§11-13Y-7. Credit recapture; interest; penalties; additions to
tax; statute of limitations.
(a) If it appears upon audit or otherwise that any person or
entity has taken the credit against tax allowed under this article
and was not entitled to take the credit, then the credit improperly
taken under this article shall be recaptured. Amended returns
shall be filed for any tax year for which the credit was improperly
taken. Any additional taxes due under this chapter shall be
remitted with the amended return or returns filed with the Tax
Commissioner, along with interest, as provided in section
seventeen, article ten of this chapter and such other penalties and
additions to tax as may be applicable pursuant to the provisions of
article ten of this chapter.
(b) Notwithstanding the provisions of article ten of this
chapter, penalties and additions to tax imposed under article ten
of this chapter may be waived at the discretion of the Tax
Commissioner: Provided, That interest is not subject to waiver.
(c) Notwithstanding the provisions of article ten of this
chapter, the statute of limitations for the issuance of an
assessment of tax by the Tax Commissioner shall be five years from
the date of filing of any tax return on which this credit was taken
or five years from the date of payment of any tax liability
calculated pursuant to the assertion of the credit allowed under
this article, whichever is later.