Section 20. Purpose and applicability

The following rules and regulations will govern the allocation and administration of tax credits by the authority pursuant to the state code.

Notwithstanding anything to the contrary herein, acting at the request or with the consent of the owner, the executive director is authorized to waive or modify any provision herein where deemed appropriate by him for good cause, to the extent not inconsistent with the state code.

The rules and regulations set forth herein are intended to provide a general description of the authority's processing and administration requirements and are not intended to include all actions involved or required in the processing and administration of the tax credits. These rules and regulations are subject to change at any time by the authority and may be supplemented by policies, rules and regulations adopted by the authority from time to time.

Notwithstanding anything to the contrary herein, all procedures and requirements in the state code must be complied with and satisfied.

Historical Notes

Derived from VR400-02-0016 § 2, eff. November 21, 1990; amended, Volume 08, Issue 21, eff. July 1, 1992; Volume 12, Issue 23, eff. July 17, 1996; Volume 13, Issue 21, eff. July 1, 1997.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.