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15-4-3606. Letter rulings.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3606. Letter rulings.
(a) Subject to the requirements and limitations of this section, the Arkansas Economic Development Commission shall issue letter rulings regarding the tax credit program authorized under this subchapter.
(b)(1) The commission shall respond to a request for a letter ruling within sixty (60) days of receiving the request.
(2)(A) However, the commission may deny a request for a letter ruling for good cause.
(B) If the commission denies a request for a letter ruling for good cause, it shall list the specific reasons for refusing to issue the letter ruling.
(C) Good cause for denying a request for a letter ruling under this subsection includes without limitation the following:
(i) The applicant requests the commission to determine whether a statute is constitutional or a rule is lawful;
(ii) The request involves a hypothetical situation or alternative plans;
(iii) The facts or issues presented in the request are unclear, overbroad, insufficient, or otherwise inappropriate as a basis upon which to issue a letter ruling; and
(iv) The issue is currently being considered in a rulemaking procedure, contested case, or other agency or judicial proceeding that may resolve the issue.
(3) In rendering letter rulings under this subchapter, the commission shall look for guidance to 26 U.S.C. § 45D and 26 C.F.R. § 1.45D-1, as they existed on January 1, 2013, and to the extent they are applicable.
(c) An applicant may:
(1) Provide a draft letter ruling for the commission's consideration; and
(2) Withdraw a request for a letter ruling, in writing, before the issuance of the letter ruling.
(d) Letter rulings bind all state agencies, including the commission and the commission's agents and successors until the qualified community develop
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3606
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:15-4-3606
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d70e68eba3a820e7522f06bccd0b48377b06f875811164f02c4e12958dfebf38
Source location: content.xml paragraph 6389
Stored source content
15-4-3606. Letter rulings.
(a) Subject to the requirements and limitations of this section, the Arkansas Economic Development Commission shall issue letter rulings regarding the tax credit program authorized under this subchapter.
(b)(1) The commission shall respond to a request for a letter ruling within sixty (60) days of receiving the request.
(2)(A) However, the commission may deny a request for a letter ruling for good cause.
(B) If the commission denies a request for a letter ruling for good cause, it shall list the specific reasons for refusing to issue the letter ruling.
(C) Good cause for denying a request for a letter ruling under this subsection includes without limitation the following:
(i) The applicant requests the commission to determine whether a statute is constitutional or a rule is lawful;
(ii) The request involves a hypothetical situation or alternative plans;
(iii) The facts or issues presented in the request are unclear, overbroad, insufficient, or otherwise inappropriate as a basis upon which to issue a letter ruling; and
(iv) The issue is currently being considered in a rulemaking procedure, contested case, or other agency or judicial proceeding that may resolve the issue.
(3) In rendering letter rulings under this subchapter, the commission shall look for guidance to 26 U.S.C. § 45D and 26 C.F.R. § 1.45D-1, as they existed on January 1, 2013, and to the extent they are applicable.
(c) An applicant may:
(1) Provide a draft letter ruling for the commission's consideration; and
(2) Withdraw a request for a letter ruling, in writing, before the issuance of the letter ruling.
(d) Letter rulings bind all state agencies, including the commission and the commission's agents and successors until the qualified community development entity or its shareholders, members, or partners claim all of the applicable tax credits under this subchapter on a Arkansas tax return or report.
(e)(1) A letter ruling issued under this section applies only to the applicant that requested the letter ruling.
(2) However, a taxpayer identified in a letter ruling may rely on the letter ruling to the extent the letter ruling applies to the taxpayer.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit**
(1) **In general** — For purposes of section 38, in the case of a taxpayer who holds a qualified equity investment on a credit allowance date of such investment which occurs during the taxable year, the new markets tax credit determined under this section for such taxable year is an amount equal to the applicable percentage of the amount paid to the qualified community development entity for such investment at its original issue.
(2) **Applicable percentage** — For purposes of paragraph (1), the applicable percentage is—
(A) 5 percent with respect to the first 3 credit allowance dates, and
(B) 6 percent with respect to the remainder of the credit allowance dates.
(3) **Credit allowance date** — For purposes of paragraph (1), the term “credit allowance date” means, with respect to any qualified equity investment—
(A) the date on which such investment is initially made, and
(B) each of the 6 anniversary dates of such date thereafter.
**(b) Qualified equity investment** For purposes of this section—
(1) **In general** — The term “qualified equity investment” means any equity investment in a qualified community development entity if—
(A) such investment is acquired by the taxpayer at its original issue (directly or through an underwriter) solely in exchange for cash,
(B) substantially all of such cash is used by the qualified community development entity to make qualified low-income community investments, and
(C) such investment is designated for purposes of this section by the qualified community development entity.
Such term shall not include any equity investment issued by a qualified community development entity more than 5 years after the date that such entity receives an allocation under subsection (f). Any alloc
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 45D
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 45D. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 269
TITLE 26—INTERNAL REVENUE CODE
§ 45D
Amendment by section 1275(c)(4) of Pub. L. 99–514 ap-
plicable to taxable years beginning after Dec. 31, 1986,
with certain exceptions and qualifications, see section
1277 of Pub. L. 99–514, set out as a note under section 931
of this title.
Pub. L. 99–514, title XVIII, § 1879(b)(3), Oct. 22, 1986, 100
Stat. 2906, provided that: ‘‘The amendments made by
this subsection [amending this section] shall apply to
amounts paid or incurred after December 31, 1982, in
taxable years ending after such date.’’
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by section 474(g) of Pub. L. 98–369 appli-
cable to taxable years beginning after Dec. 31, 1983, and
to carrybacks from such years, see section 475(a) of
Pub. L. 98–369, set out as a note under section 21 of this
title.
Amendment by section 612(e)(1) of Pub. L. 98–369, ap-
plicable to interest paid or accrued after December 31,
1984, on indebtedness incurred after December 31, 1984,
see section 612(g) of Pub. L. 98–369, set out as an Effec-
tive Date note under section 25 of this title.
EFFECTIVE DATE
Pub. L. 97–414, § 4(d), Jan. 4, 1983, 96 Stat. 2056, pro-
vided that: ‘‘The amendments made by this section [en-
acting this section and amending sections 280C and 6096
of this title] shall apply to amounts paid or incurred
after December 31, 1982, in taxable years ending after
such date.’’
SAVINGS PROVISION
For provisions that nothing in amendment by section
401(d)(1)(D)(iii) of Pub. L. 115–141 be construed to affect
treatment of certain transactions occurring, property
acquired, or items of income, loss, deduction, or credit
taken into account prior to Mar. 23, 2018, for purposes
of determining liability for tax for periods ending after
Mar. 23, 2018, see sectio
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 45D
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 45D. This identifies an authority to review, not proof of applicability.