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19-5-1254. New Markets Performance Guarantee Fund.

Arkansas Code — all titles (historical 2020) · legal_authorities

19-5-1254. New Markets Performance Guarantee Fund.

19-5-1254. New Markets Performance Guarantee Fund. (a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “New Markets Performance Guarantee Fund”. (b) The fund shall consist of: (1) Fees paid under § 15-4-3609; (2) Grants made by a person, organization, or federal or state government agency; and (3) Any other funds provided by law. (c) The fund shall be used by the Arkansas Economic Development Commission to guarantee qualified community development entities' performance under the New Markets Jobs Act of 2013, § 15-4-3601 et seq.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-1254

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:19-5-1254
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 87b257a2b4ad919d03b74b5398b53cc4edb4a68b09496903bd0569c161c16786

Source location: content.xml paragraph 10069

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Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-3601. Title.

15-4-3601. Title. This subchapter shall be known and may be cited as the “New Markets Jobs Act of 2013”.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3601

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 15-4-3601. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-3609. Refundable performance fee.

15-4-3609. Refundable performance fee. (a) A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall pay a fee in the amount one-half of one percent (0.5%) of the amount of the equity investment or long-term debt security requested to be designated as a qualified equity investment to the Arkansas Economic Development Commission for deposit into the New Markets Performance Guarantee Fund, § 19-5-1254. (b) The qualified community development entity shall forfeit the fee required under this section if: (1) The qualified community development entity and its subsidiary qualified community development entities fail to: (A) Issue the total amount of qualified equity investments certified by the commission; and (B) Receive cash in the total amount certified under and within the time period stated in § 15-4-3605; or (2)(A) The qualified community development entity or any subsidiary qualified community development entity that issues a qualified equity investment certified under this subchapter fails to meet the investment requirement under § 15-4-3607(3) by the second credit allowance date of the qualified equity investment. (B) Forfeiture of the fee under subdivision (b)(2)(A) of this section shall be subject to the six-month cure period established under § 15-4-3608. (c)(1) The fee required under subsection (a) of this section shall be held in the fund until compliance with the requirements of this section is established. (2)(A) A qualified community development entity may request a refund of the fee from the commission no sooner than thirty (30) days after having met all the requirements of this section. (B) Th

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3609

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 15-4-3609. This identifies an authority to review, not proof of applicability.