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26-51-1704. Sale, assignment, and transfer of tax credit allowed.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1704. Sale, assignment, and transfer of tax credit allowed.
(a) All or any portion of Arkansas low-income housing tax credit issued in accordance with the provisions of this subchapter may be transferred, sold, or assigned but only in connection with the sale or transfer of the interest in the qualified project or in the taxpayer.
(b) An owner or transferee desiring to make a transfer, sale, or assignment as described in subsection (a) of this section shall submit to the Secretary of the Department of Finance and Administration a statement which describes the amount of Arkansas low-income housing tax credit for which transfer, sale, or assignment of Arkansas low-income housing tax credit is eligible. The owner shall provide to the secretary such information as is specified by the Department of Finance and Administration in rules so that the Arkansas low-income housing tax credit may be properly allocated.
(c) In the event that recapture of Arkansas low-income housing tax credit is required pursuant to § 26-51-1703(b), the statements submitted to the secretary as provided in this section shall include the proportion of the Arkansas low-income housing tax credit required to be recaptured, the identity of each transferee subject to recapture, and the amount of Arkansas low-income housing tax credit previously transferred to such transferee and such other information as is specified by the department in rules.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1704
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:26-51-1704
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0204f645a3b178fac3b72494f5529fc9849a90f73bf3f4f6e91d8ec3cd0f1ac3
Source location: content.xml paragraph 16477
Stored source content
26-51-1704. Sale, assignment, and transfer of tax credit allowed.
(a) All or any portion of Arkansas low-income housing tax credit issued in accordance with the provisions of this subchapter may be transferred, sold, or assigned but only in connection with the sale or transfer of the interest in the qualified project or in the taxpayer.
(b) An owner or transferee desiring to make a transfer, sale, or assignment as described in subsection (a) of this section shall submit to the Secretary of the Department of Finance and Administration a statement which describes the amount of Arkansas low-income housing tax credit for which transfer, sale, or assignment of Arkansas low-income housing tax credit is eligible. The owner shall provide to the secretary such information as is specified by the Department of Finance and Administration in rules so that the Arkansas low-income housing tax credit may be properly allocated.
(c) In the event that recapture of Arkansas low-income housing tax credit is required pursuant to § 26-51-1703(b), the statements submitted to the secretary as provided in this section shall include the proportion of the Arkansas low-income housing tax credit required to be recaptured, the identity of each transferee subject to recapture, and the amount of Arkansas low-income housing tax credit previously transferred to such transferee and such other information as is specified by the department in rules.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1703. Eligibility statement.
(a) The owner of a qualified project eligible for the Arkansas low-income housing tax credit shall submit, at the time of filing the owner's income or gross premium tax return, an eligibility statement. In the case of failure to attach the eligibility statement, no Arkansas low-income housing tax credit under this subchapter shall be allowed with respect to such project for that year until these copies are provided to the Department of Finance and Administration.
(b) If under 26 U.S.C. § 42, as amended, a portion of any federal low-income housing tax credit taken with respect to a qualified project is required to be recaptured, the taxpayer claiming Arkansas low-income housing tax credit with respect to such project shall also be required to recapture a portion of any Arkansas low-income housing tax credit authorized by this subchapter. The state recapture amount shall be equal to the proportion of the Arkansas low-income housing tax credit claimed by the taxpayer that equals the proportion the federal recapture amount bears to the original federal low-income housing credit claimed by the taxpayer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1703
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 26-51-1703. This identifies an authority to review, not proof of applicability.