Wage retention credit; recapture or disallowance; interest; penalties
(1) If the taxpayer fails to retain the required level of employment through the entire performance period, all or a portion of the wage retention credits shall be recaptured directly by the state from the taxpayer or shall be disallowed. In no event shall any wage retention credits be required to be paid back directly or indirectly by the employees. All such credits must be repaid by the taxpayer.
(2) The recapture or disallowance shall be as follows:
(a)No wage retention credits shall be allowed, and if…#
(a) No wage retention credits shall be allowed, and if already allowed shall be recaptured, for the actual year or years in which the required level of employment was not maintained;
(b)For wage retention credits allowed in prior years,…#
(b) For wage retention credits allowed in prior years, one-tenth of the credits shall be recaptured from the taxpayer for each year the required level of employment was not maintained; and