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15-11-510. Special rules for certain lodging facilities.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-11-510. Special rules for certain lodging facilities.
(a) A lodging facility may qualify as a tourism attraction project, as defined in § 15-11-503, entitled to the benefits of this subchapter even though the lodging costs represent one hundred percent (100%) of the total tourism attraction project costs, provided the approved costs for the lodging facility exceed five million dollars ($5,000,000), and:
(1) The lodging facility is attached to a convention center containing a minimum of seventy-five thousand square feet (75,000 sq. ft.); or
(2)(A) The lodging facility contains a minimum of twelve thousand square feet (12,000 sq. ft.) of meeting or exhibit space.
(B) The benefits provided by this subchapter shall not be available to a lodging facility with approved costs exceeding five million dollars ($5,000,000) and containing a minimum of twelve thousand square feet (12,000 sq. ft.) of meeting or exhibit space unless the Executive Director of the Arkansas Economic Development Commission designates the lodging facility as an approved company and authorizes the undertaking of the tourism attraction project prior to April 1, 2011.
(b)(1) A lodging facility qualifying as a tourism attraction project under this section shall be entitled to the sales tax benefits as provided in § 15-11-507(b)(1)(A), provided that all other requirements of this subchapter regarding tourism attraction projects are satisfied.
(2) The sales tax credit shall be available only against the increased state sales tax liability for the tourism attraction project.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-11-510
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:15-11-510
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f8fedee16aa84d085383dfd111b864740439a20cf94cae46953e6d2c6b1b0c35
Source location: content.xml paragraph 11333
Stored source content
15-11-510. Special rules for certain lodging facilities.
(a) A lodging facility may qualify as a tourism attraction project, as defined in § 15-11-503, entitled to the benefits of this subchapter even though the lodging costs represent one hundred percent (100%) of the total tourism attraction project costs, provided the approved costs for the lodging facility exceed five million dollars ($5,000,000), and:
(1) The lodging facility is attached to a convention center containing a minimum of seventy-five thousand square feet (75,000 sq. ft.); or
(2)(A) The lodging facility contains a minimum of twelve thousand square feet (12,000 sq. ft.) of meeting or exhibit space.
(B) The benefits provided by this subchapter shall not be available to a lodging facility with approved costs exceeding five million dollars ($5,000,000) and containing a minimum of twelve thousand square feet (12,000 sq. ft.) of meeting or exhibit space unless the Executive Director of the Arkansas Economic Development Commission designates the lodging facility as an approved company and authorizes the undertaking of the tourism attraction project prior to April 1, 2011.
(b)(1) A lodging facility qualifying as a tourism attraction project under this section shall be entitled to the sales tax benefits as provided in § 15-11-507(b)(1)(A), provided that all other requirements of this subchapter regarding tourism attraction projects are satisfied.
(2) The sales tax credit shall be available only against the increased state sales tax liability for the tourism attraction project.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-11-507. Tourism attraction project sales tax credit.
(a) Upon receiving 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 sales tax credits provided by this subchapter, 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.
(b)(1)(A)(i)(a) An approved company shall be entitled to a credit if the approved company certifies to the Secretary of the Department of Finance and Administration that it has expended at least five hundred thousand dollars ($500,000) in a high-unemployment county and one million dollars ($1,000,000) in all other counties in approved costs and the director certifies that the approved company is in compliance with this subchapter.
(b)(1) The Secretary of the Department of Finance and Administration shall then issue a sales tax credit memorandum to the approved company equal to fifteen percent (15%) of the approved costs.
(2) However, in high-unemployment counties the Secretary of the Department of Finance and Administration shall issue a credit memorandum to the approved company equal to twenty-five percent (25%) of the approved costs.
(c) The sales tax credit memorandum shall not include an offset of the tourism tax levied under § 26-63-401 et seq.
(ii) Subsequent requests for credit for additional certified approved costs shall be filed with the Department of Finance and Administration during the term of the agreement.
(B)(i) The Secretary of the Department of Finance and Administration may require proof of expenditures.
(ii) Additional credit memoranda may be issued as the approved co
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-11-507
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 15-11-507. This identifies an authority to review, not proof of applicability.