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15-11-509. Tourism attraction project income tax credit.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-11-509. Tourism attraction project income tax credit.
(a) Tourism attraction projects meeting the eligibility requirements under § 15-11-503(13)(A) are entitled to receive an income tax credit based upon a percentage of the payroll of the new full-time permanent employees working at the tourism attraction project.
(b) Upon notification from the Director of the Arkansas Economic Development Commission that an approved company has entered into a tourism attraction project agreement and is entitled to the income tax credit provided by this section, the Secretary of the Department of Finance and Administration shall provide the approved company with such forms and instructions as are necessary to claim those credits.
(c)(1) The approved company shall certify the number and payroll of the new full-time permanent employees to the Revenue Division of the Department of Finance and Administration.
(2) Upon certification by the approved company, the Department of Finance and Administration shall authorize an income tax credit equal to four percent (4%) of the payroll of the new full-time permanent employees of the approved tourism attraction project qualifying for benefits under this act.
(d) To be counted as a net new full-time permanent employee for the purpose of qualifying for the tax credits provided by this section, the employee in the position or job must have been an Arkansas taxpayer during the year in which the tax credits were earned.
(e) In the event it is found that any approved company receiving the benefits contained in this section has failed to comply with the conditions contained in this act, that approved company shall be disqualified from receiving any further benefits under this act and shall be liable for payment of such additional income taxe
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-11-509
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-11-509
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c1f583ac6d0d93abd7fe2c9c6f587090ebb1203f332417eef12aecaa6b85c7ed
Source location: content.xml paragraph 11316
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15-11-509. Tourism attraction project income tax credit.
(a) Tourism attraction projects meeting the eligibility requirements under § 15-11-503(13)(A) are entitled to receive an income tax credit based upon a percentage of the payroll of the new full-time permanent employees working at the tourism attraction project.
(b) Upon notification from the Director of the Arkansas Economic Development Commission that an approved company has entered into a tourism attraction project agreement and is entitled to the income tax credit provided by this section, the Secretary of the Department of Finance and Administration shall provide the approved company with such forms and instructions as are necessary to claim those credits.
(c)(1) The approved company shall certify the number and payroll of the new full-time permanent employees to the Revenue Division of the Department of Finance and Administration.
(2) Upon certification by the approved company, the Department of Finance and Administration shall authorize an income tax credit equal to four percent (4%) of the payroll of the new full-time permanent employees of the approved tourism attraction project qualifying for benefits under this act.
(d) To be counted as a net new full-time permanent employee for the purpose of qualifying for the tax credits provided by this section, the employee in the position or job must have been an Arkansas taxpayer during the year in which the tax credits were earned.
(e) In the event it is found that any approved company receiving the benefits contained in this section has failed to comply with the conditions contained in this act, that approved company shall be disqualified from receiving any further benefits under this act and shall be liable for payment of such additional income taxes as may be due after the income tax credits provided for in this section are disallowed, plus interest.
(f) If the department determines that an approved company is no longer qualified to participate in this act, the department shall decertify the approved company. Any approved company so decertified shall not receive any benefits under this act.
(g) For tourism attraction projects receiving final approval after March 1, 1999, the credit may be applied against the approved company's income tax liability for the succeeding nine (9) years or until the credit is entirely used, whichever occurs first.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-11-503. Definitions.
As used in this subchapter:
(1) “Agreement” means an agreement entered into pursuant to § 15-11-506 by and between the Director of the Arkansas Economic Development Commission and an approved company with respect to a tourism attraction project;
(2) “Approved company” means any eligible company that is seeking to undertake a tourism attraction project and is approved by the director pursuant to §§ 15-11-505 and 15-11-506;
(3) “Approved costs” means:
(A) Obligations incurred for labor and to vendors, contractors, subcontractors, builders, suppliers, deliverymen, and materialmen in connection with the acquisition, construction, equipping, and installation of a tourism attraction project;
(B) The costs of acquiring real property or rights in real property in connection with a tourism attraction project and any costs incidental thereto;
(C) The cost of contract bonds and insurance of all kinds that may be required or necessary during the course of the acquisition, construction, equipping, and installation of a tourism attraction project which is not paid by the vendor, supplier, deliveryman, contractor, or otherwise provided;
(D) All costs of architectural and engineering services, including, but not limited to, estimates, plans and specifications, preliminary investigations, and supervision of construction and installation, as well as for the performance of all the duties required by or consequent to the acquisition, construction, equipping, and installation of a tourism attraction project;
(E) All costs required to be paid under the terms of any contract for the acquisition, construction, equipping, and installation of a tourism attraction project;
(F) All costs required for the installation of utilities in connection with a tour
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-11-503
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-11-503. This identifies an authority to review, not proof of applicability.