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26-51-1508. Development, operation, and tax credits.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1508. Development, operation, and tax credits.
(a)(1) All projects must be completed and properly functioning within three (3) years of the date of the certificate of tax credit approval, except if the Arkansas Natural Resources Commission determines that failure to comply with this subdivision (a)(1) is the result of conditions beyond the control of the taxpayer, an additional year to comply with this subdivision (a)(1) may be granted by the commission.
(2) If the taxpayer does not complete the project within the period provided in subdivision (a)(1) of this section, all credits claimed must be repaid to the Revenue Division of the Department of Finance and Administration, and the project will be disallowed as a project for tax credit purposes.
(b)(1) Project activities shall meet or exceed those standards as established by the commission, and the project must be maintained for a minimum life of ten (10) years after it is certified as being complete.
(2)(A) If the taxpayer terminates the project prior to expiration of the minimum project life, the taxpayer shall provide written notification to the commission and the division.
(B) In addition, the taxpayer shall file an amended tax return and repay the amount of tax credit claimed which was not allowable.
(3) If the commission determines that the taxpayer has terminated the project, it shall notify the division.
(4)(A) Upon the termination of the project, the taxpayer shall not be allowed any further tax credits provided in this subchapter and the division shall recapture the pro rata share of any tax credits claimed under this subchapter for the period of termination.
(B) The pro rata share for recapture of the disallowed tax credits shall be determined by dividing the period of time from terminat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1508
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:26-51-1508
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 981bb622611cc8281d2e5f4106a301ab78635c23a382563647d5f237a722637e
Source location: content.xml paragraph 16385
Stored source content
26-51-1508. Development, operation, and tax credits.
(a)(1) All projects must be completed and properly functioning within three (3) years of the date of the certificate of tax credit approval, except if the Arkansas Natural Resources Commission determines that failure to comply with this subdivision (a)(1) is the result of conditions beyond the control of the taxpayer, an additional year to comply with this subdivision (a)(1) may be granted by the commission.
(2) If the taxpayer does not complete the project within the period provided in subdivision (a)(1) of this section, all credits claimed must be repaid to the Revenue Division of the Department of Finance and Administration, and the project will be disallowed as a project for tax credit purposes.
(b)(1) Project activities shall meet or exceed those standards as established by the commission, and the project must be maintained for a minimum life of ten (10) years after it is certified as being complete.
(2)(A) If the taxpayer terminates the project prior to expiration of the minimum project life, the taxpayer shall provide written notification to the commission and the division.
(B) In addition, the taxpayer shall file an amended tax return and repay the amount of tax credit claimed which was not allowable.
(3) If the commission determines that the taxpayer has terminated the project, it shall notify the division.
(4)(A) Upon the termination of the project, the taxpayer shall not be allowed any further tax credits provided in this subchapter and the division shall recapture the pro rata share of any tax credits claimed under this subchapter for the period of termination.
(B) 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.
(C) Notwithstanding the provisions of § 26-18-306, the division 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.
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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.