(a) The Delaware Economic Development Authority may, after notice and an opportunity for a hearing, revoke any business’ qualification for receipt of investments under this Program if the Authority finds:

(1) Any material representation made by the business or by any person on behalf of such business in connection with an application under this subchapter was false when made; or

(2) The application otherwise violates any conditions established for such application by the Authority.

If any such qualification is revoked, the business and any person making application on behalf of said business shall be required immediately to pay the State the full amount of any tax credit certifications authorized for investment in said business whether or not such certificates have yet been used to obtain tax credits, plus a penalty of 100% the amount of such certificates. The validity of tax credit certifications issued for investment in such business shall not be affected by revocation of qualification of said business for participation in the Program.

(b) The Delaware Economic Development Authority may, after notice and an opportunity for a hearing, revoke any tax credit certification issued under this Program if the Authority finds:

(1) Any material representation made by the applicant for such certification in connection with an application under this subchapter was false when made; or

(2) The application otherwise violates any conditions established for such application by the Authority.

If any such certification is revoked, the applicant shall be required immediately to repay the State the full amount of any tax credit taken under § 1116 of Title 30 as well as a penalty of 100% of such credit. In the event the applicant has transferred unused credits to a transferee, the applicant shall be liable for repayment of the full amount of the certifications plus 100% thereof as penalty. Unless a transferee knew of the falsity of facts represented by the applicant at the time the transferee obtained an interest in unused tax credits, the validity of such unused credits shall not be affected by the revocation of the applicant’s certification.

(c) The Authority is authorized to require that any application or such other document as it requires to be filed with the Authority be submitted under penalties of perjury.

(d) Notwithstanding § 581 of Title 30, the Director of Revenue may disclose tax return information of any applicant to the Authority whenever the Authority notifies the Director of Revenue that such information is necessary or desirable for any determination required under this subchapter. The Authority may not further disclose any information received under this subsection except to the Council on Development Finance and then only to the extent necessary for the Council to carry out the duties specified in § 8797A of this title.

(e) The Authority and the Council on Development Finance shall not disclose to any person, other than in compliance with a proper judicial order, any information contained on any application for qualification for investment other than to any applicant for tax credit certification, provided the business applicant authorizes such disclosure, and to the Director of Revenue.

68 Del. Laws, c. 203, § 2; 70 Del. Laws, c. 186, § 1; 81 Del. Laws, c. 49, § 1; 81 Del. Laws, c. 244, § 1; 81 Del. Laws, c. 374, § 48, effective July 1, 2018.