If a person who claims the credit under par. (a) 2m., 3., or 4. elects to claim the credit based on progress expenditures under section 47 (d) of the Internal Revenue Code, the person shall file an election form with the department, in the manner prescribed by the department.

Notwithstanding s. 71.77, the department may adjust or disallow the credit claimed under this subsection within 4 years after the date that the state historical society notifies the department that the expenditures for which the credit was claimed do not comply with the standards for certification promulgated under s. 44.02 (24). If the department adjusts or disallows, in whole or in part, a credit transferred under par. (h), only the person who originally transferred the credit to another person is liable to repay the adjusted or disallowed amount.