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(1) The reduction in net tax revenue of the State or Territory for the reporting year, <br />measured as the difference between the State's or Territory's baseline and its actual tax revenue, <br />each measured as of the end of the reporting year; and, <br />(2) The aggregate amount of the reductions in tax revenues caused by covered changes <br />identified in paragraph (b)(1) of this section, minus the sum of the amounts in identified in <br />paragraphs (b)(4)(i) and (ii). <br />§ 35.9. Compliance with applicable laws. <br />A recipient must comply with all other applicable Federal statutes, regulations, and <br />executive orders, and a recipient shall provide for compliance with the American Rescue Plan <br />Act, this subpart, and any interpretive guidance by other parties in any agreements it enters into <br />with other parties relating to these funds. <br />§ 35.10. Recoupment. <br />(a) Identification of violations — (1) In general. Any amount used in violation of § 35.5, § <br />35.6, or § 35.7 may be identified at any time prior to December 31, 2026. <br />(2) Annual reporting of amounts of violations. On an annual basis, a recipient that is a <br />State or territory must calculate and report any amounts used in violation of § 35.8. <br />(b) Calculation of amounts subject to recoupment — (1) In general. Except as provided in <br />paragraph (b)(2) of this section, the Secretary will calculate any amounts subject to recoupment <br />resulting from a violation of §35.5, § 35.6 or § 35.7 as the amounts used in violation of such <br />restrictions. <br />(2) Violations off 35.8. The Secretary will calculate any amounts subject to recoupment <br />resulting from a violation of § 35.8, equal to the lesser of: <br />433 <br />