2005 Idaho Code - 63-2907 — RECAPTURE

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 29
            THE IDAHO CORPORATE HEADQUARTERS INCENTIVE ACT OF 2005
    63-2907.  RECAPTURE. (1) In the event that any person to whom a tax credit
allowed by section 63-2903, 63-2904 or 63-2905, Idaho Code, fails to meet the
tax incentive  criteria, the full amount of the credit shall be subject to
recapture by the commission.
    (2)  If, during any taxable year, an investment in new plant is disposed
of, or otherwise ceases to qualify with respect to the taxpayer, prior to the
close of the recapture period, recapture of the credit allowed by sections
63-2903 and 63-2904, Idaho Code, shall be determined for such taxable year in
the same proportion and subject to the same provisions as an amount of credit
required to be recaptured under section 63-3029B, Idaho Code.
    (3)  In the event that the employment required in section 63-2902(2)(j),
Idaho Code, is not maintained for the entire recapture period, recapture of
the credit allowed in section 63-2905, Idaho Code, shall be determined for
such taxable year in the same proportion as an amount of credit required to be
recaptured under section 63-3029B, Idaho Code. This subsection shall not be
construed to require that the required level of employment must be met by the
same individual employees.
    (4)  Any amount subject to recapture is a deficiency in tax for the amount
of the credit in the taxable year in which the disqualification first occurs
and may be enforced and collected in the manner provided by the Idaho income
tax act, provided however, that in lieu of the provisions of section
63-3068(a), Idaho Code, the period of time within which the commission may
issue a notice under section 63-3045, Idaho Code, in regard to an amount
subject to recapture shall be the later of five (5) years after the end of the
taxable year in which the project period ends or three (3) years after the end
of the taxable year in which any amounts carried forward under section
63-2906, Idaho Code, expire.