(1) Taxpayers shall maintain records necessary to support the application for tax exemption, reduced tax rate, or credit.

(2) Such records shall include specific documentation set forth in ARM 42.4.4104.

(3) The records shall be maintained by the taxpayer for the appropriate statutory period of time that the exemption, reduced tax rate, or credit may be received by the taxpayer, plus one year. Such records shall be subject to audit by the department at any time during that period to determine whether the provisions of the contract are being met.