R357-21-10. Recapture (Revocation)

  (1) If the office determines recapture is necessary pursuant to Utah Code Section 63N-4-305, the office shall issue a Provisional Notice of Agency Action for Recapture to both the approved applicant and the taxpayer that claimed the tax credit. Such notice shall be delivered to the approved applicant by (i) electronic mail and (ii) certified mail, and shall state under which provision of Utah Code Section 63N-4-305the recapture is sought.

  (2) The 90 day cure period provided for in Utah Code Section 63N-4-305 begins on the day following receipt of the Provisional Notice of Agency Action for Recapture. If the action or omission upon which the recapture is based is cured during the 90 day cure period, the office shall issue a notice of cure to the approved applicant. If the action or omission upon which the recapture is based is not cured within the 90 cure period, the office shall issue a final Notice of Agency Action for Recapture to the approved applicant, the taxpayer that claimed the tax credit, and the Utah Tax Commission.

  (3) If after the 90 day cure period, the action or omission upon which the recapture is based is not cured, the Office shall issue a final notice of Agency Action for Recapture.

  (a) The Final Notice of Agency Action for Recapture shall also be sent to the Utah Tax Commission.

  (4) For purposes of remaining 100% invested during the compliance period, in the event that fund losses occur due to an eligible small business' inability to meet their investment obligation, the rural investment company shall satisfy the 100% investment requirements of 63N-4-305(1) by reinvesting any capital that is recovered. Investment amounts not recovered will not have to be reinvested to satisfy the 100% investment requirements of 63N-4-305(1).