(a) If the department determines that the proceeds from a loan are used for a purpose other than the purpose stated at the time a credit was claimed under this chapter for interest on that loan, and if that stated purpose caused the department to designate the loan as a qualified loan, then the department shall disallow the credit allowed under this chapter for interest on that loan.(b) A taxpayer shall pay to the department the amount of any credit disallowed under this section.As added by P.L.51-1984, SEC.1.
Indiana Legal Code