in existence or to be formed, proposed
				or certified under these rules. No tax credit shall be allowed for any
				contribution made during the disqualification period to any project transferee,
				neighborhood organization, qualified charitable organization, charitable
				organization or other organization, entity or person disqualified pursuant to
				these rules. Tax credits received by an eligible taxpayer made prior to or
				subsequent to the disqualification period is not subject to recapture by reason
				of the disqualification. The credits remain subject to audit and adjustment or
				recapture by the tax commissioner in the same manner as other tax credits. No
				certification may be issued during the disqualification period for any proposed
				project in which a project transferee, neighborhood organization, qualified
				charitable organization, charitable organization or other organization, entity
				or person disqualified pursuant to these rules as a proposed project
				participant.
8.1.8. These sanctions
				may be adjusted, withdrawn or waived, in whole or in part, at the sole
				discretion of the director of the Development Office. The certification fee
				shall not be waived by the director.