(a) If the Director determines that a qualified investor or qualified fund did not meet the 3-year holding periods set forth in § 20D-105(a) of this title, any final tax credit certificate issued to the qualified investor or qualified fund under § 20D-106 of this section may be revoked.

(1) If the Director makes a determination under this subsection, the qualified investor or qualified fund will must repay the full amount of the tax credit previously claimed.

(2) The qualified investor or qualified fund must pay any amounts due under this subsection within 30 days after being notified by the Director that repayment is required under this subsection.

(b) If the Director determines that a business that was initially approved as a qualified small business failed to meet the employment requirements in § 20D-102(c)(2) of this title or the qualified expenditure requirements in § 20D-102(e)(5) of this title in the 3 calendar years following the year in which a qualified investment was made, the business must repay the percentage of the tax credits allowed and claimed for qualified investments in the qualified small business as follows:

(1) 100% of the tax credit, if the failure occurred in the first year following the year in which the investment was made.

(2) 66% of the tax credit, if the failure occurred in the second year following the year in which the investment was made.

(3) 33% of the tax credit, if the failure occurred in the third year following the year in which the investment was made.

(c) The Director must notify the Director of the Division Revenue of every tax credit revoked by the Director that is subject to repayment under this section.

(d) For the repayment of tax credits required under this section, a qualified small business must file the form prescribed by the Director of the Division of Revenue and pay any amounts due within 30 days after being notified by the Director that it is subject to repayment under this section.

81 Del. Laws, c. 244, § 3.