RCW 82.62.050
Tax credit recipients to report to
department -- Payment of taxes and interest by ineligible
recipients.
(1) Each recipient shall submit a report to the
department by the last day of the month immediately following the
end of the four consecutive full calendar quarter period for
which a credit under this chapter is earned. The report shall
contain information, as required by the department, from which
the department may determine whether the recipient is meeting the
requirements of this chapter. If the recipient fails to submit a
report or submits an inadequate report, the department may
declare the amount of taxes for which a credit has been used to
be immediately assessed and payable. The recipient must keep
records, such as payroll records showing the date of hire and
employment security reports, to verify eligibility under this
section.
(2) If, on the basis of a report under this section or other
information, the department finds that a business project is not
eligible for tax credit under this chapter for reasons other than
failure to create the required number of qualified employment
positions, the amount of taxes for which a credit has been used
for the project shall be immediately due.
(3) If, on the basis of a report under this section or other
information, the department finds that a business project has
failed to create the specified number of qualified employment
positions, the department shall assess interest, but not
penalties, on the credited taxes for which a credit has been used
for the project. The interest shall be assessed at the rate
provided for delinquent excise taxes, shall be assessed
retroactively to the date of the tax credit, and shall accrue
until the taxes for which a credit has been used are repaid.
[2007 c 485 § 5; 2001 c 320 § 14; 1986 c 116 § 18.]
NOTES:
Application -- 2007 c 485: See note following RCW 82.62.010.
Application -- Effective date -- 2007 c 485: See notes following RCW 82.62.020.
Effective date -- 2001 c 320: See note following RCW 11.02.005.