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26-51-1015. Transfer of credit.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1015. Transfer of credit.
(a) The income tax credits allowed under this subchapter may be transferred.
(b) A transferee from an original approved applicant under this subchapter is entitled to an income tax credit under this subchapter only to the extent the income tax credit is still available to and has not previously been used by the transferor.
(c) A transferee of income tax credits under this subchapter that seeks to qualify for the income tax credits provided in this subchapter shall obtain and attach to the transferee's income tax return for the years the income tax credit is claimed a certified statement from the transferor stating the:
(1) Name and address of the original purchaser and all transferees;
(2) Tax identification number of all persons entitled to any portion of the original income tax credit;
(3) Original date the income tax credit was approved;
(4) Amount of the income tax credit associated with the transfer of the income tax credit;
(5) Original amount of the income tax credit; and
(6) Remaining amount of the income tax credit that is available for use by the transferee.
(d) A transferee under this section is subject to the carry-over provisions provided in this subchapter based on the taxable year in which the income tax credit originated.
(e)(1) If a project is not completed or maintained for the total number of years required under § 26-51-1011, the transferor that originally received the income tax credit under this subchapter is responsible for refunding the income tax credit to the Department of Finance and Administration as provided in § 26-51-1011.
(2) The transferee of an income tax credit under this subchapter is not liable for the repayment of the income tax credit allowed under this subchapter if the trans
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1015
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:26-51-1015
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8f475045b1d0a31108e2c2b27226edf5388e73ff2bf7078bcebca51fa202c51a
Source location: content.xml paragraph 15292
Stored source content
26-51-1015. Transfer of credit.
(a) The income tax credits allowed under this subchapter may be transferred.
(b) A transferee from an original approved applicant under this subchapter is entitled to an income tax credit under this subchapter only to the extent the income tax credit is still available to and has not previously been used by the transferor.
(c) A transferee of income tax credits under this subchapter that seeks to qualify for the income tax credits provided in this subchapter shall obtain and attach to the transferee's income tax return for the years the income tax credit is claimed a certified statement from the transferor stating the:
(1) Name and address of the original purchaser and all transferees;
(2) Tax identification number of all persons entitled to any portion of the original income tax credit;
(3) Original date the income tax credit was approved;
(4) Amount of the income tax credit associated with the transfer of the income tax credit;
(5) Original amount of the income tax credit; and
(6) Remaining amount of the income tax credit that is available for use by the transferee.
(d) A transferee under this section is subject to the carry-over provisions provided in this subchapter based on the taxable year in which the income tax credit originated.
(e)(1) If a project is not completed or maintained for the total number of years required under § 26-51-1011, the transferor that originally received the income tax credit under this subchapter is responsible for refunding the income tax credit to the Department of Finance and Administration as provided in § 26-51-1011.
(2) The transferee of an income tax credit under this subchapter is not liable for the repayment of the income tax credit allowed under this subchapter if the transferor that originally received the income tax credit fails to complete or maintain the project under § 26-51-1011.
(f) An owner or holder that assigns part or all of an income tax credit under this section shall perfect the transfer by notifying the department in writing within thirty (30) calendar days following the effective date of the transfer and shall provide any information as may be required by the department to administer and carry out this subchapter and to ensure proper tracking of the ownership of the unused income tax credit.
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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. The source passage cites 26-51-1011. This identifies an authority to review, not proof of applicability.