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15-4-3604. Transferability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3604. Transferability.
(a) A tax credit claimed under this subchapter shall not be refundable or saleable on the open market.
(b)(1) A tax credit earned by a corporation, limited liability company, association, partnership, or other business entity may be allocated to the partners, members, or shareholders of the corporation, limited liability company, association, partnership, or other business entity for their direct use in accordance with any agreement among the partners, members, or shareholders.
(2) An allocation under subdivision (b)(1) of this section:
(A) May occur after the issuance of a qualified equity investment; and
(B) Is not a sale for purposes of this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3604
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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Record provenance
Stable record: arkansas_code:legal_authorities:15-4-3604
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f9b347e481c2cfec4ccf330f89a3d028eaad6ec9e439a07215641c3d63a26bba
Source location: content.xml paragraph 6334
Stored source content
15-4-3604. Transferability.
(a) A tax credit claimed under this subchapter shall not be refundable or saleable on the open market.
(b)(1) A tax credit earned by a corporation, limited liability company, association, partnership, or other business entity may be allocated to the partners, members, or shareholders of the corporation, limited liability company, association, partnership, or other business entity for their direct use in accordance with any agreement among the partners, members, or shareholders.
(2) An allocation under subdivision (b)(1) of this section:
(A) May occur after the issuance of a qualified equity investment; and
(B) Is not a sale for purposes of this subchapter.
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