Md. Code Regs. 24.05.03.09

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.03.09 - Rescission of Initial Tax Credit Certificate

A. Rescission of Initial Certificate. The Secretary shall rescind an initial certificate if the applicant does not file the required notice and proof of the making of the investment within 40 calendar days after the date on which the Department issues an initial certificate. The Department shall notify the applicant and the Comptroller of the rescission.

B. Rescission Notice. The rescission notice shall:

(1) Identify the applicant;

(2) State the applicant's federal taxpayer identification number;

(3) Identify the initial certificate that is rescinded;

(4) State the reason for the rescission; and

(5) State the date on which the rescission is effective.

C. Delivery of Rescission Notice. The Department shall send:

(1) By regular mail, the rescission notice to the applicant at the address stated in the application;

(2) By regular mail, a copy of the rescission notice to the QMBC at the address stated in the application; and

(3) A copy of the rescission notice to the Comptroller.

D. Effect of Rescission. The credit amount allocated to the rescinded certificate shall revert to the Reserve Fund and shall be available in the applicable fiscal year for allocation by the Department to other initial certificates in accordance with the Act and this chapter.

Md. Code Regs. 24.05.03.09

Regulations .09 adopted effective September 17, 2012 (39:18 Md. R. 1197)