Treatment of Deductions

In any case in which any amount of income is eligible for the seventy-five percent (75%) rebate, there shall be disallowed as deductions or tax credits, any expenses, losses or other items otherwise deductible properly allocable to or chargeable against the amounts so eligible for rebate. Any claims filed which relate to net operating loss carryovers and carrybacks will be reviewed by the Director and to the extent that they relate to income items previously subject to rebate, refunds thereof will be repaid to the Authority to the extent of any rebate paid, with any refund in excess of the rebate to be repaid to the taxpayer.