Tax credits; recapture; amount; deadline

(1) If the taxpayer fails to maintain employment and investment levels at or above the levels required in the agreement for the entire performance period, any refunds or reduction in tax allowed under the Urban Redevelopment Act shall be partially recaptured from the taxpayer. The amount of the recapture for each incentive shall be a percentage equal to the number of years the taxpayer did not maintain the required levels of investment or employment divided by the number of years of the performance period, with such percentage then multiplied by the refunds or reductions in tax allowed.

(2) Any refund or reduction in tax due, to the extent required to be recaptured, shall be deemed to be an underpayment of the tax and shall be immediately due and payable. When tax incentives were received in more than one year, the incentives received in the most recent year shall be recovered first and then the incentives received in earlier years up to the extent of the required recapture.

(3) Notwithstanding any other limitations contained in the laws of this state, collection of any taxes deemed to be underpayments by this section shall be allowed for a period of three years after the end of the performance period or three calendar years after the incentive was allowed, whichever is later.

(4) The recapture required by this section shall not occur if the failure to maintain the required levels of employment or investment was caused by an act of God or a national emergency.