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26-51-1011. Development, operation, and tax credits.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1011. Development, operation, and tax credits.
(a) Project activities shall meet or exceed those standards as established by the Arkansas Natural Resources Commission, and the project must be maintained for a minimum life of ten (10) years after issuance of a certificate of completion.
(b) Project costs incurred after issuance of a tax credit approval certificate may be claimed for tax credit, subject to other limitations contained in this subchapter.
(c)(1) All projects must be completed within three (3) years of the date of the certificate of tax credit approval.
(2) If the approved applicant does not complete the project within the period provided in subdivision (c)(1) of this section, all tax credits claimed shall be repaid to the Department of Finance and Administration, and the project will be disallowed as a project for tax credit purposes.
(d)(1) If the approved applicant terminates the project prior to expiration of the minimum project life, the approved applicant shall provide written notification to the commission and the department. In addition, the approved applicant shall file an amended tax return and repay the amount of tax credit claimed that was not allowable.
(2) If the commission determines that the approved applicant has terminated the project, it shall notify the department.
(e)(1) Upon the termination of a project, the approved applicant shall not be allowed any further tax credits provided in this subchapter, and the department shall recapture the pro rata share of any tax credits claimed under this subchapter for the period of termination.
(2) The pro rata share for recapture of the disallowed tax credits shall be determined by dividing the period of time from termination of the project until the expiration of the minimum l
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1011
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:26-51-1011
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 207cffc6bdbbc08327b4f26f8e0119b81d7703d5ccf3f27ea1d446ea5a673c9d
Source location: content.xml paragraph 15250
Stored source content
26-51-1011. Development, operation, and tax credits.
(a) Project activities shall meet or exceed those standards as established by the Arkansas Natural Resources Commission, and the project must be maintained for a minimum life of ten (10) years after issuance of a certificate of completion.
(b) Project costs incurred after issuance of a tax credit approval certificate may be claimed for tax credit, subject to other limitations contained in this subchapter.
(c)(1) All projects must be completed within three (3) years of the date of the certificate of tax credit approval.
(2) If the approved applicant does not complete the project within the period provided in subdivision (c)(1) of this section, all tax credits claimed shall be repaid to the Department of Finance and Administration, and the project will be disallowed as a project for tax credit purposes.
(d)(1) If the approved applicant terminates the project prior to expiration of the minimum project life, the approved applicant shall provide written notification to the commission and the department. In addition, the approved applicant shall file an amended tax return and repay the amount of tax credit claimed that was not allowable.
(2) If the commission determines that the approved applicant has terminated the project, it shall notify the department.
(e)(1) Upon the termination of a project, the approved applicant shall not be allowed any further tax credits provided in this subchapter, and the department shall recapture the pro rata share of any tax credits claimed under this subchapter for the period of termination.
(2) The pro rata share for recapture of the disallowed tax credits shall be determined by dividing the period of time from termination of the project until the expiration of the minimum life of the project by the required minimum life of the project times the tax credit claimed.
(f) Notwithstanding the provisions of § 26-18-306, the department may make necessary assessments to recapture disallowed tax credits for a period of three (3) years from the date of expiration of the minimum life of the project.
(g) For purposes of this subchapter, the recordkeeping provisions of § 26-18-506 requiring an approved applicant to maintain records for six (6) years after a return is filed shall be extended to require the approved applicant claiming a credit under this subchapter to maintain the required records for the required minimum life of the project plus three (3) years.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-18-306. Time limitations for assessments, collection, refunds, and prosecution.
(a)(1) Except as otherwise provided in this chapter, no assessment of any tax levied under the state tax law shall be made after the expiration of three (3) years from the date the return was required to be filed or the date the return was filed, whichever period expires later.
(2) The Secretary of the Department of Finance and Administration shall not begin court proceedings after the expiration of the three-year period unless there has been a previous assessment for the collection of the tax.
(b)(1) Notwithstanding subsection (a) of this section, if the amount of taxable income or taxable estate for a taxpayer for a year, as returned to the United States Department of the Treasury, is changed and corrected by the Commissioner of Internal Revenue or an officer of the United States of competent authority, the taxpayer, within one hundred eighty (180) days from the receipt of the notice and demand for payment by the Internal Revenue Service, shall report to the Secretary of the Department of Finance and Administration the corrected federal tax, taxable income, or taxable estate for the taxable period covered by the change on an amended Arkansas income tax return.
(2)(A) If there is an additional state tax due from the taxpayer because of the correction by the Internal Revenue Service, the additional state tax resulting from the issues that are included in the correction shall be assessed by the Secretary of the Department of Finance and Administration within one (1) year from the filing of the amended Arkansas income tax return by the taxpayer.
(B) However, if a taxpayer fails to notify the Secretary of the Department of Finance and Administration of the correction as required by
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-18-306
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 26-18-306. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-18-506. Preservation of records by taxpayers.
(a) It is the duty of every taxpayer required to make a return of any tax due under any state tax law to keep and preserve suitable records as are necessary to determine the amount of tax due or to prove the accuracy of any return.
(b) Unless otherwise provided by law, the taxpayer is required to keep and maintain all records within the State of Arkansas and for at least six (6) years after a return was filed. These records are subject to examination by the Secretary of the Department of Finance and Administration at any reasonable time.
(c) When the records required by this section are kept outside the State of Arkansas in the usual course of business, they shall be produced within the state within fifteen (15) days after receipt of demand by the secretary. If the taxpayer determines it is impractical, then the taxpayer may request, and the secretary may grant, permission to have the records audited wherever they may be.
(d) When a taxpayer fails to preserve and maintain the records required by any state tax law, the secretary may, in his or her discretion, make an estimated assessment based upon information available to him or her as to the amount of tax due by the taxpayer. The burden of proof of refuting this estimated assessment is upon the taxpayer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-18-506
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 26-18-506. This identifies an authority to review, not proof of applicability.