RECAPTURE

(a) If a qualified development is subject to the recapture of a portion of the federal tax credit awarded or allocated to the development, then each taxable entity or entity subject to state premium tax liability as defined by Section 233.0001, Insurance Code, that has claimed or is entitled to claim a portion of the credit under this subchapter is also subject to the recapture of a portion of the credit under this subchapter. (b) The amount of credit under this subchapter that is subject to recapture under this section is the same percentage of the amount originally awarded or allocated as the percentage of the amount of the federal tax credit originally awarded or allocated that is subject to recapture under federal law. The recapture of a credit under this section is not subject to a statute of limitations provided by Chapter 111. (c) The owners of a qualified development that is awarded or allocated a credit under this subchapter or a representative of those owners shall identify each taxable entity and each entity subject to state premium tax liability as defined by Section 233.0001, Insurance Code, that is subject to recapture of the credit under this section. (d) Not later than the 30th day after the date any owner of a qualified development receives notice that a federal tax credit awarded or allocated to the development is subject to recapture, the owners of the development or a representative of those owners shall report to the comptroller: (1) the amount of federal tax credit originally awarded or allocated to the development; (2) the amount of federal tax credit that is subject to recapture and the percentage of the amount originally awarded or allocated which that amount represents; and (3) each entity identified under Subsection (c).