Section 44-71-7 - Recapture(1) If under Section 42 of the 1986 Internal Revenue Code, as amended, a portion of any federal low-income housing tax credits taken on a low-income project is required to be recaptured, the Rhode Island low-income housing tax credit authorized with respect to such qualified Rhode Island project shall also be recaptured. The state recapture amount shall be equal to the amount of the Rhode Island low-income housing tax credits previously claimed times a fraction, the numerator of which shall be the amount of recaptured federal low-income housing tax credits and the denominator of which shall be the amount of federal low-income housing tax credits previously claimed.(2) The Department shall provide notification of recapture determinations to the division of taxation within thirty (30) days. Such notifications shall include the proportion of the Rhode Island low-income housing tax credit to be recaptured, the identity of each taxpayer subject to the recapture and the amount of credit previously allocated to such taxpayer.Added by 2023 Pub. Laws, ch. 79,§ 6-5, eff. 6/16/2023.